Republic of Korea: Market for Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms 2024

Market Size for Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms in Republic of Korea

In 2022, after two years of growth, there was significant decline in the South Korean market for polyethylene terephthalate and other polyethylene terephthalate in primary forms, when its value decreased by -7.8% to $X. Over the period under review, consumption showed a noticeable shrinkage. Consumption of peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms in Republic of Korea

In value terms, production of polyethylene terephthalate and other polyethylene terephthalate in primary forms dropped slightly to $X in 2022 estimated in export price. Overall, production continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2013 with an increase of 11% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production of growth failed to regain momentum.

Exports of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms

Exports from Republic of Korea

After five years of decline, shipments abroad of polyethylene terephthalate and other polyethylene terephthalate in primary forms increased by 8% to X tons in 2022. In general, exports, however, recorded a drastic downturn. The growth pace was the most rapid in 2016 when exports increased by 12%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of polyethylene terephthalate and other polyethylene terephthalate in primary forms rose remarkably to $X in 2022. Overall, exports, however, faced a precipitous decrease. Over the period under review, the exports of reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons), Italy (X tons) and Vietnam (X tons) were the main destinations of exports of polyethylene terephthalate and other polyethylene terephthalate in primary forms from South Korea, with a combined 45% share of total exports. Iran, the United States, Indonesia, Japan, Bulgaria, Turkey, Spain, Germany, Belgium and Romania lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +6.5%), while shipments for the other leaders experienced a decline.

In value terms, China ($X), Indonesia ($X) and Italy ($X) were the largest markets for polyethylene terephthalate and other polyethylene terephthalate in primary forms exported from South Korea worldwide, together comprising 44% of total exports. Vietnam, the United States, Japan, Iran, Turkey, Belgium, Bulgaria, Spain, Germany and Romania lagged somewhat behind, together comprising a further 38%.

Among the main countries of destination, Turkey, with a CAGR of +2.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for polyethylene terephthalate and other polyethylene terephthalate in primary forms stood at $X per ton in 2022, picking up by 2.1% against the previous year. Overall, the export price, however, showed a abrupt downturn. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Iran ($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 Indonesia (+2.8%), while the prices for the other major destinations experienced a decline.

Imports of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms

Imports into Republic of Korea

In 2022, overseas purchases of polyethylene terephthalate and other polyethylene terephthalate in primary forms decreased by -6.9% to X tons for the first time since 2011, thus ending a ten-year rising trend. In general, imports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2013 when imports increased by 35% against the previous year. Imports peaked at X tons in 2021, and then declined in the following year.

In value terms, imports of polyethylene terephthalate and other polyethylene terephthalate in primary forms shrank to $X in 2022. Overall, total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.2% against 2016 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 17% against the previous year. Imports peaked at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of polyethylene terephthalate and other polyethylene terephthalate in primary forms to South Korea, accounting for a 42% share of total imports. Moreover, imports of polyethylene terephthalate and other polyethylene terephthalate in primary forms from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. Malaysia (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +43.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+2.5% per year) and Malaysia (+12.5% per year).

In value terms, Malaysia ($X), China ($X) and Japan ($X) were the largest polyethylene terephthalate and other polyethylene terephthalate in primary forms suppliers to South Korea, with a combined 65% share of total imports. Thailand, Indonesia, Taiwan (Chinese) and the Philippines lagged somewhat behind, together comprising a further 19%.

Thailand, with a CAGR of +32.3%, saw the highest growth rate of 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 import price for polyethylene terephthalate and other polyethylene terephthalate in primary forms stood at $X per ton in 2022, rising by 2.4% against the previous year. Over the period under review, the import price, however, showed a abrupt contraction. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Malaysia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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