Republic of Korea: Silicone Market 2024

Silicone Market Size in Republic of Korea

In 2021, the South Korean silicone market decreased by -2.2% to $X for the first time since 2016, thus ending a four-year rising trend. Overall, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +17.0% against 2015 indices. Over the period under review, the market attained the peak level at $X in 2020, and then contracted modestly in the following year.

Silicone Production in Republic of Korea

In value terms, silicone production reduced to $X in 2021 estimated in export price. Over the period under review, the total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +20.8% against 2015 indices. The most prominent rate of growth was recorded in 2013 with an increase of 17%. Silicone production peaked at $X in 2020, and then reduced in the following year.

Silicone Exports

Exports from Republic of Korea

In 2021, overseas shipments of silicones (in primary forms) were finally on the rise to reach X tons after two years of decline. In general, exports, however, showed a slight decrease. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, silicone exports soared to $X in 2021. The total export value increased at an average annual rate of +2.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons), Vietnam (X tons) and the United States (X tons) were the main destinations of silicone exports from South Korea, with a combined 51% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +15.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Vietnam ($X) and Japan ($X) constituted the largest markets for silicone exported from South Korea worldwide, with a combined 54% share of total exports.

In terms of the main countries of destination, Vietnam, with a CAGR of +23.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average silicone export price stood at $X per ton in 2021, increasing by 3.8% against the previous year. Over the last nine-year period, it increased at an average annual rate of +4.6%. The growth pace was the most rapid in 2013 an increase of 20%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to India ($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 Hong Kong SAR (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Silicone Imports

Imports into Republic of Korea

In 2021, approx. X tons of silicones (in primary forms) were imported into South Korea; picking up by 10% against 2020 figures. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, silicone imports soared to $X in 2021. The total import value increased at an average annual rate of +3.7% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest silicone supplier to South Korea, accounting for a 59% share of total imports. Moreover, silicone imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fivefold. The third position in this ranking was held by Thailand (X tons), with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.1% per year) and Thailand (+10.5% per year).

In value terms, China ($X) constituted the largest supplier of silicones (in primary forms) to South Korea, comprising 50% of total imports. The second position in the ranking was held by Japan ($X), with an 18% share of total imports. It was followed by the United States, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.3% per year) and the United States (+0.2% per year).

Import Prices by Country

In 2021, the average silicone import price amounted to $X per ton, rising by 29% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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