Republic of Korea: Polyamide Market 2024

Polyamide Market Size in Republic of Korea

After two years of decline, the South Korean polyamide market increased by 38% to $X in 2021. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Polyamide Production in Republic of Korea

In value terms, polyamide production reached $X in 2021 estimated in export price. In general, production continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2017 with an increase of 55%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Polyamide Exports

Exports from Republic of Korea

In 2021, shipments abroad of polyamides (in primary forms) was finally on the rise to reach X tons after two years of decline. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 19% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, polyamide exports skyrocketed to $X in 2021. Overall, exports showed a relatively flat trend pattern. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), India (X tons) and Vietnam (X tons) were the main destinations of polyamide exports from South Korea, together accounting for 54% of total exports. These countries were followed by Japan, the United States, Thailand, Taiwan (Chinese), Mexico, Poland, Turkey, Indonesia, Malaysia and Hong Kong SAR, which together accounted for a further 38%.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +89.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for polyamides (in primary forms) exports from South Korea, comprising 28% of total exports. The second position in the ranking was held by India ($X), with a 13% share of total exports. It was followed by Vietnam, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to -6.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+16.4% per year) and Vietnam (+39.3% per year).

Export Prices by Country

The average polyamide export price stood at $X per ton in 2021, jumping by 33% against the previous year. In general, the export price recorded a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Turkey ($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 Hong Kong SAR (+3.3%), while the prices for the other major destinations experienced more modest paces of growth.

Polyamide Imports

Imports into Republic of Korea

In 2021, overseas purchases of polyamides (in primary forms) increased by 31% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, total imports indicated a tangible increase from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 34% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, polyamide imports surged to $X in 2021. Overall, total imports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), the United States (X tons) and Germany (X tons) were the main suppliers of polyamide imports to South Korea, together comprising 81% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +14.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest polyamide suppliers to South Korea were China ($X), the United States ($X) and Germany ($X), together comprising 76% of total imports.

China, with a CAGR of +12.5%, 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

The average polyamide import price stood at $X per ton in 2021, jumping by 29% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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