Republic of Korea: Market for Wood Chips, Parts, Residues, Pellets And Other Agglomerates 2025

Market Size for Wood Chips, Parts, Residues, Pellets And Other Agglomerates in Republic of Korea

The South Korean market for wood chips, parts, residues, pellets and other agglomerates skyrocketed to $X in 2021, jumping by 33% against the previous year. In general, consumption recorded strong growth. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Wood Chips, Parts, Residues, Pellets And Other Agglomerates in Republic of Korea

In value terms, production of wood chips, parts, residues, pellets and other agglomerates contracted to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 214%. Over the period under review, production of hit record highs at $X in 2020, and then dropped in the following year.

Exports of Wood Chips, Parts, Residues, Pellets And Other Agglomerates

Exports from Republic of Korea

In 2021, overseas shipments of wood chips, parts, residues, pellets and other agglomerates decreased by -61.3% to X cubic meters, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, recorded a buoyant increase. The growth pace was the most rapid in 2018 when exports increased by 779%. Over the period under review, the exports of hit record highs at X cubic meters in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of wood chips, parts, residues, pellets and other agglomerates plummeted to $X in 2021. Overall, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 375% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam (X cubic meters) was the main destination for exports of wood chips, parts, residues, pellets and other agglomerates from South Korea, accounting for a 70% share of total exports. Moreover, exports of wood chips, parts, residues, pellets and other agglomerates to Vietnam exceeded the volume sent to the second major destination, Denmark (X cubic meters), tenfold. The third position in this ranking was taken by Belgium (X cubic meters), with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam stood at +39.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (-3.3% per year) and Belgium (-8.6% per year).

In value terms, Vietnam ($X), Belgium ($X) and Denmark ($X) appeared to be the largest markets for wood chips, parts, residues, pellets and other agglomerates exported from South Korea worldwide, together accounting for 87% of total exports.

Vietnam, with a CAGR of +24.5%, saw 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 a decline.

Export Prices by Country

The average export price for wood chips, parts, residues, pellets and other agglomerates stood at $X per cubic meter in 2021, rising by 21% against the previous year. Overall, the export price, however, saw a deep slump. The most prominent rate of growth was recorded in 2016 an increase of 53%. Over the period under review, the average export prices hit record highs at $X per cubic meter in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Belgium ($X per cubic meter), while the average price for exports to Malaysia ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (-0.6%), while the prices for the other major destinations experienced a decline.

Imports of Wood Chips, Parts, Residues, Pellets And Other Agglomerates

Imports into Republic of Korea

Imports of wood chips, parts, residues, pellets and other agglomerates into South Korea skyrocketed to X cubic meters in 2021, picking up by 38% compared with the year before. Over the period under review, imports posted a buoyant expansion. The pace of growth was the most pronounced in 2014 with an increase of 74%. Over the period under review, imports of attained the peak figure at X cubic meters in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, imports of wood chips, parts, residues, pellets and other agglomerates surged to $X in 2021. In general, imports enjoyed resilient growth. The growth pace was the most rapid in 2014 with an increase of 115% against the previous year. Over the period under review, imports of reached the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Vietnam (X cubic meters) constituted the largest wood chips, parts, residues, pellets and other agglomerates supplier to South Korea, accounting for a 50% share of total imports. Moreover, imports of wood chips, parts, residues, pellets and other agglomerates from Vietnam exceeded the figures recorded by the second-largest supplier, Malaysia (X cubic meters), ninefold. The third position in this ranking was taken by Indonesia (X cubic meters), with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Vietnam stood at +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+18.5% per year) and Indonesia (+17.3% per year).

In value terms, Vietnam ($X) constituted the largest supplier of wood chips, parts, residues, pellets and other agglomerates to South Korea, comprising 38% of total imports. The second position in the ranking was taken by Canada ($X), with a 6.8% share of total imports. It was followed by Malaysia, with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value from Vietnam amounted to +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+50.4% per year) and Malaysia (+8.6% per year).

Import Prices by Country

The average import price for wood chips, parts, residues, pellets and other agglomerates stood at $X per cubic meter in 2021, therefore, remained relatively stable against the previous year. Over the last nine years, it increased at an average annual rate of +2.3%. The pace of growth was the most pronounced in 2018 when the average import price increased by 27%. The import price peaked at $X per cubic meter in 2014; however, from 2015 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 Canada ($X per cubic meter), while the price for Chile (less than $X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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