Republic of Korea: Market for Unsaturated Polyesters In Primary Forms 2024

Market Size for Unsaturated Polyesters In Primary Forms in Republic of Korea

In 2021, the South Korean market for unsaturated polyesters in primary forms was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, the total consumption indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Unsaturated Polyesters In Primary Forms in Republic of Korea

In value terms, unsaturated polyesters in primary forms production stood at $X in 2021 estimated in export price. In general, the total production indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -18.7% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 40% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Exports of Unsaturated Polyesters In Primary Forms

Exports from Republic of Korea

In 2021, shipments abroad of unsaturated polyesters in primary forms decreased by -25.9% to X tons, falling for the second consecutive year after three years of growth. Overall, total exports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -30.3% against 2019 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 50%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, unsaturated polyesters in primary forms exports shrank sharply to $X in 2021. In general, total exports indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -26.5% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 61%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for unsaturated polyesters in primary forms exports from South Korea, with a 36% share of total exports. Moreover, unsaturated polyesters in primary forms exports to Vietnam exceeded the volume sent to the second major destination, Poland (X tons), sevenfold. The third position in this ranking was held by the United States (X tons), with a 3.9% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam amounted to +15.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+7.8% per year) and the United States (+3.3% per year).

In value terms, Vietnam ($X) remains the key foreign market for unsaturated polyesters in primary forms exports from South Korea, comprising 26% of total exports. The second position in the ranking was held by Indonesia ($X), with a 4.3% share of total exports. It was followed by the United States, with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam stood at +14.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+8.2% per year) and the United States (+5.7% per year).

Export Prices by Country

The average export price for unsaturated polyesters in primary forms stood at $X per ton in 2021, growing by 7.7% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 7.7%. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Hungary ($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 Japan (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Unsaturated Polyesters In Primary Forms

Imports into Republic of Korea

In 2021, imports of unsaturated polyesters in primary forms into South Korea soared to X tons, growing by 20% against the previous year. In general, total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +108.3% against 2014 indices. The growth pace was the most rapid in 2020 when imports increased by 25% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, unsaturated polyesters in primary forms imports surged to $X in 2021. Overall, total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.3% 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 +97.1% against 2015 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 20% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of unsaturated polyesters in primary forms to South Korea, with a 57% share of total imports. Moreover, unsaturated polyesters in primary forms imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was held by Italy (X tons), with a 4.5% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +36.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.1% per year) and Italy (-4.8% per year).

In value terms, Japan ($X), China ($X) and Germany ($X) constituted the largest unsaturated polyesters in primary forms suppliers to South Korea, with a combined 74% share of total imports.

In terms of the main suppliers, China, with a CAGR of +33.3%, recorded the highest rates of growth with regard to 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 import price for unsaturated polyesters in primary forms amounted to $X per ton, declining by -3.1% against the previous year. Overall, the import price saw a slight setback. The most prominent rate of growth was recorded in 2018 when the average import price increased by 18%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Taiwan (Chinese) ($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 United States (+11.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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