Republic of Korea: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in Republic of Korea

The South Korean synthetic latex rubber market contracted to $X in 2021, waning by -11.5% against the previous year. In general, consumption recorded a slight decrease. Over the period under review, the market reached the peak level at $X in 2020, and then reduced in the following year.

Synthetic Latex Rubber Production in Republic of Korea

In value terms, synthetic latex rubber production fell to $X in 2021 estimated in export price. Over the period under review, production, however, showed a strong expansion. The pace of growth was the most pronounced in 2017 when the production volume increased by 32% against the previous year. Synthetic latex rubber production peaked at $X in 2020, and then shrank in the following year.

Synthetic Latex Rubber Exports

Exports from Republic of Korea

In 2021, after nine years of growth, there was significant decline in overseas shipments of synthetic latex rubber, when their volume decreased by -7.8% to X tons. In general, exports, however, saw a buoyant increase. The pace of growth appeared the most rapid in 2017 with an increase of 30%. The exports peaked at X tons in 2020, and then shrank in the following year.

In value terms, synthetic latex rubber exports skyrocketed to $X in 2021. Over the period under review, exports, however, posted a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Malaysia (X tons) was the main destination for synthetic latex rubber exports from South Korea, with a 40% share of total exports. Moreover, synthetic latex rubber exports to Malaysia exceeded the volume sent to the second major destination, China (X tons), fourfold. Vietnam (X tons) ranked third in terms of total exports with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia stood at +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+4.8% per year) and Vietnam (+40.9% per year).

In value terms, Malaysia ($X) remains the key foreign market for synthetic latex rubber exports from South Korea, comprising 35% of total exports. The second position in the ranking was held by China ($X), with a 9.6% share of total exports. It was followed by Vietnam, with a 2.1% share.

From 2012 to 2021, the average annual growth rate of value to Malaysia totaled +6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+8.0% per year) and Vietnam (+43.0% per year).

Export Prices by Country

In 2021, the average synthetic latex rubber export price amounted to $X per ton, picking up by 68% against the previous year. Over the period under review, export price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, synthetic latex rubber export price increased by +82.5% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the countries with the highest prices were Thailand ($X per ton) and China ($X per ton), while the average price for exports to Vietnam ($X per ton) and Malaysia ($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 China (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Synthetic Latex Rubber Imports

Imports into Republic of Korea

In 2021, synthetic latex rubber imports into South Korea contracted rapidly to X tons, waning by -25.4% compared with 2020. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 98% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic latex rubber imports dropped to $X in 2021. In general, imports continue to indicate a pronounced downturn. The growth pace was the most rapid in 2017 when imports increased by 37% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Taiwan (Chinese) (X tons) and Japan (X tons) were the main suppliers of synthetic latex rubber imports to South Korea, with a combined 73% share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +19.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of synthetic latex rubber to South Korea, comprising 44% of total imports. The second position in the ranking was taken by China ($X), with a 19% share of total imports. It was followed by Taiwan (Chinese), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.9% per year) and Taiwan (Chinese) (-2.7% per year).

Import Prices by Country

The average synthetic latex rubber import price stood at $X per ton in 2021, picking up by 30% against the previous year. Overall, the import price, however, saw a pronounced reduction. Over the period under review, average import prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Indonesia ($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 (+22.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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