Republic of Korea: Octyl Alcohol Market 2024

Octyl Alcohol Market Size in Republic of Korea

In 2022, the South Korean octyl alcohol market decreased by -9.8% to $X, falling for the second year in a row after four years of growth. In general, consumption saw a perceptible decline. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Octyl Alcohol Production in Republic of Korea

In value terms, octyl alcohol production rose notably to $X in 2022 estimated in export price. In general, production, however, continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2019 with an increase of 37,742%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Octyl Alcohol Exports

Exports from Republic of Korea

In 2022, shipments abroad of octanol (octyl alcohol) and isomers thereof decreased by -18.9% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, continue to indicate a modest expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 99% against the previous year. As a result, the exports attained the peak of X tons, and then declined remarkably in the following year.

In value terms, octyl alcohol exports contracted remarkably to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 204% against the previous year. As a result, the exports attained the peak of $X, and then shrank dramatically in the following year.

Exports by Country

Vietnam (X tons) was the main destination for octyl alcohol exports from South Korea, with a 47% share of total exports. Moreover, octyl alcohol exports to Vietnam exceeded the volume sent to the second major destination, Turkey (X tons), twofold. The third position in this ranking was taken by China (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam amounted to +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+99.8% per year) and China (-7.3% per year).

In value terms, Vietnam ($X) remains the key foreign market for octanol (octyl alcohol) and isomers thereof exports from South Korea, comprising 50% of total exports. The second position in the ranking was held by Turkey ($X), with a 16% share of total exports. It was followed by China, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam stood at +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+103.8% per year) and China (-8.0% per year).

Export Prices by Country

The average octyl alcohol export price stood at $X per ton in 2022, shrinking by -7.8% against the previous year. Overall, the export price saw a slight setback. The growth pace was the most rapid in 2021 an increase of 53% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+2.0%), while the prices for the other major destinations experienced a decline.

Octyl Alcohol Imports

Imports into Republic of Korea

Octyl alcohol imports into South Korea shrank sharply to X tons in 2022, declining by -49.7% compared with 2021. Over the period under review, imports saw a perceptible contraction. The growth pace was the most rapid in 2014 with an increase of 73% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, octyl alcohol imports declined notably to $X in 2022. Overall, imports showed a noticeable descent. The most prominent rate of growth was recorded in 2021 with an increase of 77% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Saudi Arabia (X tons) constituted the largest supplier of octyl alcohol to South Korea, accounting for a 61% share of total imports. Moreover, octyl alcohol imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The Netherlands (X tons) ranked third in terms of total imports with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Saudi Arabia amounted to +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-12.5% per year) and the Netherlands (+5.7% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of octanol (octyl alcohol) and isomers thereof to South Korea, comprising 53% of total imports. The second position in the ranking was taken by Japan ($X), with a 17% share of total imports. It was followed by the Netherlands, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Saudi Arabia totaled +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-12.8% per year) and the Netherlands (+33.0% per year).

Import Prices by Country

In 2022, the average octyl alcohol import price amounted to $X per ton, growing by 3.3% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 58% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+25.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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