Republic of Korea: O-Xylene Market 2024

O-Xylene Market Size in Republic of Korea

In 2022, the South Korean o-xylene market decreased by -63.1% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, recorded a slight expansion. O-xylene consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

O-Xylene Production in Republic of Korea

In value terms, o-xylene production declined to $X in 2022 estimated in export price. Over the period under review, production, however, saw a deep slump. The growth pace was the most rapid in 2018 with an increase of 15% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

O-Xylene Exports

Exports from Republic of Korea

In 2022, after two years of decline, there was significant growth in shipments abroad of o-xylene, when their volume increased by 132% to X tons. Overall, exports, however, continue to indicate a slight reduction. The growth pace was the most rapid in 2016 when exports increased by 31,829,210% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, o-xylene exports skyrocketed to $X in 2022. In general, exports, however, recorded a perceptible curtailment. The pace of growth appeared the most rapid in 2016 with an increase of 25,012,848%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons), Belgium (X tons) and the United States (X tons) were the main destinations of o-xylene exports from South Korea, together accounting for 63% of total exports. China, Pakistan, Taiwan (Chinese) and India lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Pakistan (with a CAGR of +49.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for o-xylene exported from South Korea were the Netherlands ($X), Belgium ($X) and the United States ($X), together comprising 64% of total exports. China, Pakistan, Taiwan (Chinese) and India lagged somewhat behind, together comprising a further 36%.

Among the main countries of destination, Pakistan, with a CAGR of +68.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average o-xylene export price amounted to $X per ton, picking up by 36% against the previous year. Overall, the export price, however, showed a pronounced shrinkage. The pace of growth was the most pronounced in 2021 when the average export price increased by 45% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Belgium ($X per ton) and the United States ($X per ton), while the average price for exports to India ($X per ton) and China ($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 Pakistan (+12.9%), while the prices for the other major destinations experienced more modest paces of growth.

O-Xylene Imports

Imports into Republic of Korea

After two years of growth, purchases abroad of o-xylene decreased by -28.8% to X tons in 2022. In general, imports, however, showed a temperate expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 494%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, o-xylene imports declined to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by 354%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X tons) was the main o-xylene supplier to South Korea, with a 99% share of total imports. It was followed by the United States (X tons), with less than 0.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan stood at +11.3%.

In value terms, Japan ($X) constituted the largest supplier of o-xylene to South Korea, comprising 99% of total imports. The second position in the ranking was taken by the United States ($X), with a 0.1% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Japan stood at +7.3%.

Import Prices by Country

The average o-xylene import price stood at $X per ton in 2022, picking up by 19% against the previous year. Over the period under review, the import price, however, saw a perceptible shrinkage. The pace of growth was the most pronounced in 2021 an increase of 29% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Japan amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+17.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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