Republic of Korea: Paint And Varnish Market 2024

Paint And Varnish Market Size in Republic of Korea

The South Korean paint and varnish market shrank slightly to $X in 2022, waning by -3.7% against the previous year. In general, consumption, however, posted strong growth. Paint and varnish consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Paint And Varnish Production in Republic of Korea

In value terms, paint and varnish production contracted modestly to $X in 2022 estimated in export price. Overall, production, however, posted a prominent increase. The growth pace was the most rapid in 2018 with an increase of 53%. Paint and varnish production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Paint And Varnish Exports

Exports from Republic of Korea

In 2022, approx. X tons of paints and varnishes were exported from South Korea; waning by -5.6% on the year before. Over the period under review, exports recorded a slight shrinkage. The pace of growth appeared the most rapid in 2014 when exports increased by 9.8% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, paint and varnish exports declined slightly to $X in 2022. The total export value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2021 with an increase of 10% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for paint and varnish exports from South Korea, accounting for a 39% share of total exports. Moreover, paint and varnish exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. The third position in this ranking was held by Indonesia (X tons), with a 6.2% share.

From 2012 to 2022, the average annual growth rate of volume to China totaled -2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+9.2% per year) and Indonesia (+1.3% per year).

In value terms, China ($X) remains the key foreign market for paints and varnishes exports from South Korea, comprising 45% of total exports. The second position in the ranking was held by Vietnam ($X), with a 12% share of total exports. It was followed by the United States, with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+9.6% per year) and the United States (+13.0% per year).

Export Prices by Country

In 2022, the average paint and varnish export price amounted to $X per ton, increasing by 5.5% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The growth pace was the most rapid in 2013 when the average export price increased by 16% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Mongolia ($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 (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Republic of Korea

In 2022, after two years of growth, there was significant decline in overseas purchases of paints and varnishes, when their volume decreased by -16.5% to X tons. The total import volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when imports increased by 27%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, paint and varnish imports contracted to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 15% against the previous year. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

Japan (X tons), Singapore (X tons) and the United States (X tons) were the main suppliers of paint and varnish imports to South Korea, together comprising 61% of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +3.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of paints and varnishes to South Korea, comprising 64% of total imports. The second position in the ranking was taken by the United States ($X), with an 11% share of total imports. It was followed by Germany, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.9% per year) and Germany (+3.9% per year).

Import Prices by Country

In 2022, the average paint and varnish import price amounted to $X per ton, increasing by 8.7% against the previous year. Overall, the import price, however, continues to indicate a slight decrease. The most prominent rate of growth was recorded in 2018 an increase of 17% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 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 Japan ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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