Republic of Korea: Plastic Reservoir Market 2024

Plastic Reservoir Market Size in Republic of Korea

The South Korean plastic reservoir market contracted to $X in 2022, shrinking by -5.9% against the previous year. Over the period under review, consumption showed a noticeable setback. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Plastic Reservoir Production in Republic of Korea

In value terms, plastic reservoir production shrank to $X in 2022 estimated in export price. Over the period under review, production recorded a perceptible setback. The growth pace was the most rapid in 2019 when the production volume increased by 56% against the previous year. Plastic reservoir production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Plastic Reservoir Exports

Exports from Republic of Korea

In 2022, shipments abroad of plastic reservoirs, tanks and vats increased by 0.3% to X tons for the first time since 2019, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when exports increased by 19%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, plastic reservoir exports expanded significantly to $X in 2022. Overall, exports recorded a modest expansion. The growth pace was the most rapid in 2013 when exports increased by 17%. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Qatar (X tons), the United Arab Emirates (X tons) and Kuwait (X tons) were the main destinations of plastic reservoir exports from South Korea, together accounting for 47% of total exports. Singapore, Taiwan (Chinese), Malaysia, India, the UK, Vietnam, Oman, Indonesia, the Philippines and Mongolia lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +51.5%), while the other leaders experienced more modest paces of growth.

In value terms, Qatar ($X), the United Arab Emirates ($X) and Kuwait ($X) constituted the largest markets for plastic reservoir exported from South Korea worldwide, together accounting for 47% of total exports. Singapore, Taiwan (Chinese), the UK, Malaysia, Vietnam, India, Oman, the Philippines, Indonesia and Mongolia lagged somewhat behind, together comprising a further 37%.

In terms of the main countries of destination, the Philippines, with a CAGR of +47.1%, recorded the highest growth rate of 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 plastic reservoir export price stood at $X per ton in 2022, picking up by 9.9% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $X per ton in 2013; however, from 2014 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 Philippines ($X per ton), while the average price for exports to Malaysia ($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 Singapore (+2.4%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Reservoir Imports

Imports into Republic of Korea

In 2022, overseas purchases of plastic reservoirs, tanks and vats increased by 547% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports enjoyed a strong increase. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, plastic reservoir imports soared to $X in 2022. Overall, imports showed a moderate increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest plastic reservoir supplier to South Korea, accounting for a 70% share of total imports. Moreover, plastic reservoir imports from China exceeded the figures recorded by the second-largest supplier, Denmark (X tons), fivefold. The third position in this ranking was held by Vietnam (X tons), with a 4% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+95.7% per year) and Vietnam (+54.1% per year).

In value terms, China ($X), Denmark ($X) and Germany ($X) appeared to be the largest plastic reservoir suppliers to South Korea, together comprising 89% of total imports.

Denmark, with a CAGR of +71.4%, saw the highest rates of growth with regard to the value of imports, in terms of 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 2022, the average plastic reservoir import price amounted to $X per ton, reducing by -6.8% against the previous year. In general, the import price showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 61% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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