Republic of Korea: Polymethyl Methacrylate Market 2024

Polymethyl Methacrylate Market Size in Republic of Korea

The South Korean polymethyl methacrylate market surged to $X in 2022, with an increase of 19% against the previous year. Overall, the total consumption indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -13.0% against 2020 indices. Polymethyl methacrylate consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Polymethyl Methacrylate Production in Republic of Korea

In value terms, polymethyl methacrylate production declined modestly to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 19%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Polymethyl Methacrylate Exports

Exports from Republic of Korea

In 2022, overseas shipments of polymethyl methacrylate in primary forms decreased by -1.8% to X tons for the first time since 2018, thus ending a three-year rising trend. The total export volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 17% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, polymethyl methacrylate exports contracted to $X in 2022. In general, exports showed a slight decline. The pace of growth was the most pronounced in 2021 with an increase of 28%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for polymethyl methacrylate exports from South Korea, accounting for a 49% share of total exports. Moreover, polymethyl methacrylate exports to China exceeded the volume sent to the second major destination, India (X tons), sixfold. Japan (X tons) ranked third in terms of total exports with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at -1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+2.4% per year) and Japan (+17.0% per year).

In value terms, China ($X) remains the key foreign market for polymethyl methacrylate in primary forms exports from South Korea, comprising 48% of total exports. The second position in the ranking was held by India ($X), with an 8.1% share of total exports. It was followed by Japan, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at -3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+1.1% per year) and Japan (+11.0% per year).

Export Prices by Country

The average polymethyl methacrylate export price stood at $X per ton in 2022, reducing by -9.3% against the previous year. Overall, the export price continues to indicate a perceptible decline. The growth pace was the most rapid in 2021 an increase of 23% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Poland ($X per ton), while the average price for exports to Bulgaria ($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 the Netherlands (+0.2%), while the prices for the other major destinations experienced a decline.

Polymethyl Methacrylate Imports

Imports into Republic of Korea

In 2022, polymethyl methacrylate imports into South Korea dropped to X tons, falling by -5.4% compared with 2021. In general, imports showed a abrupt descent. The most prominent rate of growth was recorded in 2016 with an increase of 35%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, polymethyl methacrylate imports fell to $X in 2022. Overall, imports saw a abrupt curtailment. The growth pace was the most rapid in 2016 when imports increased by 32% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X tons) constituted the largest supplier of polymethyl methacrylate to South Korea, with a 81% share of total imports. Moreover, polymethyl methacrylate imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), ninefold. The third position in this ranking was held by Germany (X tons), with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan totaled -6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.0% per year) and Germany (-1.1% per year).

In value terms, Japan ($X) constituted the largest supplier of polymethyl methacrylate in primary forms to South Korea, comprising 66% of total imports. The second position in the ranking was taken by China ($X), with a 9.4% share of total imports. It was followed by Germany, with an 8% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at -7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.3% per year) and Germany (-0.5% per year).

Import Prices by Country

The average polymethyl methacrylate import price stood at $X per ton in 2022, standing approx. at the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2014 an increase of 14%. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then shrank in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Japan ($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 (+18.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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