Republic of Korea: Monoethanolamine Market 2024

Monoethanolamine Market Size in Republic of Korea

The South Korean monoethanolamine market reduced modestly to $X in 2021, almost unchanged from the previous year. In general, the total consumption indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +72.5% against 2016 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then reduced slightly in the following year.

Monoethanolamine Production in Republic of Korea

In value terms, monoethanolamine production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 110% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Monoethanolamine Exports

Exports from Republic of Korea

In 2021, shipments abroad of monoethanolamine and its salts increased by 53% to X tons, rising for the third year in a row after four years of decline. In general, exports continue to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2013 with an increase of 278%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, monoethanolamine exports surged to $X in 2021. Overall, exports saw pronounced growth. The growth pace was the most rapid in 2013 when exports increased by 268% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for monoethanolamine exports from South Korea, accounting for a 40% share of total exports. Moreover, monoethanolamine exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), twofold. The third position in this ranking was taken by Canada (X tons), with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +21.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+60.9% per year) and Canada (+5.5% per year).

In value terms, the United States ($X) emerged as the key foreign market for monoethanolamine and its salts exports from South Korea, comprising 48% of total exports. The second position in the ranking was taken by Japan ($X), with a 13% share of total exports. It was followed by Canada, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +20.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+58.5% per year) and Canada (+5.5% per year).

Export Prices by Country

In 2021, the average monoethanolamine export price amounted to $X per ton, growing by 40% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Colombia ($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 China (+2.8%), while the prices for the other major destinations experienced more modest paces of growth.

Monoethanolamine Imports

Imports into Republic of Korea

In 2021, overseas purchases of monoethanolamine and its salts increased by 1.9% to X tons, rising for the fifth year in a row after two years of decline. Over the period under review, total imports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +93.2% against 2016 indices. The pace of growth appeared the most rapid in 2014 with an increase of 32% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in the immediate term.

In value terms, monoethanolamine imports totaled $X in 2021. In general, imports saw measured growth. The pace of growth appeared the most rapid in 2014 when imports increased by 37%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Saudi Arabia (X tons) constituted the largest supplier of monoethanolamine to South Korea, accounting for a 56% share of total imports. Moreover, monoethanolamine imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume from Saudi Arabia stood at +56.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+41.0% per year) and Taiwan (Chinese) (+12.2% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of monoethanolamine and its salts to South Korea, comprising 48% of total imports. The second position in the ranking was taken by Germany ($X), with a 21% share of total imports. It was followed by Taiwan (Chinese), with a 10% share.

From 2012 to 2021, the average annual growth rate of value from Saudi Arabia totaled +51.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+35.3% per year) and Taiwan (Chinese) (+11.4% per year).

Import Prices by Country

The average monoethanolamine import price stood at $X per ton in 2021, surging by 11% against the previous year. Overall, the import price, however, saw a noticeable curtailment. The most prominent rate of growth was recorded in 2020 when the average import price increased by 13%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+15.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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