Republic of Korea: Market for Synthetic Rubber (Excluding Latex) 2024

Market Size for Synthetic Rubber (Excluding Latex) in Republic of Korea

After two years of decline, the South Korean synthetic rubber (excluding latex) market increased by 1.2% to $X in 2021. In general, consumption saw a perceptible reduction. Synthetic rubber (excluding latex) consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Synthetic Rubber (Excluding Latex) in Republic of Korea

In value terms, synthetic rubber (excluding latex) production reached $X in 2021 estimated in export price. Overall, production, however, showed a pronounced decline. The most prominent rate of growth was recorded in 2017 with an increase of 23% against the previous year. Synthetic rubber (excluding latex) production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Synthetic Rubber (Excluding Latex)

Exports from Republic of Korea

After three years of decline, shipments abroad of synthetic rubber (excluding latex) increased by 10% to X tons in 2021. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, synthetic rubber (excluding latex) exports surged to $X in 2021. Over the period under review, exports, however, recorded a pronounced curtailment. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), Indonesia (X tons) and India (X tons) were the main destinations of synthetic rubber (excluding latex) exports from South Korea, with a combined 43% share of total exports. Thailand, the United States, Vietnam, Japan, Turkey, Canada, Germany, Taiwan (Chinese), Italy and Poland lagged somewhat behind, together comprising a further 42%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +13.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Indonesia ($X) and India ($X) appeared to be the largest markets for synthetic rubber (excluding latex) exported from South Korea worldwide, together accounting for 43% of total exports. These countries were followed by Thailand, the United States, Vietnam, Japan, Turkey, Germany, Canada, Italy, Taiwan (Chinese) and Poland, which together accounted for a further 41%.

Among the main countries of destination, Italy, with a CAGR of +10.6%, 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

In 2021, the average synthetic rubber (excluding latex) export price amounted to $X per ton, picking up by 51% against the previous year. Over the period under review, the export price, however, recorded a pronounced descent. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Germany ($X per ton) and Italy ($X per ton), while the average price for exports to Thailand ($X per ton) and Canada ($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 Italy (-2.8%), while the prices for the other major destinations experienced a decline.

Imports of Synthetic Rubber (Excluding Latex)

Imports into Republic of Korea

In 2021, purchases abroad of synthetic rubber (excluding latex) was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic rubber (excluding latex) imports soared to $X in 2021. Overall, imports, however, recorded a perceptible descent. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), the United States (X tons) and the Czech Republic (X tons) were the main suppliers of synthetic rubber (excluding latex) imports to South Korea, together comprising 48% of total imports.

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

In value terms, the largest synthetic rubber (excluding latex) suppliers to South Korea were the United States ($X), Japan ($X) and China ($X), with a combined 53% share of total imports. These countries were followed by Singapore, Germany, the Czech Republic, Russia, Belgium, France and Canada, which together accounted for a further 38%.

The Czech Republic, with a CAGR of +702.3%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average synthetic rubber (excluding latex) import price stood at $X per ton in 2021, growing by 12% against the previous year. Over the period under review, the import price, however, continues to indicate a deep contraction. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (-0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform