Republic of Korea: Polycarbonate Market 2024

Polycarbonate Market Size in Republic of Korea

The South Korean polycarbonate market was finally on the rise to reach $X in 2022, after three years of decline. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Polycarbonate Production in Republic of Korea

In value terms, polycarbonate production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.9% over the period 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 2015 when the production volume increased by 14%. Polycarbonate production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Polycarbonate Exports

Exports from Republic of Korea

Polycarbonate exports from South Korea was estimated at X tons in 2022, with an increase of 1.6% compared with the year before. The total export volume increased at an average annual rate of +5.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 29%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, polycarbonate exports shrank rapidly to $X in 2022. Overall, total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +33.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 61%. As a result, the exports reached the peak of $X, and then shrank remarkably in the following year.

Exports by Country

China (X tons) was the main destination for polycarbonate exports from South Korea, with a 42% share of total exports. Moreover, polycarbonate exports to China exceeded the volume sent to the second major destination, Mexico (X tons), fivefold. The third position in this ranking was held by Vietnam (X tons), with an 8% share.

From 2012 to 2022, the average annual growth rate of volume to China totaled +1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+11.6% per year) and Vietnam (+23.4% per year).

In value terms, China ($X) remains the key foreign market for polycarbonates (in primary forms) exports from South Korea, comprising 36% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 10% share of total exports. It was followed by Mexico, with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+24.2% per year) and Mexico (+12.2% per year).

Export Prices by Country

In 2022, the average polycarbonate export price amounted to $X per ton, dropping by -20.3% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 66%. As a result, the export price reached the peak level of $X per ton, and then shrank remarkably in the following year.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and the United States ($X per ton), while the average price for exports to China ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hungary (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

Polycarbonate Imports

Imports into Republic of Korea

Polycarbonate imports into South Korea amounted to X tons in 2022, remaining relatively unchanged against the previous year. Overall, imports, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 12%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, polycarbonate imports fell to $X in 2022. In general, imports, however, saw a noticeable downturn. The most prominent rate of growth was recorded in 2021 with an increase of 23%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of polycarbonate imports to South Korea, with a combined 59% share of total imports. These countries were followed by Saudi Arabia, Thailand, Vietnam, Spain, the Netherlands, Japan, Mexico, Hong Kong SAR and Singapore, which together accounted for a further 36%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +42.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest polycarbonate suppliers to South Korea were the United States ($X), China ($X) and Taiwan (Chinese) ($X), together comprising 60% of total imports. These countries were followed by Saudi Arabia, Japan, Thailand, Spain, Vietnam, the Netherlands, Hong Kong SAR, Singapore and Mexico, which together accounted for a further 35%.

Among the main suppliers, Vietnam, with a CAGR of +42.8%, 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 polycarbonate import price stood at $X per ton in 2022, shrinking by -10.3% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 26%. As a result, import price reached the peak level of $X per ton, and then dropped in the following year.

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 Japan ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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