Republic of Korea: Unvulcanised Rubber Market 2024

Unvulcanised Rubber Market Size in Republic of Korea

After two years of decline, the South Korean unvulcanised rubber market increased by 11% to $X in 2021. Overall, consumption, however, continues to indicate a drastic downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Unvulcanised Rubber Production in Republic of Korea

In value terms, unvulcanised rubber production expanded rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2014 with an increase of 26%. Unvulcanised rubber production peaked at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Unvulcanised Rubber Exports

Exports from Republic of Korea

In 2021, overseas shipments of unvulcanised rubber decreased by -3.9% to X tons, falling for the third year in a row after five years of growth. Over the period under review, exports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 33% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, unvulcanised rubber exports skyrocketed to $X in 2021. Overall, total exports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 61%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Vietnam (X tons), China (X tons) and India (X tons) were the main destinations of unvulcanised rubber exports from South Korea, together comprising 61% of total exports. Russia, Mexico, Japan, Poland, Singapore, the United States and the Philippines lagged somewhat behind, together comprising a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +44.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for unvulcanised rubber exported from South Korea were China ($X), Vietnam ($X) and India ($X), with a combined 60% share of total exports. Russia, Mexico, Singapore, Japan, Poland, the United States and the Philippines lagged somewhat behind, together accounting for a further 31%.

Mexico, with a CAGR of +40.3%, saw the highest growth rate of 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

In 2021, the average unvulcanised rubber export price amounted to $X per ton, picking up by 25% against the previous year. In general, the export price, however, continues to indicate a slight descent. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Japan ($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 Poland (+1.1%), while the prices for the other major destinations experienced mixed trend patterns.

Unvulcanised Rubber Imports

Imports into Republic of Korea

In 2021, approx. X tons of unvulcanised rubber were imported into South Korea; waning by -13.1% on 2020 figures. Over the period under review, imports showed a mild setback. The most prominent rate of growth was recorded in 2017 when imports increased by 11% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, unvulcanised rubber imports contracted to $X in 2021. In general, imports continue to indicate a noticeable slump. The pace of growth appeared the most rapid in 2015 when imports increased by 17% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The UK (X tons), the United States (X tons) and Japan (X tons) were the main suppliers of unvulcanised rubber imports to South Korea, with a combined 84% share of total imports. These countries were followed by Malaysia, Taiwan (Chinese), China and Singapore, which together accounted for a further 11%.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +23.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), the United States ($X) and Japan ($X) appeared to be the largest unvulcanised rubber suppliers to South Korea, with a combined 80% share of total imports. These countries were followed by China, Malaysia, Taiwan (Chinese) and Singapore, which together accounted for a further 12%.

Taiwan (Chinese), with a CAGR of +30.4%, recorded the highest growth rate of the value of imports, in terms of 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 unvulcanised rubber import price amounted to $X per ton, with an increase of 9.2% against the previous year. Over the period under review, the import price, however, recorded a slight curtailment. The import price peaked at $X per ton in 2015; however, from 2016 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, amid the top importers, the country with the highest price was China ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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