Republic of Korea: Cyclic Hydrocarbons Market 2024

Cyclic Hydrocarbons Market Size in Republic of Korea

In 2021, the South Korean cyclic hydrocarbons market increased by 79% to $X for the first time since 2016, thus ending a four-year declining trend. Overall, consumption showed a measured increase. Cyclic hydrocarbons consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Cyclic Hydrocarbons Production in Republic of Korea

In value terms, cyclic hydrocarbons production skyrocketed to $X in 2021 estimated in export price. Overall, the total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +18.4% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 60%. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Cyclic Hydrocarbons Exports

Exports from Republic of Korea

In 2021, shipments abroad of other cyclic hydrocarbons decreased by -37.2% to X tons, falling for the second consecutive year after two years of growth. In general, exports recorded a abrupt slump. The most prominent rate of growth was recorded in 2018 when exports increased by 244%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, cyclic hydrocarbons exports reduced markedly to $X in 2021. Overall, exports showed a deep slump. The most prominent rate of growth was recorded in 2018 when exports increased by 181%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The UK (X tons) was the main destination for cyclic hydrocarbons exports from South Korea, accounting for a 79% share of total exports. Moreover, cyclic hydrocarbons exports to the UK exceeded the volume sent to the second major destination, China (X tons), more than tenfold. India (X tons) ranked third in terms of total exports with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the UK amounted to +13.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-22.7% per year) and India (-9.0% per year).

In value terms, the UK ($X) emerged as the key foreign market for other cyclic hydrocarbons exports from South Korea, comprising 61% of total exports. The second position in the ranking was held by China ($X), with a 10% share of total exports. It was followed by Thailand, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value to the UK stood at +11.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-18.7% per year) and Thailand (-10.3% per year).

Export Prices by Country

The average cyclic hydrocarbons export price stood at $X per ton in 2021, with an increase of 31% against the previous year. Overall, the export price, however, saw a slight contraction. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while the average price for exports to the UK ($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 Thailand (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Cyclic Hydrocarbons Imports

Imports into Republic of Korea

Cyclic hydrocarbons imports into South Korea skyrocketed to X tons in 2021, with an increase of 50% compared with the previous year's figure. Overall, imports, however, recorded a pronounced downturn. The growth pace was the most rapid in 2017 with an increase of 90%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, cyclic hydrocarbons imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 46%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Japan (X tons) constituted the largest cyclic hydrocarbons supplier to South Korea, with a 68% share of total imports. Moreover, cyclic hydrocarbons imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a 4.3% share.

From 2012 to 2021, the average annual growth rate of volume from Japan amounted to -4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.0% per year) and Taiwan (Chinese) (-15.7% per year).

In value terms, China ($X) constituted the largest supplier of other cyclic hydrocarbons to South Korea, comprising 61% of total imports. The second position in the ranking was taken by Japan ($X), with a 27% share of total imports. It was followed by the UK, with a 3.5% share.

From 2012 to 2021, the average annual growth rate of value from China stood at -4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-7.4% per year) and the UK (+37.2% per year).

Import Prices by Country

The average cyclic hydrocarbons import price stood at $X per ton in 2021, which is down by -13.8% against the previous year. In general, the import price saw a noticeable reduction. The growth pace was the most rapid in 2014 an increase of 78% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+8.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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