Republic of Korea: Resinoids Market 2024

Resinoids Market Size in Republic of Korea

The South Korean resinoids market was estimated at $X in 2022, stabilizing at the previous year. Over the period under review, consumption saw a mild shrinkage. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Resinoids Production in Republic of Korea

In value terms, resinoids production expanded sharply to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 27% against the previous year. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Resinoids Exports

Exports from Republic of Korea

In 2022, resinoids exports from South Korea surged to X tons, rising by 423% against 2021 figures. Over the period under review, exports recorded significant growth. The pace of growth was the most pronounced in 2016 with an increase of 8,029% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, resinoids exports skyrocketed to $X in 2022. Overall, exports showed a significant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 25,463%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for resinoids exports from South Korea, with a 95% share of total exports. It was followed by China (X kg), with a 2.4% share of total exports. The third position in this ranking was taken by Kazakhstan (X kg), with a 0.8% share.

From 2013 to 2022, the average annual growth rate of volume to Japan amounted to +214.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-23.3% per year) and Kazakhstan (-16.7% per year).

In value terms, Japan ($X) emerged as the key foreign market for resinoids exports from South Korea, comprising 93% of total exports. The second position in the ranking was taken by China ($X), with a 3.8% share of total exports. It was followed by Singapore, with a 1.1% share.

From 2013 to 2022, the average annual rate of growth in terms of value to Japan totaled +269.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+10.2% per year) and Singapore (-19.5% per year).

Export Prices by Country

The average resinoids export price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. In general, the export price, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when the average export price increased by 214%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Kazakhstan ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+97.1%), while the prices for the other major destinations experienced more modest paces of growth.

Resinoids Imports

Imports into Republic of Korea

In 2022, the amount of resinoids imported into South Korea reduced sharply to X kg, dropping by -75.8% compared with 2021. Over the period under review, imports showed a abrupt descent. The most prominent rate of growth was recorded in 2018 when imports increased by 90% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, resinoids imports declined notably to $X in 2022. In general, imports faced a abrupt slump. The growth pace was the most rapid in 2018 when imports increased by 66%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

India (X kg), the United States (X kg) and France (X kg) were the main suppliers of resinoids imports to South Korea, with a combined 72% share of total imports. The UK, Italy, China and Malaysia lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +45.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X), India ($X) and the UK ($X) constituted the largest resinoids suppliers to South Korea, together comprising 72% of total imports. Italy, the United States, China and Malaysia lagged somewhat behind, together accounting for a further 21%.

In terms of the main suppliers, Italy, with a CAGR of +78.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average resinoids import price amounted to $X per ton, surging by 68% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+49.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :