Republic of Korea: Market for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Republic of Korea

The South Korean non-aqueous paint and varnish market declined to $X in 2022, waning by -4.9% against the previous year. Over the period under review, consumption showed a mild slump. Non-aqueous paint and varnish consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Republic of Korea

In value terms, non-aqueous paint and varnish production contracted slightly to $X in 2022 estimated in export price. Overall, production saw a slight decrease. The most prominent rate of growth was recorded in 2013 with an increase of 40%. Non-aqueous paint and varnish production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Exports from Republic of Korea

In 2022, non-aqueous paint and varnish exports from South Korea shrank to X tons, waning by -5.9% on the year before. Over the period under review, exports recorded a slight contraction. The most prominent rate of growth was recorded in 2014 with an increase of 11%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, non-aqueous paint and varnish exports reached $X in 2022. The total export value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 11%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Exports by Country

China (X tons) was the main destination for non-aqueous paint and varnish exports from South Korea, with a 39% share of total exports. Moreover, non-aqueous paint and varnish exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. Indonesia (X tons) ranked third in terms of total exports with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at -4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+8.5% per year) and Indonesia (-1.5% per year).

In value terms, China ($X) remains the key foreign market for paints and varnishes dispersed or dissolved in a non-aqueous medium exports from South Korea, comprising 45% of total exports. The second position in the ranking was taken by Vietnam ($X), with an 11% share of total exports. It was followed by the United States, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at +1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+9.3% per year) and the United States (+12.4% per year).

Export Prices by Country

In 2022, the average non-aqueous paint and varnish export price amounted to $X per ton, surging by 7.7% against the previous year. Over the last decade, it increased at an average annual rate of +3.9%. The pace of growth appeared the most rapid in 2013 an increase of 15%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Philippines ($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 (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Imports into Republic of Korea

In 2022, after two years of growth, there was significant decline in supplies from abroad of paints and varnishes dispersed or dissolved in a non-aqueous medium, when their volume decreased by -17% to X tons. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 34% against the previous year. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, non-aqueous paint and varnish imports dropped to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 16% against the previous year. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

In 2022, Japan (X tons) constituted the largest non-aqueous paint and varnish supplier to South Korea, with a 50% share of total imports. Moreover, non-aqueous paint and varnish imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), sixfold. The third position in this ranking was taken by the United States (X tons), with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume from Japan amounted to +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-1.7% per year) and the United States (+2.2% per year).

In value terms, Japan ($X) constituted the largest supplier of paints and varnishes dispersed or dissolved in a non-aqueous medium to South Korea, comprising 70% of total imports. The second position in the ranking was taken by the United States ($X), with a 10% share of total imports. It was followed by Germany, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.0% per year) and Germany (+2.6% per year).

Import Prices by Country

In 2022, the average non-aqueous paint and varnish import price amounted to $X per ton, surging by 8.4% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 21% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to continue 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 Japan ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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