Republic of Korea: Reclaimed Rubber Market 2024

Reclaimed Rubber Market Size in Republic of Korea

The South Korean reclaimed rubber market reduced dramatically to $X in 2021, dropping by -19.4% against the previous year. In general, consumption recorded a noticeable slump. Reclaimed rubber consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Reclaimed Rubber Production in Republic of Korea

In value terms, reclaimed rubber production contracted sharply to $X in 2021 estimated in export price. Overall, production saw a deep setback. The pace of growth appeared the most rapid in 2020 when the production volume increased by 5,077% against the previous year. Reclaimed rubber production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Reclaimed Rubber Exports

Exports from Republic of Korea

In 2021, shipments abroad of reclaimed rubber increased by 1.4% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports, however, continue to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2020 with an increase of 185%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, reclaimed rubber exports soared to $X in 2021. Overall, exports, however, saw a noticeable setback. The most prominent rate of growth was recorded in 2020 with an increase of 200%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), Thailand (X tons) and Vietnam (X tons) were the main destinations of reclaimed rubber exports from South Korea, together comprising 81% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +55.7%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for reclaimed rubber exports from South Korea, comprising 38% of total exports. The second position in the ranking was taken by Vietnam ($X), with an 11% share of total exports. It was followed by Thailand, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value to China stood at -7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-13.3% per year) and Thailand (+42.2% per year).

Export Prices by Country

The average reclaimed rubber export price stood at $X per ton in 2021, surging by 15% against the previous year. Overall, the export price, however, saw a slight decrease. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Thailand ($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 Philippines (+17.1%), while the prices for the other major destinations experienced more modest paces of growth.

Reclaimed Rubber Imports

Imports into Republic of Korea

In 2021, overseas purchases of reclaimed rubber were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 116%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, reclaimed rubber imports surged to $X in 2021. Over the period under review, imports showed strong growth. The most prominent rate of growth was recorded in 2018 when imports increased by 72%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of reclaimed rubber to South Korea, with a 51% share of total imports. Moreover, reclaimed rubber imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. Malaysia (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +13.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+27.7% per year) and Malaysia (-2.7% per year).

In value terms, China ($X) constituted the largest supplier of reclaimed rubber to South Korea, comprising 50% of total imports. The second position in the ranking was held by India ($X), with a 20% share of total imports. It was followed by Malaysia, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+23.6% per year) and Malaysia (-5.8% per year).

Import Prices by Country

The average reclaimed rubber import price stood at $X per ton in 2021, surging by 3.6% against the previous year. In general, the import price, however, continues to indicate a slight decrease. The growth pace was the most rapid in 2019 an increase of 33% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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