Republic of Korea: Market for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium 2024

Market Size for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in Republic of Korea

The South Korean market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium contracted to $X in 2022, declining by -1.6% against the previous year. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Production of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in Republic of Korea

In value terms, production of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium declined modestly to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 15% against the previous year. Over the period under review, production of hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Exports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Exports from Republic of Korea

Exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium from South Korea reduced to X tons in 2022, which is down by -6.5% compared with 2021. Over the period under review, total exports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +72.7% against 2014 indices. The pace of growth was the most pronounced in 2015 when exports increased by 32% against the previous year. Over the period under review, the exports of attained the maximum at X tons in 2021, and then shrank in the following year.

In value terms, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium fell slightly to $X in 2022. Overall, total exports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +12.2% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 24% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium from South Korea, accounting for a 62% share of total exports. Moreover, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium to China exceeded the volume sent to the second major destination, Mongolia (X tons), ninefold. Russia (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 totaled +23.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mongolia (+23.9% per year) and Russia (-17.6% per year).

In value terms, China ($X) remains the key foreign market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium exports from South Korea, comprising 53% of total exports. The second position in the ranking was taken by the United States ($X), with a 9.8% share of total exports. It was followed by Vietnam, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+61.8% per year) and Vietnam (+3.3% per year).

Export Prices by Country

In 2022, the average export price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium amounted to $X per ton, picking up by 3.8% against the previous year. In general, the export price, however, recorded a slight curtailment. The most prominent rate of growth was recorded in 2016 an increase of 19%. Over the period under review, the average export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: 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 Kenya (+0.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Imports into Republic of Korea

In 2022, purchases abroad of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium decreased by -18.4% to X tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +2.8% 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 was the most pronounced in 2015 with an increase of 21% against the previous year. Over the period under review, imports of attained the maximum at X tons in 2021, and then shrank markedly in the following year.

In value terms, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium reduced to $X in 2022. Overall, total imports indicated a remarkable increase from 2012 to 2022: its value 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, imports increased by +37.8% against 2018 indices. The pace of growth was the most pronounced in 2021 with an increase of 19% against the previous year. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

Taiwan (Chinese) (X tons), the United States (X tons) and Vietnam (X tons) were the main suppliers of imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium to South Korea, together comprising 52% of total imports. The Netherlands, China, Italy, Germany, Singapore, Thailand, the UK and Japan lagged somewhat behind, together accounting for a further 43%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +193.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and Germany ($X) appeared to be the largest paints and varnishes, based on acrylic or vinyl polymers, aqueous medium suppliers to South Korea, together comprising 55% of total imports. The Netherlands, Taiwan (Chinese), Italy, Singapore, Vietnam, China, Thailand and the UK lagged somewhat behind, together accounting for a further 39%.

Among the main suppliers, Singapore, with a CAGR of +175.6%, saw the highest rates of growth with regard to 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

The average import price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium stood at $X per ton in 2022, jumping by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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