Republic of Korea: Market for Polypropylene in Primary Forms 2024

Market Size for Polypropylene in Primary Forms in Republic of Korea

The South Korean polypropylene in primary forms market rose remarkably to $X in 2022, growing by 13% against the previous year. Over the period under review, consumption, however, recorded a noticeable reduction. Polypropylene in primary forms consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Polypropylene in Primary Forms in Republic of Korea

In value terms, polypropylene in primary forms production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 11% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Polypropylene in Primary Forms

Exports from Republic of Korea

In 2022, overseas shipments of polypropylene in primary forms decreased by -3.4% to X tons for the first time since 2011, thus ending a ten-year rising trend. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.5% 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 +87.8% against 2012 indices. The pace of growth was the most pronounced in 2017 with an increase of 16% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then dropped slightly in the following year.

In value terms, polypropylene in primary forms exports dropped to $X in 2022. In general, total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 +28.9% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 46%. As a result, the exports attained the peak of $X, and then dropped in the following year.

Exports by Country

China (X tons), Vietnam (X tons) and Turkey (X tons) were the main destinations of polypropylene in primary forms exports from South Korea, with a combined 58% share of total exports. Indonesia, the United States, Japan, Nigeria, Mexico, India, Egypt and Hong Kong SAR lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +19.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for polypropylene in primary forms exported from South Korea were China ($X), Vietnam ($X) and Turkey ($X), together accounting for 56% of total exports. Indonesia, the United States, Japan, Nigeria, Mexico, India, Egypt and Hong Kong SAR lagged somewhat behind, together accounting for a further 18%.

Mexico, with a CAGR of +16.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average polypropylene in primary forms export price stood at $X per ton in 2022, waning by -8.6% against the previous year. Overall, the export price saw a perceptible shrinkage. The growth pace was the most rapid in 2021 when the average export price increased by 26% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United States ($X per ton) and Egypt ($X per ton), while the average price for exports to Vietnam ($X per ton) and Indonesia ($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 Hong Kong SAR (-0.8%), while the prices for the other major destinations experienced a decline.

Imports of Polypropylene in Primary Forms

Imports into Republic of Korea

In 2022, approx. X tons of polypropylene in primary forms were imported into South Korea; which is down by -2.4% against the previous year's figure. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 70% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, polypropylene in primary forms imports totaled $X in 2022. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by 44%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), the United States (X tons) and Japan (X tons) were the main suppliers of polypropylene in primary forms imports to South Korea, together accounting for 55% of total imports. Vietnam, Italy, Germany, Canada, India, Thailand, Belgium and Saudi Arabia lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +80.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Vietnam ($X) and the United States ($X) were the largest polypropylene in primary forms suppliers to South Korea, with a combined 53% share of total imports. Italy, Germany, Japan, Thailand, India, Canada, Belgium and Saudi Arabia lagged somewhat behind, together comprising a further 38%.

Canada, with a CAGR of +56.2%, saw the highest growth rate of the value of imports, in terms of 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 polypropylene in primary forms import price stood at $X per ton in 2022, rising by 3.9% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 18% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Germany ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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