Republic of Korea: Market for Rigid Tubes, Pipes and Hoses of Polymers of Propylene 2024

Market Size for Rigid Tubes, Pipes and Hoses of Polymers of Propylene in Republic of Korea

The South Korean propylene polymer rigid pipes market declined modestly to $X in 2022, with a decrease of -3.5% against the previous year. Over the period under review, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.2% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Rigid Tubes, Pipes and Hoses of Polymers of Propylene in Republic of Korea

In value terms, propylene polymer rigid pipes production shrank modestly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 43% against the previous year. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Rigid Tubes, Pipes and Hoses of Polymers of Propylene

Exports from Republic of Korea

In 2022, approx. X tons of rigid tubes, pipes and hoses of polymers of propylene were exported from South Korea; leveling off at the previous year. Overall, exports saw a slight decline. The pace of growth was the most pronounced in 2018 with an increase of 19%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, propylene polymer rigid pipes exports declined to $X in 2022. In general, exports showed a slight setback. The pace of growth appeared the most rapid in 2019 when exports increased by 13% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for propylene polymer rigid pipes exports from South Korea, with a 30% share of total exports. Moreover, propylene polymer rigid pipes exports to China exceeded the volume sent to the second major destination, the United States (X tons), sixfold. Japan (X tons) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +36.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-14.3% per year) and Japan (-13.8% per year).

In value terms, the United States ($X), Japan ($X) and China ($X) constituted the largest markets for propylene polymer rigid pipes exported from South Korea worldwide, with a combined 40% share of total exports.

Among the main countries of destination, China, with a CAGR of +24.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average propylene polymer rigid pipes export price stood at $X per ton in 2022, with a decrease of -4.7% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average export price increased by 24% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (+25.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Rigid Tubes, Pipes and Hoses of Polymers of Propylene

Imports into Republic of Korea

In 2022, overseas purchases of rigid tubes, pipes and hoses of polymers of propylene were finally on the rise to reach X tons after two years of decline. Over the period under review, imports saw buoyant growth. The pace of growth appeared the most rapid in 2016 with an increase of 47% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, propylene polymer rigid pipes imports fell to $X in 2022. In general, imports recorded a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 39%. Over the period under review, imports reached the peak figure at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest propylene polymer rigid pipes supplier to South Korea, accounting for a 28% share of total imports. Moreover, propylene polymer rigid pipes imports from Indonesia exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. Austria (X tons) ranked third in terms of total imports with a 3.1% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia totaled +16.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.8% per year) and Austria (+30.5% per year).

In value terms, Indonesia ($X) constituted the largest supplier of rigid tubes, pipes and hoses of polymers of propylene to South Korea, comprising 21% of total imports. The second position in the ranking was held by China ($X), with a 6.3% share of total imports. It was followed by Austria, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia stood at +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-1.3% per year) and Austria (+28.9% per year).

Import Prices by Country

The average propylene polymer rigid pipes import price stood at $X per ton in 2022, dropping by -5% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 11%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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 Germany ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+1.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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