Republic of Korea: Market for Polyethylene in Primary Forms 2024

Market Size for Polyethylene in Primary Forms in Republic of Korea

The South Korean polyethylene in primary forms market fell notably to $X in 2021, with a decrease of -29.5% against the previous year. In general, consumption saw a perceptible setback. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Production of Polyethylene in Primary Forms in Republic of Korea

In value terms, polyethylene in primary forms production stood at $X in 2021 estimated in export price. In general, production showed a noticeable decrease. The pace of growth was the most pronounced in 2013 when the production volume increased by 13% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Exports of Polyethylene in Primary Forms

Exports from Republic of Korea

In 2021, shipments abroad of polyethylene in primary forms increased by 7.7% to X tons, rising for the fourth year in a row after two years of decline. The total export volume increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 14%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, polyethylene in primary forms exports surged to $X in 2021. In general, exports saw a relatively flat trend pattern. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for polyethylene in primary forms exports from South Korea, accounting for a 52% share of total exports. Moreover, polyethylene in primary forms exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), sixfold. The third position in this ranking was held by Russia (X tons), with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+8.3% per year) and Russia (-6.7% per year).

In value terms, China ($X) remains the key foreign market for polyethylene in primary forms exports from South Korea, comprising 50% of total exports. The second position in the ranking was taken by Vietnam ($X), with an 8.3% share of total exports. It was followed by Russia, with a 3% share.

From 2012 to 2021, the average annual growth rate of value to China totaled +1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+5.8% per year) and Russia (-8.2% per year).

Export Prices by Country

The average polyethylene in primary forms export price stood at $X per ton in 2021, increasing by 32% against the previous year. In general, the export price, however, saw a mild slump. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Belgium ($X per ton) and Russia ($X per ton), while the average price for exports to Vietnam ($X per ton) and China ($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 Belgium (-0.4%), while the prices for the other major destinations experienced a decline.

Imports of Polyethylene in Primary Forms

Imports into Republic of Korea

After five years of growth, supplies from abroad of polyethylene in primary forms decreased by -23.8% to X tons in 2021. Over the period under review, imports, however, posted resilient growth. The pace of growth appeared the most rapid in 2019 with an increase of 49% against the previous year. Imports peaked at X tons in 2020, and then declined dramatically in the following year.

In value terms, polyethylene in primary forms imports reached $X in 2021. Overall, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.4% 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 -1.4% against 2019 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 32% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

The United States (X tons), Saudi Arabia (X tons) and Qatar (X tons) were the main suppliers of polyethylene in primary forms imports to South Korea, with a combined 63% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +17.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest polyethylene in primary forms suppliers to South Korea were Saudi Arabia ($X), the United States ($X) and Japan ($X), together accounting for 59% of total imports.

In terms of the main suppliers, Saudi Arabia, with a CAGR of +20.1%, saw 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 polyethylene in primary forms import price stood at $X per ton in 2021, growing by 40% against the previous year. Overall, the import price, however, continues to indicate a mild descent. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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