Republic of Korea: Unsaturated Acyclic Hydrocarbons Market 2024

Unsaturated Acyclic Hydrocarbons Market Size in Republic of Korea

After two years of growth, the South Korean unsaturated acyclic hydrocarbons market decreased by -6.9% to $X in 2021. Overall, the total consumption indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +62.6% against 2018 indices. As a result, consumption attained the peak level of $X, and then contracted in the following year.

Unsaturated Acyclic Hydrocarbons Exports

Exports from Republic of Korea

In 2021, overseas shipments of unsaturated acyclic hydrocarbons decreased by -0.5% to X tons, falling for the third year in a row after two years of growth. In general, exports recorded a significant decrease. The most prominent rate of growth was recorded in 2018 with an increase of 826% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, unsaturated acyclic hydrocarbons exports soared to $X in 2021. Over the period under review, exports faced a deep downturn. The pace of growth was the most pronounced in 2018 with an increase of 734%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia (X tons) was the main destination for unsaturated acyclic hydrocarbons exports from South Korea, with a 45% share of total exports. Moreover, unsaturated acyclic hydrocarbons exports to Saudi Arabia exceeded the volume sent to the second major destination, Malaysia (X tons), fivefold. India (X tons) ranked third in terms of total exports with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Saudi Arabia stood at -22.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-40.3% per year) and India (-28.9% per year).

In value terms, Saudi Arabia ($X) remains the key foreign market for unsaturated acyclic hydrocarbons exports from South Korea, comprising 39% of total exports. The second position in the ranking was taken by Singapore ($X), with a 12% share of total exports. It was followed by India, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Saudi Arabia amounted to -11.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+60.9% per year) and India (-20.8% per year).

Export Prices by Country

In 2021, the average unsaturated acyclic hydrocarbons export price amounted to $X per ton, increasing by 23% against the previous year. Overall, the export price recorded a strong expansion. The pace of growth was the most pronounced in 2019 when the average export price increased by 160% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Malaysia ($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 Singapore (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Unsaturated Acyclic Hydrocarbons Imports

Imports into Republic of Korea

In 2021, the amount of unsaturated acyclic hydrocarbons imported into South Korea fell to X tons, declining by -5.6% on 2020. Over the period under review, total imports indicated a notable increase from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +47.1% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 56%. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, unsaturated acyclic hydrocarbons imports reduced to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by 67% against the previous year. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of unsaturated acyclic hydrocarbons to South Korea, with a 41% share of total imports. Moreover, unsaturated acyclic hydrocarbons imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X tons), twofold. Belgium (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at -1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+8.2% per year) and Belgium (+1.8% per year).

In value terms, the United States ($X) constituted the largest supplier of unsaturated acyclic hydrocarbons to South Korea, comprising 41% of total imports. The second position in the ranking was held by Canada ($X), with an 18% share of total imports. It was followed by Belgium, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled -3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+6.3% per year) and Belgium (-1.6% per year).

Import Prices by Country

In 2021, the average unsaturated acyclic hydrocarbons import price amounted to $X per ton, which is down by -1.9% against the previous year. In general, the import price recorded a pronounced contraction. The pace of growth appeared the most rapid in 2020 when the average import price increased by 7.3%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :