Republic of Korea: Unvulcanized Rubber Market 2024

Unvulcanized Rubber Market Size in Republic of Korea

The South Korean unvulcanized rubber market stood at $X in 2022, with an increase of X% against the previous year. Overall, consumption, however, continues to indicate a deep contraction. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Unvulcanized Rubber Production in Republic of Korea

In value terms, unvulcanized rubber production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

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Unvulcanized Rubber Exports

Exports from Republic of Korea

Unvulcanized rubber exports from South Korea contracted to X tons in 2022, shrinking by X% on 2021. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, unvulcanized rubber exports amounted to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

China (X tons), Vietnam (X tons) and the United States (X tons) were the main destinations of unvulcanized rubber exports from South Korea, with a combined X% share of total exports. India, Japan, Mexico, Indonesia, Poland, the Philippines and Singapore lagged somewhat behind, together comprising a further X%.

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

In value terms, China ($X) remains the key foreign market for unvulcanized rubber and articles thereof exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Vietnam ($X), with an X% share of total exports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and India (X% per year).

Export Prices by Country

In 2022, the average unvulcanized rubber export price amounted to $X per ton, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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

Unvulcanized Rubber Imports

Imports into Republic of Korea

Unvulcanized rubber imports into South Korea shrank slightly to X tons in 2022, leveling off at 2021. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Imports peaked at X tons in 2021, and then dropped modestly in the following year.

In value terms, unvulcanized rubber imports dropped to $X in 2022. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest unvulcanized rubber supplier to South Korea, with a X% share of total imports. Moreover, unvulcanized rubber imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), eightfold. The United States (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and the United States (X% per year).

In value terms, China ($X), the United States ($X) and Japan ($X) were the largest unvulcanized rubber suppliers to South Korea, together accounting for X% of total imports. Germany, Malaysia, Thailand, India and Vietnam lagged somewhat behind, together accounting for a further X%.

India, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among 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 unvulcanized rubber import price amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the import price continues to indicate a slight slump. The growth pace was the most rapid in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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