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

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

After three years of decline, the South Korean aqueous paint and varnish market increased by 7.9% to $X in 2021. In general, consumption, however, continues to indicate a mild shrinkage. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Production of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Republic of Korea

In value terms, aqueous paint and varnish production reached $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a mild curtailment. The pace of growth appeared the most rapid in 2016 when the production volume increased by 9.4% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports from Republic of Korea

In 2021, shipments abroad of paints and varnishes dispersed or dissolved in an aqueous medium was finally on the rise to reach X tons after two years of decline. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 20% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, aqueous paint and varnish exports reached $X in 2021. Overall, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when exports increased by 23% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for aqueous paint and varnish exports from South Korea, with a 36% share of total exports. Moreover, aqueous paint and varnish exports to China exceeded the volume sent to the second major destination, Mongolia (X tons), threefold. The third position in this ranking was taken by Vietnam (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mongolia (+8.7% per year) and Vietnam (+14.9% per year).

In value terms, the largest markets for aqueous paint and varnish exported from South Korea were China ($X), Vietnam ($X) and Russia ($X), together comprising 59% of total exports. The United States, Indonesia, Mongolia, India, Malaysia, Japan, Thailand, Turkey, Iraq and Uzbekistan lagged somewhat behind, together comprising a further 28%.

Among the main countries of destination, Iraq, with a CAGR of +52.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average aqueous paint and varnish export price amounted to $X per ton, leveling off at the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average export price increased by 21%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Iraq ($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 (+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 An Aqueous Medium

Imports into Republic of Korea

In 2021, the amount of paints and varnishes dispersed or dissolved in an aqueous medium imported into South Korea rose sharply to X tons, picking up by 13% compared with 2020 figures. Over the period under review, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +9.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +117.9% against 2012 indices. The most prominent rate of growth was recorded in 2016 with an increase of 27% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

In value terms, aqueous paint and varnish imports skyrocketed to $X in 2021. In general, total imports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +66.8% against 2017 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Singapore (X tons), the United States (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of aqueous paint and varnish imports to South Korea, together accounting for 55% of total imports.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +40.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Singapore ($X) and the United States ($X) were the largest aqueous paint and varnish suppliers to South Korea, together comprising 58% of total imports.

Among the main suppliers, Singapore, with a CAGR of +21.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average aqueous paint and varnish import price amounted to $X per ton, growing by 22% against the previous year. Overall, the import price, however, recorded a noticeable decrease. 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 ($X per ton), while the price for Taiwan (Chinese) ($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 Netherlands (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :