Republic of Korea: Synthetic Rubber Market 2024

Synthetic Rubber Market Size in Republic of Korea

The South Korean synthetic rubber market soared to $X in 2021, increasing by 3,839% against the previous year. In general, consumption, however, recorded a abrupt decline. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Synthetic Rubber Production in Republic of Korea

In value terms, synthetic rubber production rose markedly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a noticeable setback. The most prominent rate of growth was recorded in 2017 with an increase of 25% against the previous year. Synthetic rubber production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Synthetic Rubber Exports

Exports from Republic of Korea

In 2021, overseas shipments of synthetic rubber decreased by -14.7% to X tons for the first time since 2011, thus ending a nine-year rising trend. The total export volume increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 11%. The exports peaked at X tons in 2020, and then contracted in the following year.

In value terms, synthetic rubber exports totaled $X in 2021. Over the period under review, exports saw a perceptible downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 39% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons), China (X tons) and Indonesia (X tons) were the main destinations of synthetic rubber exports from South Korea, together comprising 55% of total exports. These countries were followed by India, Thailand, Vietnam, the United States, Japan, Turkey, Germany, Canada and Taiwan (Chinese), which together accounted for a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +11.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for synthetic rubber exported from South Korea were Malaysia ($X), China ($X) and Indonesia ($X), with a combined 79% share of total exports.

Malaysia, with a CAGR of +11.9%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average synthetic rubber export price amounted to $X per ton, increasing by 17% against the previous year. Over the period under review, the export price, however, showed a abrupt curtailment. The pace of growth appeared the most rapid in 2017 an increase of 25%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Thailand ($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 Malaysia (+3.6%), while the prices for the other major destinations experienced a decline.

Synthetic Rubber Imports

Imports into Republic of Korea

For the fourth consecutive year, South Korea recorded decline in purchases abroad of synthetic rubber, which decreased by -12.1% to X tons in 2021. Overall, imports saw a mild decrease. The growth pace was the most rapid in 2013 when imports increased by 17%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, synthetic rubber imports contracted to $X in 2021. In general, imports recorded a drastic downturn. The pace of growth appeared the most rapid in 2017 when imports increased by 13%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Japan (X tons) and the Czech Republic (X tons) were the main suppliers of synthetic rubber imports to South Korea, together comprising 40% of total imports.

From 2012 to 2021, the biggest increases were recorded for the Czech Republic (with a CAGR of +38.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic rubber suppliers to South Korea were Japan ($X), China ($X) and the United States ($X), together accounting for 45% of total imports. These countries were followed by Singapore, France, the Czech Republic, Germany, Russia, Taiwan (Chinese), Belgium, Thailand and Canada, which together accounted for a further 50%.

The Czech Republic, with a CAGR of +39.5%, 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

In 2021, the average synthetic rubber import price amounted to $X per ton, rising by 12% against the previous year. In general, the import price, however, recorded a deep slump. The import price peaked at $X per ton in 2012; however, from 2013 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 ($X per ton), while the price for Russia ($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 Czech Republic (+0.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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