Republic of Korea: Butanol Market 2024

Butanol Market Size in Republic of Korea

After four years of growth, the South Korean butanol market decreased by X% to $X in 2022. Over the period under review, the total consumption indicated a strong increase 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. Over the period under review, the market attained the peak level at $X in 2021, and then shrank sharply in the following year.

Butanol Production in Republic of Korea

In value terms, butanol production surged to $X in 2022 estimated in export price. Over the period under review, production, however, saw a precipitous setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by X% against the previous year. Butanol production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

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Butanol Exports

Exports from Republic of Korea

In 2022, overseas shipments of butanol increased by X% to X tons, rising for the third consecutive year after three years of decline. Overall, exports, however, saw a abrupt setback. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, butanol exports surged to $X in 2022. In general, exports, however, faced a abrupt shrinkage. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for butanol exports from South Korea, with a X% share of total exports. Moreover, butanol exports to China exceeded the volume sent to the second major destination, Japan (X tons), eightfold.

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

In value terms, China ($X) emerged as the key foreign market for butanol exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with a X% share of total exports.

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

Export Prices by Country

In 2022, the average butanol export price amounted to $X per ton, falling by X% against the previous year. In general, the export price saw a pronounced contraction. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then declined notably in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to China ($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 Japan (X%), while the prices for the other major destinations experienced a decline.

Butanol Imports

Imports into Republic of Korea

In 2022, purchases abroad of butanol decreased by X% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its volume 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, imports decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of X%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, butanol imports reduced notably to $X in 2022. Overall, total imports indicated a perceptible increase 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, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then dropped notably in the following year.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of butanol to South Korea, with a X% share of total imports. Moreover, butanol imports from Malaysia exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), twofold. Japan (X tons) ranked third in terms of total imports with an X% share.

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

In value terms, the largest butanol suppliers to South Korea were Malaysia ($X), Saudi Arabia ($X) and Taiwan (Chinese) ($X), with a combined X% share of total imports. Japan, China, South Africa, the United States and Germany lagged somewhat behind, together accounting for a further X%.

China, with a CAGR of X%, recorded the highest growth rate of the value of imports, among 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 2022, the average butanol import price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price, however, recorded a pronounced setback. The growth pace was the most rapid in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, 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 Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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