Republic of Korea: Market for Other Synthetic Organic Colouring Matters 2024

Market Size for Other Synthetic Organic Colouring Matters in Republic of Korea

The South Korean synthetic organic colouring matters market surged to $X in 2022, with an increase of 40% against the previous year. In general, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +81.2% against 2018 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Production of Other Synthetic Organic Colouring Matters in Republic of Korea

In value terms, synthetic organic colouring matters production expanded notably to $X in 2022 estimated in export price. Overall, the total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.3% against 2020 indices. The pace of growth appeared the most rapid in 2019 with an increase of 28% against the previous year. Synthetic organic colouring matters production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Other Synthetic Organic Colouring Matters

Exports from Republic of Korea

In 2022, after seven years of growth, there was significant decline in overseas shipments of other synthetic organic colouring matters, when their volume decreased by -21% to X tons. The total export volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 16% against the previous year. As a result, the exports attained the peak of X tons, and then dropped markedly in the following year.

In value terms, synthetic organic colouring matters exports declined to $X in 2022. Overall, exports, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 30% against the previous year. As a result, the exports attained the peak of $X, and then declined in the following year.

Exports by Country

Pakistan (X tons), Vietnam (X tons) and Bangladesh (X tons) were the main destinations of synthetic organic colouring matters exports from South Korea, together accounting for 41% of total exports. The United States, China, Turkey, Germany, Guatemala, Japan, Indonesia, Egypt, India and Uzbekistan lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +42.2%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for other synthetic organic colouring matters exports from South Korea, comprising 44% of total exports. The second position in the ranking was held by Pakistan ($X), with an 8% share of total exports. It was followed by Vietnam, with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +24.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+9.1% per year) and Vietnam (+6.8% per year).

Export Prices by Country

The average synthetic organic colouring matters export price stood at $X per ton in 2022, rising by 13% against the previous year. Over the period under review, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, synthetic organic colouring matters export price increased by +64.0% against 2016 indices. The most prominent rate of growth was recorded in 2018 an increase of 23%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Guatemala ($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 China (+23.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Other Synthetic Organic Colouring Matters

Imports into Republic of Korea

In 2022, supplies from abroad of other synthetic organic colouring matters increased by 17% to X tons, rising for the second year in a row after three years of decline. Overall, imports showed resilient growth. The most prominent rate of growth was recorded in 2021 when imports increased by 67%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, synthetic organic colouring matters imports declined to $X in 2022. In general, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +7.8% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 24% against the previous year. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

The United States (X tons), China (X tons) and India (X tons) were the main suppliers of synthetic organic colouring matters imports to South Korea, with a combined 87% share of total imports. Japan, Turkey and Germany lagged somewhat behind, together comprising a further 10%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +93.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic organic colouring matters suppliers to South Korea were the United States ($X), Japan ($X) and China ($X), together accounting for 74% of total imports. Germany, India and Turkey lagged somewhat behind, together comprising a further 23%.

Turkey, with a CAGR of +89.5%, recorded the highest rates of growth with regard to the value of imports, among 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 synthetic organic colouring matters import price stood at $X per ton in 2022, falling by -23.8% against the previous year. Overall, the import price saw a perceptible reduction. The pace of growth was the most pronounced in 2019 an increase of 39% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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 Germany ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+18.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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