Updated Feb 18, 2023 22:56

Compound Plasticisers Market in South Korea

Market Overview
The South Korean compound plasticisers market fell significantly to $ in , reducing by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a abrupt downturn. Over the period under review, the market reached the peak level at $ in 2007; however, from 2008 to , consumption remained at a lower figure.

In value terms, compound plasticisers production contracted slightly to $ in estimated in export price. In general, production recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of % against the previous year. Compound plasticisers production peaked at $ in 2008; however, from 2009 to , production failed to regain momentum.


Consumption
In , consumption of compound plasticisers for rubber or plastics in South Korea reduced rapidly to tons, waning by -% on the previous year. In general, consumption saw a drastic downturn. Over the period under review, consumption reached the maximum volume at tons in 2007; however, from 2008 to , consumption failed to regain momentum.

The revenue of the compound plasticisers market in South Korea declined dramatically to $ in , with a decrease of -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a deep contraction. Compound plasticisers consumption peaked at $ in 2007; however, from 2008 to , consumption stood at a somewhat lower figure.


Market Forecast
Depressed by shrinking demand for compound plasticisers in South Korea, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to tons by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Driven by a growing demand, the share of imports in total supply in South Korea increased significantly over the last fifteen years (from % to %).


Trade Balance
South Korea remains a net exporter of compound plasticisers; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.