Republic of Korea: Non-Rolled Bitumen Products Market 2024

Non-Rolled Bitumen Products Market Size in Republic of Korea

The South Korean non-rolled bitumen products market shrank to $X in 2022, which is down by -7.6% against the previous year. The market value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Non-Rolled Bitumen Products Production in Republic of Korea

In value terms, non-rolled bitumen products production declined slightly to $X in 2022 estimated in export price. Overall, the total production indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.3% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 30%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Non-Rolled Bitumen Products Exports

Exports from Republic of Korea

Non-rolled bitumen products exports from South Korea skyrocketed to X tons in 2022, picking up by 38% compared with 2021. Over the period under review, total exports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +4.6% 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 +89.4% against 2018 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, non-rolled bitumen products exports skyrocketed to $X in 2022. Overall, total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +98.2% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for non-rolled bitumen products exports from South Korea, accounting for a 81% share of total exports. Moreover, non-rolled bitumen products exports to Japan exceeded the volume sent to the second major destination, Thailand (X tons), eightfold. The third position in this ranking was taken by the Philippines (X tons), with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at +9.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+11.2% per year) and the Philippines (+1.2% per year).

In value terms, Japan ($X) remains the key foreign market for non-rolled bitumen products exports from South Korea, comprising 81% of total exports. The second position in the ranking was held by Thailand ($X), with a 9.5% share of total exports. It was followed by the Philippines, with a 2.4% share.

From 2012 to 2022, the average annual growth rate of value to Japan stood at +10.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+14.7% per year) and the Philippines (+3.5% per year).

Export Prices by Country

In 2022, the average non-rolled bitumen products export price amounted to $X per ton, rising by 5.9% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 9.1%. Over the period under review, the average export prices reached the maximum 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 overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Taiwan (Chinese) ($X per ton) and Japan ($X per ton), while the average price for exports to Malaysia ($X per ton) and China ($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 Indonesia (+4.2%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Rolled Bitumen Products Imports

Imports into Republic of Korea

In 2022, the amount of non-rolled bitumen products imported into South Korea reduced notably to X tons, shrinking by -28.2% compared with 2021. Over the period under review, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of 39% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, non-rolled bitumen products imports reduced rapidly to $X in 2022. Overall, imports recorded a deep reduction. The pace of growth appeared the most rapid in 2016 when imports increased by 31% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Indonesia (X tons), Japan (X tons) and China (X tons) were the main suppliers of non-rolled bitumen products imports to South Korea, together comprising 89% of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +54.7%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Japan ($X), Indonesia ($X) and China ($X) appeared to be the largest non-rolled bitumen products suppliers to South Korea, with a combined 84% share of total imports.

Among the main suppliers, Japan, with a CAGR of +57.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average non-rolled bitumen products import price amounted to $X per ton, picking up by 17% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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