Republic of Korea: Ethylene Polymer Bag Market 2024

Ethylene Polymer Bag Market Size in Republic of Korea

The South Korean ethylene polymer bag market rose rapidly to $X in 2022, with an increase of 9.6% against the previous year. In general, the total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.8% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Ethylene Polymer Bag Production in Republic of Korea

In value terms, ethylene polymer bag production expanded rapidly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.0% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 39%. Ethylene polymer bag production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Ethylene Polymer Bag Exports

Exports from Republic of Korea

In 2022, after seven years of growth, there was significant decline in overseas shipments of sacks and bags of polymers of ethylene, when their volume decreased by -8.4% to X tons. Overall, total exports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 18% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021, and then shrank in the following year.

In value terms, ethylene polymer bag exports reduced to $X in 2022. In general, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when exports increased by 25% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then dropped in the following year.

Exports by Country

The United States (X tons) was the main destination for ethylene polymer bag exports from South Korea, accounting for a 49% share of total exports. Moreover, ethylene polymer bag exports to the United States exceeded the volume sent to the second major destination, Russia (X tons), sixfold. The third position in this ranking was taken by Japan (X tons), with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+13.1% per year) and Japan (+1.9% per year).

In value terms, the United States ($X) remains the key foreign market for sacks and bags of polymers of ethylene exports from South Korea, comprising 45% of total exports. The second position in the ranking was held by Canada ($X), with a 12% share of total exports. It was followed by China, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+7.8% per year) and China (+2.0% per year).

Export Prices by Country

The average ethylene polymer bag export price stood at $X per ton in 2022, flattening at the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 12% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Russia ($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 Senegal (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Ethylene Polymer Bag Imports

Imports into Republic of Korea

In 2022, the amount of sacks and bags of polymers of ethylene imported into South Korea amounted to X tons, growing by 14% compared with 2021 figures. Overall, imports showed resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 41% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, ethylene polymer bag imports skyrocketed to $X in 2022. In general, imports showed a strong increase. The pace of growth was the most pronounced in 2019 with an increase of 34%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest ethylene polymer bag supplier to South Korea, accounting for a 62% share of total imports. Moreover, ethylene polymer bag imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fourfold. Thailand (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+18.4% per year) and Thailand (+145.6% per year).

In value terms, China ($X) constituted the largest supplier of sacks and bags of polymers of ethylene to South Korea, comprising 46% of total imports. The second position in the ranking was held by Vietnam ($X), with an 18% share of total imports. It was followed by Germany, with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+35.0% per year) and Germany (+10.8% per year).

Import Prices by Country

The average ethylene polymer bag import price stood at $X per ton in 2022, surging by 8.8% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 11%. Over the period under review, average import prices attained the maximum at $X per ton in 2014; afterwards, it flattened through to 2022.

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 ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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