$Republic of Korea - Synthetic Rubber (Excluding Latex) - Market Analysis, Forecast, Size, Trends And Insights$

Report Update: May 1, 2024

Republic of Korea - Synthetic Rubber (Excluding Latex) - Market Analysis, Forecast, Size, Trends And Insights

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Price for Synthetic Rubber (Excluding Latex) in South Korea - 2022

Price for Synthetic Rubber (Excluding Latex) in South Korea (FOB) - 2022

In December 2022, the average synthetic rubber (excluding latex) export price amounted to $1,876 per ton, reducing by -4.3% against the previous month. In general, the export price recorded a mild setback. The most prominent rate of growth was recorded in March 2022 when the average export price increased by 5.4% m-o-m. Over the period under review, the average export prices attained the peak figure at $2,530 per ton in July 2022; however, from August 2022 to December 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In December 2022, the countries with the highest prices were Germany ($2,252 per ton) and Poland ($2,234 per ton), while the average price for exports to Vietnam ($1,672 per ton) and Taiwan (Chinese) ($1,686 per ton) were amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+0.1%), while the prices for the other major destinations experienced a decline.

Price for Synthetic Rubber (Excluding Latex) in South Korea (CIF) - 2022

The average synthetic rubber (excluding latex) import price stood at $3,258 per ton in December 2022, approximately mirroring the previous month. Over the last twelve months, it increased at an average monthly rate of +1.5%. The most prominent rate of growth was recorded in June 2022 when the average import price increased by 12% m-o-m. The import price peaked at $3,267 per ton in August 2022; afterwards, it flattened through to December 2022.

There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was the United States ($5,100 per ton), while the price for Russia ($1,841 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Synthetic Rubber (Excluding Latex) in South Korea

In 2022, the amount of synthetic rubber (excluding latex) exported from South Korea reduced rapidly to 821K tons, shrinking by -35.2% on 2021. Overall, exports saw a abrupt contraction. The pace of growth was the most pronounced in 2021 when exports increased by 10%. As a result, the exports reached the peak of 1.3M tons, and then reduced rapidly in the following year.

In value terms, synthetic rubber (excluding latex) exports contracted dramatically to $2.2B in 2022. In general, total exports indicated a pronounced expansion from 2019 to 2022: its value increased at an average annual rate of +3.2% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +41.1% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 67%. As a result, the exports attained the peak of $2.6B, and then declined rapidly in the following year.

Export of Synthetic Rubber (Excluding Latex) in South Korea (Million USD)
COUNTRY	2019	2020	2021	CAGR, 2019-2021
China	442	383	546	11.1%
Indonesia	216	165	293	16.5%
India	179	146	267	22.1%
Thailand	164	135	214	14.2%
United States	161	106	203	12.3%
Vietnam	157	125	179	6.8%
Japan	82.3	57.6	93.7	6.7%
Turkey	64.5	55.7	80.3	11.6%
Germany	59.7	41.5	71.2	9.2%
Canada	61.8	40.9	66.8	4.0%
Italy	35.8	31.7	60.7	30.2%
Taiwan (Chinese)	46.0	36.5	58.8	13.1%
Poland	25.9	23.4	43.5	29.6%
Others	299	209	415	17.8%
Total	1,994	1,556	2,592	14.0%

Top Export Markets for Synthetic Rubber (Excluding Latex) from South Korea in 2022:

China (260.9K tons)
Indonesia (152.8K tons)
India (127.8K tons)
Thailand (118.0K tons)
United States (94.1K tons)
Vietnam (89.1K tons)
Japan (46.8K tons)
Turkey (38.1K tons)
Canada (36.5K tons)
Germany (29.9K tons)
Taiwan (Chinese) (29.3K tons)
Italy (26.1K tons)
Poland (20.5K tons)

Imports of Synthetic Rubber (Excluding Latex) in South Korea

In 2022, the amount of synthetic rubber (excluding latex) imported into South Korea declined rapidly to 136K tons, with a decrease of -19.6% compared with the year before. In general, imports recorded a noticeable decrease. The most prominent rate of growth was recorded in 2021 with an increase of 20% against the previous year. As a result, imports reached the peak of 169K tons, and then fell markedly in the following year.

In value terms, synthetic rubber (excluding latex) imports fell to $419M in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 34%. As a result, imports attained the peak of $447M, and then shrank in the following year.

Import of Synthetic Rubber (Excluding Latex) in South Korea (Million USD)
COUNTRY	2019	2020	2021	CAGR, 2019-2021
United States	103	70.7	81.9	-10.8%
Japan	99.8	77.5	80.3	-10.3%
China	22.7	30.9	75.3	82.1%
Singapore	52.6	38.5	48.3	-4.2%
Germany	43.2	40.6	45.2	2.3%
Czech Republic	11.9	20.2	40.0	83.3%
Russia	22.7	17.6	20.7	-4.5%
Others	55.3	38.3	55.0	-0.3%
Total	412	334	447	4.2%

Top Suppliers of Synthetic Rubber (Excluding Latex) to South Korea in 2022:

China (32.0K tons)
United States (26.8K tons)
Czech Republic (22.7K tons)
Japan (19.8K tons)
Singapore (18.7K tons)
Germany (14.8K tons)
Russia (11.5K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for synthetic rubber (excluding latex) in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20171090 - Synthetic rubber (excluding latex)

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023