Republic of Korea: Monophenols Market 2024

Monophenols Market Size in Republic of Korea

The South Korean monophenols market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption, however, saw a mild decline. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Monophenols Production in Republic of Korea

In value terms, monophenols production skyrocketed to $X in 2021 estimated in export price. In general, the total production indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -39.6% against 2018 indices. The growth pace was the most rapid in 2018 when the production volume increased by 33% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Monophenols Exports

Exports from Republic of Korea

In 2021, overseas shipments of monophenols were finally on the rise to reach X tons after two years of decline. In general, exports saw resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 54% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, monophenols exports skyrocketed to $X in 2021. Over the period under review, exports saw a resilient increase. The pace of growth appeared the most rapid in 2018 with an increase of 69% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Taiwan (Chinese) (X tons), Japan (X tons) and China (X tons) were the main destinations of monophenols exports from South Korea, together accounting for 88% of total exports.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +46.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for monophenols exported from South Korea were Taiwan (Chinese) ($X), Japan ($X) and China ($X), with a combined 87% share of total exports.

In terms of the main countries of destination, Taiwan (Chinese), with a CAGR of +39.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average monophenols export price stood at $X per ton in 2021, increasing by 48% against the previous year. Overall, the export price, however, showed a pronounced decrease. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2021, the highest price was recorded for prices to Thailand ($X per ton) and Japan ($X per ton), while the average price for exports to India ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (-2.4%), while the prices for the other major destinations experienced a decline.

Monophenols Imports

Imports into Republic of Korea

Monophenols imports into South Korea expanded significantly to X tons in 2021, increasing by 9% on the year before. Over the period under review, imports, however, continue to indicate a perceptible descent. The most prominent rate of growth was recorded in 2018 with an increase of 32% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, monophenols imports soared to $X in 2021. In general, imports, however, saw a noticeable contraction. The pace of growth was the most pronounced in 2018 with an increase of 50%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Thailand (X tons) constituted the largest supplier of monophenols to South Korea, accounting for a 45% share of total imports. Moreover, monophenols imports from Thailand exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. The third position in this ranking was taken by Singapore (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Thailand amounted to +884.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+2.4% per year) and Singapore (+9.2% per year).

In value terms, Thailand ($X), Taiwan (Chinese) ($X) and Singapore ($X) appeared to be the largest monophenols suppliers to South Korea, together accounting for 57% of total imports.

Thailand, with a CAGR of +750.6%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average monophenols import price amounted to $X per ton, picking up by 32% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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