Republic of Korea: Market for Oil And Water Paints And Varnishes 2025

Market Size for Oil And Water Paints And Varnishes in Republic of Korea

The South Korean market for oil and water paints and varnishes shrank modestly to $X in 2021, stabilizing at the previous year. Overall, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -7.9% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Oil And Water Paints And Varnishes in Republic of Korea

In value terms, production of oil and water paints and varnishes dropped modestly to $X in 2021 estimated in export price. Overall, production, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 33%. Production of peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Oil And Water Paints And Varnishes

Exports from Republic of Korea

After two years of growth, shipments abroad of oil and water paints and varnishes decreased by -12.5% to X tons in 2021. In general, exports continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2016 with an increase of 31% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, exports of oil and water paints and varnishes rose to $X in 2021. Over the period under review, total exports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -4.3% against 2017 indices. The pace of growth was the most pronounced in 2016 with an increase of 54%. Over the period under review, the exports of hit record highs at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for exports of oil and water paints and varnishes from South Korea, accounting for a 56% share of total exports. Moreover, exports of oil and water paints and varnishes to China exceeded the volume sent to the second major destination, Indonesia (X tons), fivefold. Mexico (X tons) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2021, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+8.5% per year) and Mexico (+54.5% per year).

In value terms, China ($X) remains the key foreign market for oil and water paints and varnishes exports from South Korea, comprising 70% of total exports. The second position in the ranking was held by Russia ($X), with a 5.5% share of total exports. It was followed by Indonesia, with a 4.8% share.

From 2012 to 2021, the average annual growth rate of value to China totaled +9.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+31.9% per year) and Indonesia (+4.1% per year).

Export Prices by Country

In 2021, the average export price for oil and water paints and varnishes amounted to $X per ton, growing by 18% against the previous year. Overall, the export price recorded a strong expansion. The most prominent rate of growth was recorded in 2018 an increase of 40% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Vietnam ($X per ton), while the average price for exports to Mongolia ($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 India (+16.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports into Republic of Korea

Imports of oil and water paints and varnishes into South Korea surged to X tons in 2021, growing by 16% on 2020. In general, imports, however, saw a noticeable slump. The most prominent rate of growth was recorded in 2020 with an increase of 30%. Over the period under review, imports of hit record highs at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of oil and water paints and varnishes skyrocketed to $X in 2021. Over the period under review, imports, however, showed a mild decrease. Over the period under review, imports of reached the peak figure at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Italy (X tons) constituted the largest oil and water paints and varnishes supplier to South Korea, accounting for a 50% share of total imports. Moreover, imports of oil and water paints and varnishes from Italy exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), twofold. The third position in this ranking was held by Japan (X tons), with a 7.3% share.

From 2012 to 2021, the average annual growth rate of volume from Italy totaled +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+157.5% per year) and Japan (-14.1% per year).

In value terms, Italy ($X), Japan ($X) and the United States ($X) were the largest oil and water paints and varnishes suppliers to South Korea, with a combined 68% share of total imports. These countries were followed by Germany, Vietnam, the UK, China, Taiwan (Chinese), Canada, France and Indonesia, which together accounted for a further 28%.

Vietnam, with a CAGR of +136.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for oil and water paints and varnishes stood at $X per ton in 2021, surging by 3.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.8%. The pace of growth appeared the most rapid in 2016 when the average import price increased by 24% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 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 Indonesia ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+36.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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