Republic of Korea: Market for Other Synthetic Tow And Staple Not Carded, Combed Or Otherwise Processed For Spinning 2024

Market Size for Other Synthetic Tow And Staple Not Carded, Combed Or Otherwise Processed For Spinning in Republic of Korea

After three years of decline, the South Korean market for other synthetic tow and staple not carded, combed or otherwise processed for spinning increased by 0.9% to $X in 2021. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Production of Other Synthetic Tow And Staple Not Carded, Combed Or Otherwise Processed For Spinning in Republic of Korea

In value terms, production of other synthetic tow and staple not carded, combed or otherwise processed for spinning stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 20%. As a result, production attained the peak level of $X. From 2018 to 2021, production of growth failed to regain momentum.

Exports of Other Synthetic Tow And Staple Not Carded, Combed Or Otherwise Processed For Spinning

Exports from Republic of Korea

In 2021, after six years of growth, there was decline in overseas shipments of other synthetic tow and staple not carded, combed or otherwise processed for spinning, when their volume decreased by -0.6% to X tons. Overall, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 45%. The exports peaked at X tons in 2020, and then shrank modestly in the following year.

In value terms, exports of other synthetic tow and staple not carded, combed or otherwise processed for spinning rose significantly to $X in 2021. In general, exports, however, showed a prominent expansion. The pace of growth was the most pronounced in 2017 when exports increased by 44%. Over the period under review, the exports of reached the peak figure in 2021 and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for exports of other synthetic tow and staple not carded, combed or otherwise processed for spinning from South Korea, with a 39% share of total exports. Moreover, exports of other synthetic tow and staple not carded, combed or otherwise processed for spinning to China exceeded the volume sent to the second major destination, the United States (X tons), threefold. Italy (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +25.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+53.9% per year) and Italy (+43.7% per year).

In value terms, China ($X) remains the key foreign market for other synthetic tow and staple not carded, combed or otherwise processed for spinning exports from South Korea, comprising 38% of total exports. The second position in the ranking was taken by the United States ($X), with a 13% share of total exports. It was followed by Italy, with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +18.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+28.8% per year) and Italy (+35.3% per year).

Export Prices by Country

The average export price for other synthetic tow and staple not carded, combed or otherwise processed for spinning stood at $X per ton in 2021, rising by 12% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible slump. The pace of growth was the most pronounced in 2014 an increase of 34% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Germany ($X per ton), while the average price for exports to Indonesia ($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 Turkey (-0.8%), while the prices for the other major destinations experienced a decline.

Imports of Other Synthetic Tow And Staple Not Carded, Combed Or Otherwise Processed For Spinning

Imports into Republic of Korea

For the third year in a row, South Korea recorded growth in supplies from abroad of other synthetic tow and staple not carded, combed or otherwise processed for spinning, which increased by 18% to X tons in 2021. Over the period under review, imports recorded a buoyant increase. The pace of growth appeared the most rapid in 2017 with an increase of 314% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of other synthetic tow and staple not carded, combed or otherwise processed for spinning expanded significantly to $X in 2021. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 274% against the previous year. Over the period under review, imports of hit record highs at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest other synthetic tow and staple not carded, combed or otherwise processed for spinning supplier to South Korea, accounting for a 52% share of total imports. Moreover, imports of other synthetic tow and staple not carded, combed or otherwise processed for spinning from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+0.0% per year) and Taiwan (Chinese) (+19.9% per year).

In value terms, China ($X) constituted the largest supplier of other synthetic tow and staple not carded, combed or otherwise processed for spinning to South Korea, comprising 57% of total imports. The second position in the ranking was held by Japan ($X), with an 8.7% share of total imports. It was followed by Vietnam, with a 3.5% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+3.0% per year) and Vietnam (+0.4% per year).

Import Prices by Country

In 2021, the average import price for other synthetic tow and staple not carded, combed or otherwise processed for spinning amounted to $X per ton, declining by -10.2% against the previous year. Overall, the import price saw a deep downturn. The growth pace was the most rapid in 2020 an increase of 11%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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