Republic of Korea: Triethanolamine Market 2024

Triethanolamine Market Size in Republic of Korea

After two years of decline, the South Korean triethanolamine market increased by 10% to $X in 2021. Over the period under review, consumption, however, saw a slight setback. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Triethanolamine Production in Republic of Korea

In value terms, triethanolamine production expanded sharply to $X in 2021 estimated in export price. Overall, production, however, saw a mild descent. The most prominent rate of growth was recorded in 2018 with an increase of 28% against the previous year. Triethanolamine production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Triethanolamine Exports

Exports from Republic of Korea

In 2021, shipments abroad of triethanolamine and its salts increased by 73% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2013 with an increase of 99%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, triethanolamine exports stood at $X in 2021. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 118%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons), India (X tons) and Colombia (X tons) were the main destinations of triethanolamine exports from South Korea, with a combined 85% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +165.9%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Thailand ($X) were the largest markets for triethanolamine exported from South Korea worldwide, together comprising 60% of total exports.

India, with a CAGR of +74.4%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

The average triethanolamine export price stood at $X per ton in 2021, shrinking by -42.2% against the previous year. In general, the export price faced a drastic downturn. The growth pace was the most rapid in 2018 when the average export price increased by 38%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Malaysia ($X per ton), while the average price for exports to China ($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 (+3.2%), while the prices for the other major destinations experienced a decline.

Triethanolamine Imports

Imports into Republic of Korea

In 2021, the amount of triethanolamine and its salts imported into South Korea was estimated at X tons, therefore, remained relatively stable against 2020 figures. Over the period under review, imports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 233%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, triethanolamine imports totaled $X in 2021. Overall, imports recorded a noticeable increase. The most prominent rate of growth was recorded in 2018 when imports increased by 251%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Malaysia (X tons), the United States (X tons) and Thailand (X tons) were the main suppliers of triethanolamine imports to South Korea, with a combined 78% share of total imports. These countries were followed by Mexico and Japan, which together accounted for a further 19%.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +26.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest triethanolamine suppliers to South Korea were the United States ($X), Malaysia ($X) and Thailand ($X), together accounting for 70% of total imports. Japan and Mexico lagged somewhat behind, together comprising a further 23%.

Among the main suppliers, Mexico, with a CAGR of +18.2%, saw the highest growth rate of the value of imports, 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 triethanolamine import price amounted to $X per ton, standing approx. at the previous year. Over the period under review, the import price, however, saw a deep contraction. The most prominent rate of growth was recorded in 2017 an increase of 8.1% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform

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