Republic of Korea: Denatured Ethyl Alcohol Market 2023

Denatured Ethyl Alcohol Market Size in Republic of Korea

In 2021, the South Korean denatured ethyl alcohol market increased by 24% to $X, rising for the fifth year in a row after three years of decline. Over the period under review, consumption showed a resilient increase. Denatured ethyl alcohol consumption peaked in 2021 and is likely to see steady growth in the near future.

Denatured Ethyl Alcohol Exports

Exports from Republic of Korea

In 2021, exports of denatured ethyl alcohol and other denatured spirits from South Korea contracted dramatically to X tons, shrinking by -16.5% compared with the previous year. Over the period under review, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2018 when exports increased by 1,043% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020, and then reduced dramatically in the following year.

In value terms, denatured ethyl alcohol exports fell markedly to $X in 2021. Overall, exports, however, showed significant growth. The growth pace was the most rapid in 2018 when exports increased by 766%. The exports peaked at $X in 2020, and then contracted dramatically in the following year.

Exports by Country

Vietnam (X tons) was the main destination for denatured ethyl alcohol exports from South Korea, accounting for a 90% share of total exports. Moreover, denatured ethyl alcohol exports to Vietnam exceeded the volume sent to the second major destination, Turkey (X tons), more than tenfold. The third position in this ranking was taken by the Philippines (X tons), with a 1.3% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam stood at +221.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (-15.3% per year) and the Philippines (-8.4% per year).

In value terms, Vietnam ($X) remains the key foreign market for denatured ethyl alcohol and other denatured spirits exports from South Korea, comprising 87% of total exports. The second position in the ranking was taken by Turkey ($X), with a 6% share of total exports. It was followed by the Philippines, with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam amounted to +210.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (-9.3% per year) and the Philippines (-8.2% per year).

Export Prices by Country

The average denatured ethyl alcohol export price stood at $X per ton in 2021, leveling off at the previous year. In general, the export price, however, saw a pronounced curtailment. The most prominent rate of growth was recorded in 2016 when the average export price increased by 29% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Thailand ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.

Denatured Ethyl Alcohol Imports

Imports into Republic of Korea

For the fifth year in a row, South Korea recorded growth in overseas purchases of denatured ethyl alcohol and other denatured spirits, which increased by 29% to X tons in 2021. Over the period under review, imports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 40%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, denatured ethyl alcohol imports soared to $X in 2021. Overall, imports posted prominent growth. The most prominent rate of growth was recorded in 2020 when imports increased by 45% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) was the main denatured ethyl alcohol supplier to South Korea, accounting for a 90% share of total imports. Moreover, denatured ethyl alcohol imports from the United States exceeded the figures recorded by the second-largest supplier, South Africa (X tons), more than tenfold. China (X tons) ranked third in terms of total imports with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to +37.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+19.6% per year) and China (+114.1% per year).

In value terms, the United States ($X) constituted the largest supplier of denatured ethyl alcohol and other denatured spirits to South Korea, comprising 90% of total imports. The second position in the ranking was taken by South Africa ($X), with a 4.1% share of total imports. It was followed by China, with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at +30.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+13.4% per year) and China (+104.7% per year).

Import Prices by Country

The average denatured ethyl alcohol import price stood at $X per ton in 2021, with a decrease of -8% against the previous year. Overall, the import price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 3.6% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Vietnam ($X per ton), while the price for Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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