Republic of Korea: Market for Isoprene Rubber (IR) in Primary Forms 2024

Market Size for Isoprene Rubber (IR) in Primary Forms in Republic of Korea

The South Korean market for isoprene rubber (IR) in primary forms reduced notably to $X in 2021, with a decrease of -52.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a deep reduction. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Exports of Isoprene Rubber (IR) in Primary Forms

Exports from Republic of Korea

In 2021, the amount of isoprene rubber (IR) in primary forms exported from South Korea surged to X tons, growing by 121% on 2020 figures. Overall, exports showed temperate growth. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, exports of isoprene rubber (IR) in primary forms surged to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. Over the period under review, the exports of attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Uzbekistan (X tons) was the main destination for exports of isoprene rubber (IR) in primary forms from South Korea, with a 47% share of total exports. Moreover, exports of isoprene rubber (IR) in primary forms to Uzbekistan exceeded the volume sent to the second major destination, Myanmar (X tons), twofold. Indonesia (X tons) ranked third in terms of total exports with a 19% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Uzbekistan stood at +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+43.4% per year) and Indonesia (+13.7% per year).

In value terms, Uzbekistan ($X), Indonesia ($X) and Myanmar ($X) appeared to be the largest markets for isoprene rubber (IR) in primary form exported from South Korea worldwide, together comprising 79% of total exports.

Myanmar, with a CAGR of +83.5%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for isoprene rubber (IR) in primary forms stood at $X per ton in 2021, picking up by 13% against the previous year. Overall, the export price, however, recorded a perceptible decrease. The most prominent rate of growth was recorded in 2018 when the average export price increased by 16%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Vietnam ($X per ton), while the average price for exports to Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+28.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Isoprene Rubber (IR) in Primary Forms

Imports into Republic of Korea

In 2021, purchases abroad of isoprene rubber (IR) in primary forms increased by 14% to X tons, rising for the second year in a row after four years of decline. In general, imports, however, saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 37%. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of isoprene rubber (IR) in primary forms surged to $X in 2021. Overall, imports, however, recorded a perceptible decrease. Over the period under review, imports of hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Taiwan (Chinese) (X tons), Japan (X tons) and Singapore (X tons) were the main suppliers of imports of isoprene rubber (IR) in primary forms to South Korea, together comprising 89% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +102.3%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Japan ($X) constituted the largest supplier of isoprene rubber (IR) in primary forms to South Korea, comprising 52% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 24% share of total imports. It was followed by Singapore, with a 19% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan stood at -1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+3.6% per year) and Singapore (+123.9% per year).

Import Prices by Country

In 2021, the average import price for isoprene rubber (IR) in primary forms amounted to $X per ton, surging by 5.3% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 20% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform