Republic of Korea: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Republic of Korea

The South Korean market for oil and water paints and varnishes rose remarkably to $X in 2022, increasing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Consumption of peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Oil And Water Paints And Varnishes in Republic of Korea

In value terms, production of oil and water paints and varnishes rose significantly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a noticeable 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, production increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. Production of peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Oil And Water Paints And Varnishes

Exports from Republic of Korea

In 2022, shipments abroad of oil and water paints and varnishes decreased by X% to X tons, falling for the second consecutive year after two years of growth. Overall, exports, however, continue to indicate a temperate increase. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of oil and water paints and varnishes contracted rapidly to $X in 2022. In general, exports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2016 when exports increased by X%. Over the period under review, the exports of hit record highs at $X in 2021, and then dropped significantly in the following year.

Exports by Country

China (X tons) was the main destination for exports of oil and water paints and varnishes from South Korea, accounting for a X% share of total exports. Moreover, exports of oil and water paints and varnishes to China exceeded the volume sent to the second major destination, Mexico (X tons), fourfold. The third position in this ranking was taken by Mongolia (X tons), with a 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: Mexico (X% per year) and Mongolia (X% per year).

In value terms, China ($X) remains the key foreign market for oil and water paints and varnishes exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Mexico ($X), with a X% share of total exports. It was followed by Indonesia, with a X% share.

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

Export Prices by Country

In 2022, the average export price for oil and water paints and varnishes amounted to $X per ton, declining by X% against the previous year. In general, export price indicated noticeable growth from 2012 to 2022: its price 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, export price for oil and water paints and varnishes increased by X% against 2020 indices. The pace of growth was the most pronounced in 2018 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Mongolia ($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 China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports into Republic of Korea

Imports of oil and water paints and varnishes into South Korea dropped to X tons in 2022, reducing by X% against 2021. In general, imports recorded a abrupt slump. The growth pace was the most rapid in 2021 when imports increased by X%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, imports of oil and water paints and varnishes declined significantly to $X in 2022. Over the period under review, imports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Italy (X tons), Vietnam (X tons) and Japan (X tons) were the main suppliers of imports of oil and water paints and varnishes to South Korea, together comprising X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, the largest oil and water paints and varnishes suppliers to South Korea were Italy ($X), Japan ($X) and the United States ($X), with a combined X% share of total imports. Vietnam, Germany, the UK, China, France, Canada and Taiwan (Chinese) lagged somewhat behind, together comprising a further X%.

Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of 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 import price for oil and water paints and varnishes amounted to $X per ton, waning by X% against the previous year. Overall, the import price saw a pronounced downturn. The growth pace was the most rapid in 2016 when the average import price increased by X%. The import price peaked 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 the United States ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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