Republic of Korea: Market for Prepared Glues And Other Prepared Adhesives 2024

Market Size for Prepared Glues And Other Prepared Adhesives in Republic of Korea

The South Korean market for prepared glues and other prepared adhesives skyrocketed to $X in 2021, increasing by 16% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. Consumption of peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Production of Prepared Glues And Other Prepared Adhesives in Republic of Korea

In value terms, production of prepared glues and other prepared adhesives expanded sharply to $X in 2021 estimated in export price. In general, the total production indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.2% 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 -10.7% against 2017 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 58%. Production of peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Exports of Prepared Glues And Other Prepared Adhesives

Exports from Republic of Korea

In 2021, after four years of growth, there was significant decline in overseas shipments of prepared glues and other prepared adhesives, when their volume decreased by -7.3% to X tons. In general, exports, however, showed a strong expansion. The growth pace was the most rapid in 2019 when exports increased by 57% against the previous year. The exports peaked at X tons in 2020, and then shrank in the following year.

In value terms, exports of prepared glues and other prepared adhesives expanded rapidly to $X in 2021. Overall, exports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2019 when exports increased by 37%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons), Vietnam (X tons) and Indonesia (X tons) were the main destinations of exports of prepared glues and other prepared adhesives from South Korea, together comprising 37% of total exports. Poland, India, Hong Kong SAR, the United States, Japan, Australia, Russia, Mexico, Thailand and the United Arab Emirates lagged somewhat behind, together comprising a further 20%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +33.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Vietnam ($X) and the United States ($X) constituted the largest markets for prepared glues and other prepared adhesives exported from South Korea worldwide, together comprising 59% of total exports. These countries were followed by Poland, Thailand, Hong Kong SAR, Indonesia, India, Japan, Russia, Mexico, Australia and the United Arab Emirates, which together accounted for a further 20%.

Among the main countries of destination, Poland, with a CAGR of +37.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for prepared glues and other prepared adhesives stood at $X per ton in 2021, increasing by 20% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Australia ($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 the United States (+14.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Prepared Glues And Other Prepared Adhesives

Imports into Republic of Korea

In 2021, imports of prepared glues and other prepared adhesives into South Korea surged to X tons, picking up by 22% on 2020. Overall, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.8% 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 -3.5% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 39%. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of prepared glues and other prepared adhesives rose notably to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of prepared glues and other prepared adhesives to South Korea, accounting for a 41% share of total imports. Moreover, imports of prepared glues and other prepared adhesives from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. Vietnam (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +16.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+2.9% per year) and Vietnam (+3.5% per year).

In value terms, Japan ($X) constituted the largest supplier of prepared glues and other prepared adhesives to South Korea, comprising 46% of total imports. The second position in the ranking was taken by China ($X), with a 19% share of total imports. It was followed by Germany, with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled -3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+15.2% per year) and Germany (+14.0% per year).

Import Prices by Country

The average import price for prepared glues and other prepared adhesives stood at $X per ton in 2021, waning by -9.9% against the previous year. Overall, the import price showed a abrupt setback. The growth pace was the most rapid in 2020 an increase of 32% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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 ($X per ton), while the price for Vietnam ($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) (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :