Republic of Korea: Polyurethanes Market 2024

Polyurethanes Market Size in Republic of Korea

In 2021, the South Korean polyurethanes market was finally on the rise to reach $X after two years of decline. In general, the total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -2.7% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Polyurethanes Production in Republic of Korea

In value terms, polyurethanes production expanded modestly to $X in 2021 estimated in export price. Over the period under review, the total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.2% against 2018 indices. The pace of growth appeared the most rapid in 2017 with an increase of 23%. Polyurethanes production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Polyurethanes Exports

Exports from Republic of Korea

In 2021, polyurethanes exports from South Korea totaled X tons, surging by 11% compared with the year before. Overall, total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -0.7% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 20% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, polyurethanes exports soared to $X in 2021. In general, total exports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons), Vietnam (X tons) and Indonesia (X tons) were the main destinations of polyurethanes exports from South Korea, with a combined 57% share of total exports. India, Thailand, Japan, the United States, Taiwan (Chinese), Australia, Mexico, Russia, the Philippines and Iran lagged somewhat behind, together comprising a further 29%.

From 2012 to 2021, the biggest increases were recorded for Russia (with a CAGR of +25.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Vietnam ($X) and Indonesia ($X) constituted the largest markets for polyurethanes exported from South Korea worldwide, together comprising 63% of total exports. India, the United States, Thailand, Japan, Taiwan (Chinese), Mexico, Russia, Australia, the Philippines and Iran lagged somewhat behind, together accounting for a further 25%.

Russia, with a CAGR of +25.4%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 polyurethanes export price stood at $X per ton in 2021, surging by 11% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 14% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, 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 more modest paces of growth.

Polyurethanes Imports

Imports into Republic of Korea

In 2021, the amount of polyurethanes in primary forms imported into South Korea surged to X tons, picking up by 21% compared with 2020. The total import volume increased at an average annual rate of +5.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, polyurethanes imports surged to $X in 2021. The total import value increased at an average annual rate of +5.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest polyurethanes supplier to South Korea, accounting for a 51% share of total imports. Moreover, polyurethanes imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.8% per year) and Taiwan (Chinese) (-8.6% per year).

In value terms, China ($X) constituted the largest supplier of polyurethanes in primary forms to South Korea, comprising 40% of total imports. The second position in the ranking was taken by Germany ($X), with a 19% share of total imports. It was followed by Japan, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.1% per year) and Japan (+1.3% per year).

Import Prices by Country

In 2021, the average polyurethanes import price amounted to $X per ton, increasing by 13% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+1.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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