Republic of Korea: Polyacetals Market 2024

Polyacetals Market Size in Republic of Korea

In 2021, the South Korean polyacetals market decreased by -15.5% to $X, falling for the second year in a row after two years of growth. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Polyacetals Production in Republic of Korea

In value terms, polyacetals production totaled $X in 2021 estimated in export price. Over the period under review, the total production indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -10.6% against 2018 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 34% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Polyacetals Exports

Exports from Republic of Korea

After two years of decline, shipments abroad of polyacetals in primary forms increased by 28% to X tons in 2021. Over the period under review, total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +8.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, polyacetals exports surged to $X in 2021. In general, total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +8.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 polyacetals exports from South Korea, with a 28% share of total exports. Moreover, polyacetals exports to China exceeded the volume sent to the second major destination, the United States (X tons), twofold. Belgium (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+9.8% per year) and Belgium (+40.5% per year).

In value terms, China ($X) remains the key foreign market for polyacetals in primary forms exports from South Korea, comprising 27% of total exports. The second position in the ranking was taken by the United States ($X), with a 13% share of total exports. It was followed by Belgium, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+12.9% per year) and Belgium (+39.4% per year).

Export Prices by Country

In 2021, the average polyacetals export price amounted to $X per ton, picking up by 14% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Brazil ($X per ton) and the United States ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Turkey ($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 the United States (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

Polyacetals Imports

Imports into Republic of Korea

In 2021, polyacetals imports into South Korea declined slightly to X tons, shrinking by -4.4% against the previous year's figure. In general, total imports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -21.1% against 2019 indices. The pace of growth appeared the most rapid in 2019 when imports increased by 40%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, polyacetals imports stood at $X in 2021. The total import value increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 with an increase of 28% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of polyacetals to South Korea, with a 49% share of total imports. Moreover, polyacetals imports from the United States exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was held by Thailand (X tons), with a 17% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+15.4% per year) and Thailand (+161.9% per year).

In value terms, the United States ($X) constituted the largest supplier of polyacetals in primary forms to South Korea, comprising 58% of total imports. The second position in the ranking was held by Malaysia ($X), with a 12% share of total imports. It was followed by Thailand, with a 9.8% share.

From 2012 to 2021, the average annual growth rate of value from the United States stood at +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+9.1% per year) and Thailand (+129.0% per year).

Import Prices by Country

In 2021, the average polyacetals import price amounted to $X per ton, with an increase of 14% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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