Republic of Korea: Aromatic Hydrocarbon Mixtures Market 2024

Aromatic Hydrocarbon Mixtures Market Size in Republic of Korea

The South Korean aromatic hydrocarbon mixtures market skyrocketed to $X in 2022, increasing by 106% against the previous year. In general, consumption posted prominent growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Aromatic Hydrocarbon Mixtures Production in Republic of Korea

In value terms, aromatic hydrocarbon mixtures production totaled $X in 2022 estimated in export price. Overall, production, however, saw a noticeable shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 60% against the previous year. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Aromatic Hydrocarbon Mixtures Exports

Exports from Republic of Korea

In 2022, approx. X tons of naphthalene and other aromatic hydrocarbon mixtures were exported from South Korea; with a decrease of -15.4% compared with 2021. Over the period under review, total exports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -28.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 35% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, aromatic hydrocarbon mixtures exports expanded rapidly to $X in 2022. Overall, total exports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +43.6% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 46% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons) was the main destination for aromatic hydrocarbon mixtures exports from South Korea, with a 34% share of total exports. Moreover, aromatic hydrocarbon mixtures exports to India exceeded the volume sent to the second major destination, China (X tons), twofold. The third position in this ranking was taken by Singapore (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India totaled +25.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-10.1% per year) and Singapore (+19.7% per year).

In value terms, India ($X) emerged as the key foreign market for naphthalene and other aromatic hydrocarbon mixtures exports from South Korea, comprising 35% of total exports. The second position in the ranking was taken by China ($X), with a 15% share of total exports. It was followed by Singapore, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value to India stood at +23.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-11.8% per year) and Singapore (+17.6% per year).

Export Prices by Country

The average aromatic hydrocarbon mixtures export price stood at $X per ton in 2022, surging by 35% against the previous year. In general, the export price, however, saw a mild descent. The growth pace was the most rapid in 2021 when the average export price increased by 48% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United States ($X per ton) and Vietnam ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+2.8%), while the prices for the other major destinations experienced a decline.

Aromatic Hydrocarbon Mixtures Imports

Imports into Republic of Korea

Aromatic hydrocarbon mixtures imports into South Korea expanded markedly to X tons in 2022, surging by 13% on 2021 figures. Over the period under review, imports continue to indicate a prominent increase. The growth pace was the most rapid in 2015 with an increase of 80% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, aromatic hydrocarbon mixtures imports skyrocketed to $X in 2022. Overall, imports enjoyed buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Japan (X tons) constituted the largest aromatic hydrocarbon mixtures supplier to South Korea, accounting for a 82% share of total imports. Moreover, aromatic hydrocarbon mixtures imports from Japan exceeded the figures recorded by the second-largest supplier, Qatar (X tons), more than tenfold. The third position in this ranking was taken by Thailand (X tons), with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan totaled +24.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Qatar (-5.0% per year) and Thailand (+6.1% per year).

In value terms, Japan ($X) constituted the largest supplier of naphthalene and other aromatic hydrocarbon mixtures to South Korea, comprising 82% of total imports. The second position in the ranking was held by Qatar ($X), with a 6.8% share of total imports. It was followed by Thailand, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at +20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Qatar (-6.5% per year) and Thailand (+2.9% per year).

Import Prices by Country

The average aromatic hydrocarbon mixtures import price stood at $X per ton in 2022, surging by 40% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable contraction. The growth pace was the most rapid in 2021 when the average import price increased by 48%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were China ($X per ton) and the Philippines ($X per ton), while the price for Thailand ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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