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 2023, the South Korean petroleum bitumen market decreased by X% to $X for the first time since 2017, thus ending a five-year rising trend. Over the period under review, consumption recorded a slight slump. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.
Petroleum Bitumen Production in Republic of Korea
In value terms, petroleum bitumen production rose slightly to $X in 2023 estimated in export price. In general, production, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. Petroleum bitumen production peaked at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.
Petroleum Bitumen Exports
Exports from Republic of Korea
In 2023, after five years of decline, there was growth in shipments abroad of petroleum bitumen, when their volume increased by X% to X tons. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2023, the exports remained at a lower figure.
In value terms, petroleum bitumen exports contracted to $X in 2023. Over the period under review, exports, however, continue to indicate a pronounced decrease. The pace of growth appeared the most rapid in 2017 when exports increased by X%. The exports peaked at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.
Exports by Country
China (X tons) was the main destination for petroleum bitumen exports from South Korea, with a X% share of total exports. Moreover, petroleum bitumen exports to China exceeded the volume sent to the second major destination, Japan (X tons), sixfold. The third position in this ranking was taken by Australia (X tons), with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Australia (X% per year).
In value terms, China ($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 held by Japan ($X), with a X% share of total exports. It was followed by Australia, with a X% share.
From 2012 to 2023, the average annual growth rate of value to China totaled 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 2023, the average petroleum bitumen export price amounted to $X per ton, dropping by X% against the previous year. In general, the export price recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2018 an increase of X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.
Average prices varied somewhat for the major export markets. In 2023, amid the top suppliers, the highest price was recorded for prices to Japan ($X per ton) and Malaysia ($X per ton), while the average price for exports to Vietnam ($X per ton) and Australia ($X per ton) were amongst the lowest.
From 2012 to 2023, 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
In 2023, approx. X tons of petroleum bitumen were imported into South Korea; picking up by X% on the previous year. Over the period under review, imports recorded a measured expansion. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of X tons. From 2022 to 2023, the growth of imports failed to regain momentum.
In value terms, petroleum bitumen imports amounted to $X in 2023. Overall, imports continue to indicate a strong increase. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.
Imports by Country
In 2023, China (X tons) was the main petroleum bitumen supplier to South Korea, accounting for a X% share of total imports. It was followed by the United States (X tons), with a X% share of total imports.
From 2012 to 2023, the average annual growth rate of volume from China totaled X%.
In value terms, China ($X) constituted the largest supplier of petroleum bitumen to South Korea, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with a X% share of total imports.
From 2012 to 2023, the average annual growth rate of value from China amounted to X%.
Import Prices by Country
The average petroleum bitumen import price stood at $X per ton in 2023, reducing by X% against the previous year. Overall, the import price, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2013 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2023, import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China amounted to $X per ton.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
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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