Republic of Korea: Market for Phthalic Anhydride, Terephthalic Acid And Its Salts 2024

Market Size for Phthalic Anhydride, Terephthalic Acid And Its Salts in Republic of Korea

The South Korean market for phthalic anhydride, terephthalic acid and its salts was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption, however, continues to indicate a slight decline. Phthalic anhydride and terephthalic acid consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Production of Phthalic Anhydride, Terephthalic Acid And Its Salts in Republic of Korea

In value terms, phthalic anhydride and terephthalic acid production soared to $X in 2021 estimated in export price. Over the period under review, production, however, faced a deep contraction. Phthalic anhydride and terephthalic acid production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Phthalic Anhydride, Terephthalic Acid And Its Salts

Exports from Republic of Korea

In 2021, approx. X tons of phthalic anhydride, terephthalic acid and its salts were exported from South Korea; with an increase of 3.3% against 2020 figures. Overall, exports, however, continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2019 when exports increased by 15% 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 stood at a somewhat lower figure.

In value terms, phthalic anhydride and terephthalic acid exports surged to $X in 2021. In general, exports, however, continue to indicate a deep contraction. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Turkey (X tons) was the main destination for phthalic anhydride and terephthalic acid exports from South Korea, accounting for a 44% share of total exports. Moreover, phthalic anhydride and terephthalic acid exports to Turkey exceeded the volume sent to the second major destination, Lithuania (X tons), fourfold. The third position in this ranking was taken by the UK (X tons), with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Turkey stood at +71.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+62.3% per year) and the UK (-6.1% per year).

In value terms, Turkey ($X) remains the key foreign market for phthalic anhydride, terephthalic acid and its salts exports from South Korea, comprising 42% of total exports. The second position in the ranking was taken by Lithuania ($X), with an 11% share of total exports. It was followed by the UK, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Turkey totaled +59.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+54.0% per year) and the UK (-9.9% per year).

Export Prices by Country

In 2021, the average export price for phthalic anhydride, terephthalic acid and its salts amounted to $X per ton, picking up by 25% against the previous year. Over the period under review, the export price, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in 2018 an increase of 25% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and China ($X per ton), while the average price for exports to Oman ($X per ton) and Lithuania ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (-2.8%), while the prices for the other major destinations experienced a decline.

Imports of Phthalic Anhydride, Terephthalic Acid And Its Salts

Imports into Republic of Korea

In 2021, overseas purchases of phthalic anhydride, terephthalic acid and its salts decreased by -2.5% to X tons, falling for the second year in a row after two years of growth. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when imports increased by 34%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, phthalic anhydride and terephthalic acid imports declined to $X in 2021. Overall, total imports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% 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 decreased by -5.1% against 2019 indices. The pace of growth appeared the most rapid in 2014 with an increase of 151% against the previous year. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of phthalic anhydride and terephthalic acid to South Korea, with a 84% share of total imports. Moreover, phthalic anhydride and terephthalic acid imports from Japan exceeded the figures recorded by the second-largest supplier, Thailand (X tons), more than tenfold. Indonesia (X tons) ranked third in terms of total imports with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled +72.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+39.9% per year) and Indonesia (+324.7% per year).

In value terms, Japan ($X) constituted the largest supplier of phthalic anhydride, terephthalic acid and its salts to South Korea, comprising 87% of total imports. The second position in the ranking was taken by Thailand ($X), with a 7.1% share of total imports. It was followed by Italy, with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan amounted to +64.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+85.2% per year) and Italy (-0.9% per year).

Import Prices by Country

The average import price for phthalic anhydride, terephthalic acid and its salts stood at $X per ton in 2021, leveling off at the previous year. In general, import price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, phthalic anhydride and terephthalic acid import price decreased by -15.3% against 2018 indices. The growth pace was the most rapid in 2014 when the average import price increased by 192%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+63.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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