Republic of Korea: Propene Market 2024

Propene Market Size in Republic of Korea

The South Korean propene market declined to $X in 2021, shrinking by -9.9% against the previous year. Over the period under review, consumption saw a noticeable contraction. Propene consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Propene Production in Republic of Korea

In value terms, propene production stood at $X in 2021 estimated in export price. Over the period under review, production saw a mild setback. The pace of growth was the most pronounced in 2016 with an increase of 25% against the previous year. Propene production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Propene Exports

Exports from Republic of Korea

In 2021, overseas shipments of propene (propylene) were finally on the rise to reach X tons after three years of decline. The total export volume increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 34% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; afterwards, it flattened through to 2021.

In value terms, propene exports skyrocketed to $X in 2021. Over the period under review, exports saw a relatively flat trend pattern. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for propene exports from South Korea, accounting for a 80% share of total exports. Moreover, propene exports to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), tenfold. Japan (X tons) ranked third in terms of total exports with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+9.0% per year) and Japan (+14.3% per year).

In value terms, China ($X) remains the key foreign market for propene (propylene) exports from South Korea, comprising 80% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an 8.1% share of total exports. It was followed by Japan, with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to -1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+5.6% per year) and Japan (+9.6% per year).

Export Prices by Country

In 2021, the average propene export price amounted to $X per ton, with an increase of 31% against the previous year. In general, the export price, however, saw a perceptible descent. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Taiwan (Chinese) ($X per ton) and China ($X per ton), while the average price for exports to Colombia ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+3.0%), while the prices for the other major destinations experienced a decline.

Propene Imports

Imports into Republic of Korea

Propene imports into South Korea contracted sharply to X tons in 2021, which is down by -15.9% compared with the previous year's figure. Over the period under review, imports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 78% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, propene imports stood at $X in 2021. Overall, imports saw a abrupt decline. The most prominent rate of growth was recorded in 2013 when imports increased by 80%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of propene to South Korea, accounting for a 82% share of total imports. Moreover, propene imports from Japan exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), tenfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume from Japan totaled -9.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+1.6% per year) and Taiwan (Chinese) (-17.2% per year).

In value terms, Japan ($X) constituted the largest supplier of propene (propylene) to South Korea, comprising 80% of total imports. The second position in the ranking was taken by the Philippines ($X), with an 8.7% share of total imports. It was followed by Taiwan (Chinese), with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled -12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+7.2% per year) and Taiwan (Chinese) (-20.3% per year).

Import Prices by Country

In 2021, the average propene import price amounted to $X per ton, increasing by 21% against the previous year. Over the period under review, the import price, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2017 an increase of 30% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Thailand ($X per ton) and China ($X per ton), while the price for Taiwan (Chinese) ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+5.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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