Republic of Korea: Amino-Resin Market 2024

Amino-Resin Market Size in Republic of Korea

For the third consecutive year, the South Korean amino-resin market recorded decline in sales value, which decreased by X% to $X in 2022. Over the period under review, consumption, however, showed slight growth. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Amino-Resin Production in Republic of Korea

In value terms, amino-resin production fell slightly to $X in 2022 estimated in export price. In general, production continues to indicate a slight contraction. The most prominent rate of growth was recorded in 2017 with an increase of X%. Amino-resin production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

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Amino-Resin Exports

Exports from Republic of Korea

In 2022, after two years of growth, there was decline in shipments abroad of amino-resins, phenolic resins and polyurethanes (in primary forms), when their volume decreased by X% to X tons. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of X%. The exports peaked at X tons in 2021, and then fell in the following year.

In value terms, amino-resin exports reduced to $X in 2022. Over the period under review, total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

China (X tons), India (X tons) and Vietnam (X tons) were the main destinations of amino-resin exports from South Korea, together accounting for X% of total exports. The United States, Turkey, Thailand, Indonesia, Japan, France, Mexico, Malaysia, the United Arab Emirates and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for amino-resins, phenolic resins and polyurethanes (in primary forms) exports from South Korea, comprising X% of total exports. The second position in the ranking was held by India ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Vietnam (X% per year).

Export Prices by Country

The average amino-resin export price stood at $X per ton in 2022, reducing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2017 when the average export price increased by X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (X%), while the prices for the other major destinations experienced more modest paces of growth.

Amino-Resin Imports

Imports into Republic of Korea

In 2022, the amount of amino-resins, phenolic resins and polyurethanes (in primary forms) imported into South Korea fell to X tons, waning by X% against the previous year. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when imports increased by X%. Imports peaked at X tons in 2021, and then shrank modestly in the following year.

In value terms, amino-resin imports dropped slightly to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, 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 X% against the previous year. As a result, imports reached the peak of $X, and then declined modestly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of amino-resin to South Korea, with a X% share of total imports. Moreover, amino-resin imports from China exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), sixfold. The third position in this ranking was held by Portugal (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (X% per year) and Portugal (X% per year).

In value terms, China ($X) constituted the largest supplier of amino-resins, phenolic resins and polyurethanes (in primary forms) to South Korea, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by Germany, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Germany (X% per year).

Import Prices by Country

In 2022, the average amino-resin import price amounted to $X per ton, remaining constant against the previous year. Over the period under review, the import price, however, showed a mild contraction. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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