Republic of Korea: Market for Plastics Pipes And Pipe Fittings 2024

Market Size for Plastics Pipes And Pipe Fittings in Republic of Korea

The South Korean market for plastics pipes and pipe fittings fell slightly to $X in 2022, with a decrease of -1.9% against the previous year. In general, consumption, however, showed tangible growth. Plastics pipe and pipe fitting consumption peaked at $X in 2021, and then fell slightly in the following year.

Production of Plastics Pipes And Pipe Fittings in Republic of Korea

In value terms, plastics pipe and pipe fitting production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a measured expansion. The most prominent rate of growth was recorded in 2018 with an increase of 112%. Plastics pipe and pipe fitting production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Plastics Pipes And Pipe Fittings

Exports from Republic of Korea

In 2022, approx. X tons of plastics pipes and pipe fittings were exported from South Korea; jumping by 21% on the year before. Overall, exports posted a buoyant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 54%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, plastics pipe and pipe fitting exports expanded markedly to $X in 2022. Over the period under review, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when exports increased by 40%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

China (X tons) was the main destination for plastics pipe and pipe fitting exports from South Korea, with a 41% share of total exports. Moreover, plastics pipe and pipe fitting exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +23.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+33.7% per year) and the United States (+4.7% per year).

In value terms, the largest markets for plastics pipe and pipe fitting exported from South Korea were China ($X), the United States ($X) and Japan ($X), with a combined 53% share of total exports. The Philippines, Vietnam, Myanmar, the United Arab Emirates and Brunei Darussalam lagged somewhat behind, together accounting for a further 13%.

In terms of the main countries of destination, Vietnam, with a CAGR of +19.1%, 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

The average export price for plastics pipes and pipe fittings stood at $X per ton in 2022, waning by -5.6% against the previous year. Over the period under review, the export price showed a pronounced downturn. The growth pace was the most rapid in 2013 an increase of 11% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

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 ($X per ton), while the average price for exports to Myanmar ($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 the United States (+4.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Plastics Pipes And Pipe Fittings

Imports into Republic of Korea

For the fourth consecutive year, South Korea recorded growth in supplies from abroad of plastics pipes and pipe fittings, which increased by 0.8% to X tons in 2022. Over the period under review, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.2% 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 +60.0% against 2015 indices. The pace of growth was the most pronounced in 2017 when imports increased by 20%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, plastics pipe and pipe fitting imports expanded rapidly to $X in 2022. In general, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.8% 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 +62.9% against 2019 indices. The growth pace was the most rapid in 2020 when imports increased by 23%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

China (X tons), Indonesia (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of plastics pipe and pipe fitting imports to South Korea, together comprising 55% of total imports. Austria, Vietnam, Japan, Italy, the United States, Germany and Malaysia lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +23.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest plastics pipe and pipe fitting suppliers to South Korea were Austria ($X), Japan ($X) and China ($X), with a combined 54% share of total imports. The United States, Indonesia, Vietnam, Germany, Taiwan (Chinese), Malaysia and Italy lagged somewhat behind, together accounting for a further 33%.

Among the main suppliers, Vietnam, with a CAGR of +32.6%, recorded 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

The average import price for plastics pipes and pipe fittings stood at $X per ton in 2022, surging by 11% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2020 when the average import price increased by 17%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual 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 Malaysia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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