Republic of Korea - Petroleum Bitumen - Market Analysis, Forecast, Size, Trends and Insights
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View PricingRepublic of Korea: Petroleum Bitumen Market 2024
Petroleum Bitumen Market Size in Republic of Korea
In 2022, the South Korean petroleum bitumen market increased by X% to $X, rising for the fifth consecutive year after five years of decline. Over the period under review, consumption, however, continues to indicate a mild reduction. Petroleum bitumen consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.
Petroleum Bitumen Production in Republic of Korea
In value terms, petroleum bitumen production reduced slightly to $X in 2022 estimated in export price. Overall, production, however, saw a pronounced reduction. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Petroleum bitumen production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.
Petroleum Bitumen Exports
Exports from Republic of Korea
In 2022, overseas shipments of petroleum bitumen decreased by X% to X tons, falling for the fifth year in a row after six years of growth. In general, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by X%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.
In value terms, petroleum bitumen exports surged to $X in 2022. Overall, exports saw a perceptible descent. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.
Exports by Country
China (X tons) was the main destination for petroleum bitumen exports from South Korea, accounting for a X% share of total exports. Moreover, petroleum bitumen exports to China exceeded the volume sent to the second major destination, Japan (X tons), sixfold. Australia (X tons) ranked third in terms of total exports with a X% share.
From 2012 to 2022, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Australia (X% per year).
In value terms, China ($X) remains the key foreign market for petroleum bitumen 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. It was followed by Australia, with a X% share.
From 2012 to 2022, the average annual growth rate 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 Australia (X% per year).
Export Prices by Country
In 2022, the average petroleum bitumen export price amounted to $X per ton, rising by X% against the previous year. Overall, the export price, however, continues to indicate a mild slump. The most prominent rate of growth was recorded in 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.
Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($X per ton) and Australia ($X per ton), while the average price for exports to Indonesia ($X per ton) and Vietnam ($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.
Petroleum Bitumen Imports
Imports into Republic of Korea
For the third consecutive year, South Korea recorded growth in overseas purchases of petroleum bitumen, which increased by X% to X tons in 2022. In general, imports saw significant growth. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.
In value terms, petroleum bitumen imports contracted modestly to $X in 2022. Over the period under review, imports recorded a significant increase. The growth pace was the most rapid in 2018 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2021, and then shrank modestly in the following year.
Imports by Country
In 2022, Singapore (X tons) was the main supplier of petroleum bitumen to South Korea, accounting for a approx. X% share of total imports.
From 2012 to 2022, the average annual growth rate of volume from Singapore totaled X%.
In value terms, Singapore ($X) constituted the largest supplier of petroleum bitumen to South Korea.
From 2012 to 2022, the average annual rate of growth in terms of value from Singapore amounted to X%.
Import Prices by Country
In 2022, the average petroleum bitumen import price amounted to $X per ton, declining by X% against the previous year. Overall, the import price recorded a abrupt downturn. The pace of growth was the most pronounced in 2016 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices failed to regain momentum.
As there is only one major supplying country, the average price level is determined by prices for Singapore.
From 2012 to 2022, the rate of growth in terms of prices for Taiwan (Chinese) amounted to X% per year.
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Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the petroleum bitumen market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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