Republic of Korea - Silicones (In Primary Forms) - Market Analysis, Forecast, Size, Trends and Insights
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View PricingSilicone Price in South Korea - 2022
Contents:
- Silicone Price in South Korea (CIF) - 2022
- Silicone Price in South Korea (FOB) - 2022
- Silicone Imports in South Korea
- Silicone Exports in South Korea
Silicone Price in South Korea (CIF) - 2022
The average silicone import price stood at $5,054 per ton in December 2022, falling by -12.8% against the previous month. Over the period under review, the import price continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in November 2022 when the average import price increased by 22% against the previous month. Over the period under review, average import prices hit record highs at $6,623 per ton in December 2021; however, from January 2022 to December 2022, import prices failed to regain momentum.
Prices varied noticeably by the country of origin: the country with the highest price was the United States ($17,858 per ton), while the price for the UK ($2,855 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 Thailand (+4.4%), while the prices for the other major suppliers experienced mixed trend patterns.
Silicone Price in South Korea (FOB) - 2022
In December 2022, the average silicone export price amounted to $7,657 per ton, falling by -1.5% against the previous month. Overall, the export price recorded a mild decline. The pace of growth appeared the most rapid in May 2022 when the average export price increased by 8.6% month-to-month. Over the period under review, the average export prices hit record highs at $9,655 per ton in August 2022; however, from September 2022 to December 2022, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major external markets. In December 2022, the country with the highest price was Italy ($32,811 per ton), while the average price for exports to Hong Kong SAR ($3,397 per ton) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+13.5%), while the prices for the other major destinations experienced more modest paces of growth.
Silicone Imports in South Korea
After three years of growth, supplies from abroad of silicones (in primary forms) decreased by -11.3% to 111K tons in 2022. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 10%. As a result, imports attained the peak of 125K tons, and then fell in the following year.
In value terms, silicone imports reached $619M in 2022. The total import value increased at an average annual rate of +7.0% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 42%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.
| Import of Silicone in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 101 | 123 | 307 | 270 | 38.8% |
| Japan | 107 | 88.1 | 112 | 65.3 | -15.2% |
| United States | 123 | 91.7 | 84.9 | 62.4 | -20.2% |
| Germany | 61.4 | 69.8 | 53.8 | 55.5 | -3.3% |
| Thailand | 27.2 | 19.6 | 31.4 | 28.4 | 1.4% |
| United Kingdom | 70.1 | 25.7 | 8.3 | 22.9 | -31.1% |
| Others | 16.3 | 15.6 | 19.5 | 115 | 91.8% |
| Total | 506 | 433 | 617 | 619 | 6.9% |
Top Suppliers of Silicone to South Korea in 2022:
- China (75.0K tons)
- Thailand (12.1K tons)
- Germany (12.0K tons)
- United Kingdom (5.7K tons)
- United States (5.6K tons)
- Japan (5.5K tons)
Silicone Exports in South Korea
In 2022, exports of silicones (in primary forms) from South Korea fell modestly to 46K tons, stabilizing at 2021 figures. The total export volume increased at an average annual rate of +3.7% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 28%. As a result, the exports attained the peak of 46K tons, leveling off in the following year.
In value terms, silicone exports expanded remarkably to $389M in 2022. Over the period under review, total exports indicated a prominent expansion from 2019 to 2022: its value increased at an average annual rate of +11.3% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +50.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 33% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.
| Export of Silicone in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 70.4 | 70.8 | 97.7 | 63.1 | -3.6% |
| Vietnam | 57.2 | 57.9 | 67.0 | 62.4 | 2.9% |
| Japan | 20.5 | 15.7 | 22.3 | 18.7 | -3.0% |
| United States | 8.8 | 9.8 | 16.6 | 17.5 | 25.8% |
| Taiwan (Chinese) | 12.1 | 11.6 | 16.9 | 15.7 | 9.1% |
| Thailand | 12.0 | 11.8 | 12.1 | 11.3 | -2.0% |
| Germany | 6.7 | 4.7 | 8.3 | 11.1 | 18.3% |
| India | 11.4 | 8.6 | 11.8 | 11.0 | -1.2% |
| Italy | 5.9 | 4.9 | 8.9 | 10.5 | 21.2% |
| Hong Kong SAR | 21.1 | 19.4 | 18.5 | 9.1 | -24.4% |
| Philippines | 2.9 | 1.5 | 4.9 | 9.0 | 45.9% |
| Indonesia | 8.1 | 7.0 | 9.7 | 9.0 | 3.6% |
| United Kingdom | 5.2 | 3.1 | 4.7 | 4.8 | -2.6% |
| Others | 39.5 | 31.9 | 45.4 | 136 | 51.0% |
| Total | 282 | 259 | 345 | 389 | 11.3% |
Top Export Markets for Silicone from South Korea in 2022:
- Vietnam (7.9K tons)
- China (6.5K tons)
- United States (3.7K tons)
- India (2.9K tons)
- Thailand (2.5K tons)
- Indonesia (1.9K tons)
- Taiwan (Chinese) (1.5K tons)
- Japan (1.5K tons)
- Germany (1.5K tons)
- Hong Kong SAR (1.2K tons)
- Italy (1.1K tons)
- Philippines (1.1K tons)
- United Kingdom (0.9K tons)
This report provides an in-depth analysis of the silicone market 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 20165700 - Silicones, in primary forms
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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- 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
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- 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- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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