Republic of Korea: Phenolic Resins Market 2024

Phenolic Resins Market Size in Republic of Korea

After two years of growth, the South Korean phenolic resins market decreased by -5.5% to $X in 2021. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Phenolic resins consumption peaked at $X in 2020, and then contracted in the following year.

Phenolic Resins Production in Republic of Korea

In value terms, phenolic resins production fell to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 26% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then shrank in the following year.

Phenolic Resins Exports

Exports from Republic of Korea

In 2021, overseas shipments of phenolic resins in primary forms were finally on the rise to reach X tons after three years of decline. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 15% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, phenolic resins exports surged to $X in 2021. The total export value increased at an average annual rate of +5.4% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for phenolic resins exports from South Korea, accounting for a 48% share of total exports. Moreover, phenolic resins exports to China exceeded the volume sent to the second major destination, Japan (X tons), fourfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+2.6% per year) and Taiwan (Chinese) (+3.6% per year).

In value terms, China ($X) remains the key foreign market for phenolic resins in primary forms exports from South Korea, comprising 60% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an 11% share of total exports. It was followed by Japan, with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+11.2% per year) and Japan (+1.6% per year).

Export Prices by Country

In 2021, the average phenolic resins export price amounted to $X per ton, picking up by 16% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.8%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Indonesia ($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 Taiwan (Chinese) (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Phenolic Resins Imports

Imports into Republic of Korea

In 2021, approx. X tons of phenolic resins in primary forms were imported into South Korea; growing by 13% against 2020. The total import volume increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, phenolic resins imports surged to $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest phenolic resins supplier to South Korea, accounting for a 54% share of total imports. Moreover, phenolic resins imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. Germany (X tons) ranked third in terms of total imports with an 8.8% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +5.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.1% per year) and Germany (-6.3% per year).

In value terms, Japan ($X), China ($X) and Germany ($X) were the largest phenolic resins suppliers to South Korea, together comprising 78% of total imports. Vietnam, the United States, Taiwan (Chinese), Canada, Singapore and India lagged somewhat behind, together comprising a further 20%.

Vietnam, with a CAGR of +167.7%, saw the highest rates of growth with regard to the value of imports, among the main suppliers 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 phenolic resins import price amounted to $X per ton, rising by 9.9% against the previous year. In general, the import price, however, saw a pronounced curtailment. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+4.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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