Republic of Korea: Linseed Oil Market 2024

Linseed Oil Market Size in Republic of Korea

In 2022, the South Korean linseed oil market increased by 11% to $X, rising for the second year in a row after five years of decline. In general, consumption continues to indicate a mild decrease. Linseed oil consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Linseed Oil Production in Republic of Korea

In value terms, linseed oil production surged to $X in 2022 estimated in export price. Overall, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -13.5% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 117% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Linseed Oil Exports

Exports from Republic of Korea

Linseed oil exports from South Korea fell sharply to X tons in 2022, declining by -19% compared with the previous year's figure. In general, exports showed a pronounced decrease. The most prominent rate of growth was recorded in 2018 with an increase of 223%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, linseed oil exports fell sharply to $X in 2022. Over the period under review, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 1,613% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for linseed oil exports from South Korea, accounting for a 88% share of total exports. Moreover, linseed oil exports to Vietnam exceeded the volume sent to the second major destination, Japan (X tons), eightfold.

From 2012 to 2022, the average annual growth rate of volume to Vietnam totaled +153.0%.

In value terms, Vietnam ($X) emerged as the key foreign market for linseed oil exports from South Korea, comprising 70% of total exports. The second position in the ranking was taken by Japan ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Vietnam stood at +189.4%.

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2022, declining by -18.8% against the previous year. Overall, the export price, however, enjoyed prominent growth. The pace of growth appeared the most rapid in 2015 an increase of 634% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Vietnam stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+49.8%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Republic of Korea

In 2022, the amount of linseed oil imported into South Korea contracted sharply to X tons, dropping by -17.7% compared with the previous year. In general, imports continue to indicate a abrupt decline. The growth pace was the most rapid in 2021 when imports increased by 17% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, linseed oil imports skyrocketed to $X in 2022. Over the period under review, imports saw a slight shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 63%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Belgium (X tons) constituted the largest linseed oil supplier to South Korea, accounting for a 89% share of total imports. Moreover, linseed oil imports from Belgium exceeded the figures recorded by the second-largest supplier, Germany (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Belgium amounted to +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.9% per year) and the United States (-32.0% per year).

In value terms, Belgium ($X) constituted the largest supplier of linseed oil to South Korea, comprising 87% of total imports. The second position in the ranking was held by Germany ($X), with a 6.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Belgium totaled +15.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+13.7% per year) and the United States (-30.8% per year).

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, growing by 40% against the previous year. Overall, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, linseed oil import price increased by +103.5% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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