Republic of Korea: Market for Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol) 2024

Market Size for Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol) in Republic of Korea

The South Korean propyl and isopropyl alcohol market skyrocketed to $X in 2022, surging by 117% against the previous year. Over the period under review, consumption saw a resilient expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol) in Republic of Korea

In value terms, propyl and isopropyl alcohol production rose sharply to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 62%. Propyl and isopropyl alcohol production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Exports of Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol)

Exports from Republic of Korea

In 2022, overseas shipments of propan-1-ol (propyl alcohol) and propan-2-ol (isopropyl alcohol) decreased by -26.5% to X tons, falling for the second consecutive year after six years of growth. In general, exports, however, showed a noticeable expansion. The growth pace was the most rapid in 2019 when exports increased by 48%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, propyl and isopropyl alcohol exports fell dramatically to $X in 2022. Overall, exports, however, recorded a pronounced increase. The most prominent rate of growth was recorded in 2020 when exports increased by 70%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main destinations of propyl and isopropyl alcohol exports from South Korea, together comprising 39% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +139.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for propyl and isopropyl alcohol exported from South Korea were India ($X), Taiwan (Chinese) ($X) and China ($X), with a combined 39% share of total exports.

In terms of the main countries of destination, Taiwan (Chinese), with a CAGR of +99.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average propyl and isopropyl alcohol export price stood at $X per ton in 2022, dropping by -4.1% against the previous year. Over the period under review, the export price saw a slight slump. The pace of growth was the most pronounced in 2020 when the average export price increased by 47%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Pakistan ($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 the Netherlands (+4.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol)

Imports into Republic of Korea

In 2022, supplies from abroad of propan-1-ol (propyl alcohol) and propan-2-ol (isopropyl alcohol) was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. In general, imports saw a modest expansion. The growth pace was the most rapid in 2013 with an increase of 90% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, propyl and isopropyl alcohol imports surged to $X in 2022. Over the period under review, imports continue to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2013 with an increase of 91% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X tons), Taiwan (Chinese) (X tons) and the United States (X tons) were the main suppliers of propyl and isopropyl alcohol imports to South Korea, together comprising 86% of total imports. South Africa, the Netherlands and China lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +139.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), Japan ($X) and the Netherlands ($X) constituted the largest propyl and isopropyl alcohol suppliers to South Korea, with a combined 80% share of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +134.6%, saw the highest growth rate of 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 propyl and isopropyl alcohol import price stood at $X per ton in 2022, surging by 22% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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