Republic of Korea: Styrene Market 2024

Styrene Market Size in Republic of Korea

In 2021, the South Korean styrene market decreased by -7.2% to $X, falling for the third consecutive year after two years of growth. Over the period under review, consumption saw a relatively flat trend pattern. Styrene consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Styrene Production in Republic of Korea

In value terms, styrene production soared to $X in 2021 estimated in export price. Overall, production, however, recorded a deep setback. The most prominent rate of growth was recorded in 2014 when the production volume increased by 35% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Styrene Exports

Exports from Republic of Korea

In 2021, exports of styrene from South Korea fell to X tons, waning by -9.2% compared with 2020. Over the period under review, exports showed a deep setback. The growth pace was the most rapid in 2014 when exports increased by 16% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, styrene exports surged to $X in 2021. In general, exports saw a abrupt decrease. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X tons), Taiwan (Chinese) (X tons) and India (X tons) were the main destinations of styrene exports from South Korea, with a combined 86% share of total exports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +883.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), Taiwan (Chinese) ($X) and India ($X) were the largest markets for styrene exported from South Korea worldwide, together accounting for 86% of total exports.

India, with a CAGR of +750.5%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average styrene export price amounted to $X per ton, rising by 59% against the previous year. In general, the export price, however, recorded a noticeable decline. Over the period under review, the average export prices hit record highs 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 external markets. In 2021, amid the top suppliers, the countries with the highest prices were Thailand ($X per ton) and India ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) and Taiwan (Chinese) ($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 Taiwan (Chinese) (-2.4%), while the prices for the other major destinations experienced a decline.

Styrene Imports

Imports into Republic of Korea

After two years of growth, supplies from abroad of styrene decreased by -40.3% to X tons in 2021. Over the period under review, imports saw a abrupt descent. The growth pace was the most rapid in 2019 with an increase of 60%. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, styrene imports declined to $X in 2021. In general, imports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2013 when imports increased by 39% against the previous year. 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 styrene supplier to South Korea, accounting for a 55% share of total imports. Moreover, styrene imports from Japan exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by China (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from Japan amounted to -9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.1% per year) and China (+16.1% per year).

In value terms, Japan ($X) constituted the largest supplier of styrene to South Korea, comprising 56% of total imports. The second position in the ranking was taken by the United States ($X), with a 20% share of total imports. It was followed by China, with a 15% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled -11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.9% per year) and China (+14.5% per year).

Import Prices by Country

The average styrene import price stood at $X per ton in 2021, surging by 58% against the previous year. In general, the import price, however, continues to indicate a perceptible descent. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from China ($X per ton) and Saudi Arabia ($X per ton), while the price for the United States ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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