Republic of Korea: Cyclic Hydrocarbons Market 2024

Cyclic Hydrocarbons Market Size in Republic of Korea

In 2022, the South Korean cyclic hydrocarbons market increased by X% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, saw a slight decrease. Cyclic hydrocarbons consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Cyclic Hydrocarbons Production in Republic of Korea

In value terms, cyclic hydrocarbons production declined to $X in 2022 estimated in export price. In general, production, however, saw a pronounced downturn. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Cyclic Hydrocarbons Exports

Exports from Republic of Korea

In 2022, approx. X tons of cyclic hydrocarbons were exported from South Korea; with a decrease of X% compared with the year before. Over the period under review, total exports indicated a measured expansion 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, exports decreased by X% against 2017 indices. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, cyclic hydrocarbons exports expanded remarkably to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for cyclic hydrocarbons exports from South Korea, with a X% share of total exports. Moreover, cyclic hydrocarbons exports to China exceeded the volume sent to the second major destination, the United States (X tons), sixfold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, China ($X) remains the key foreign market for cyclic hydrocarbons exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Taiwan (Chinese), with a X% share.

From 2012 to 2022, the average annual growth rate of value to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Taiwan (Chinese) (X% per year).

Export Prices by Country

The average cyclic hydrocarbons export price stood at $X per ton in 2022, surging by X% against the previous year. In general, the export price, however, showed a noticeable setback. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Hong Kong SAR ($X per ton) and the United States ($X per ton), while the average price for exports to China ($X per ton) and India ($X per ton) were 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.

Cyclic Hydrocarbons Imports

Imports into Republic of Korea

In 2022, after four years of decline, there was growth in purchases abroad of cyclic hydrocarbons, when their volume increased by X% to X tons. In general, imports, however, saw a noticeable decrease. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, cyclic hydrocarbons imports soared to $X in 2022. Overall, imports, however, continue to indicate a deep setback. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Japan (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of cyclic hydrocarbons imports to South Korea, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Japan ($X), China ($X) and Taiwan (Chinese) ($X) appeared to be the largest cyclic hydrocarbons suppliers to South Korea, with a combined X% share of total imports.

Among the main suppliers, Taiwan (Chinese), with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average cyclic hydrocarbons import price stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the import price, however, continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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