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Report
South Korea Engineering Plastics - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2017 - 2029
Market Report I 2023-06-08 I 263 Pages I Mordor Intelligence
The South Korea Engineering Plastics Market size is estimated at USD 4.82 billion in 2024, and is expected to reach USD 6.79 billion by 2029, growing at a CAGR of 7.09% during the forecast period (2024-2029).
Electrical and electronics industry to dominate the market demand
- South Korea's engineering plastics market accounted for around 6.8%, by value, of the Asia-Pacific engineering plastics market in 2022. Engineering plastics are used in interior wall panels and doors in aerospace, packaging, and other applications due to their lightweight nature and high-quality strength, low fatigue, and low flammability. The increased use of resins in the electrical and electronics, automotive, and packaging industries is the primary market driver.
- The electrical and electronics industry is among the market's largest industries, accounting for 4.6% in 2022 compared to the previous year. The demand for consumer electronics is expected to rise in the future due to technological advancements, such as digitalization, robotics, IoT (Internet of Things), and 5G connectivity. The sales of consumer electronics in South Korea are projected to reach USD 17.55 billion in 2027 from USD 16.20 billion in 2023. Electrical and electronic production is projected to reach USD 598 billion in 2029 from USD 400 billion in 2023. Due to the increasing electrical and electronic production, the demand for engineering plastics in the country is projected to grow in the coming years.
- The electrical and electronics industry is the country's fastest-growing consumer of engineering plastics, with a projected CAGR of 8.58% in revenue during the forecast period. Due to the increasing demand for consumer electronics with the advent of IoT, electronics production is also increasing. Thus, the demand for engineering plastics in the country is projected to increase during the forecast period.
South Korea Engineering Plastics Market Trends
Growing demand for consumer electronics to foster growth
- South Korea is a strategically important market for advanced components and sophisticated customers, especially in the automotive and electronics industries. South Korea's electrical and electronics production witnessed a CAGR of 1.40% between 2017 and 2019. Rising disposable income, technological advancements, improvements in living standards, etc., drove the electrical and electronics industry. The presence of global market players, like Samsung Electronics and LG Electronics, positively affected electrical and electronics production during 2017-2019.
- In 2020, the country's electrical and electronic production increased slowly, with a growth rate of 4.7% in terms of revenue than the previous year, owing to country-wide lockdowns and supply chain disruptions. In 2021, the country's electrical and electronics production increased at a rate of 17.4%, as online sales increased from USD 135.1 billion in 2020 to USD 168.5 billion in 2021. The primary reason for the industry's expansion is the increased prevalence of smartphones. PC sales increased from USD 43.4 billion in 2020 to USD 47.8 billion in 2021.
- South Korea benefits from the trend of incorporating virtual reality (VR) into consumer electronics products as it increases manufacturing efficiency and lowers prices. South Korea is investing in goods for gaming and entertainment, which has also accelerated the expansion of the country's consumer electronics sector. The surge in demand for technologically advanced consumer electronics and appliances such as smartphones, laptops, computers, cameras, and televisions are expected to boost production at a CAGR of 7% during the forecast period.
South Korea Engineering Plastics Industry Overview
The South Korea Engineering Plastics Market is fairly consolidated, with the top five companies occupying 78.84%. The major players in this market are INEOS, Kumho Petrochemical, LG Chem, Lotte Chemical and SK chemicals. (sorted alphabetically).
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 EXECUTIVE SUMMARY & KEY FINDINGS
2 REPORT OFFERS
3 INTRODUCTION
3.1 Study Assumptions & Market Definition
3.2 Scope of the Study
3.3 Research Methodology
4 KEY INDUSTRY TRENDS
4.1 End User Trends
4.1.1 Aerospace
4.1.2 Automotive
4.1.3 Building and Construction
4.1.4 Electrical and Electronics
4.1.5 Packaging
4.2 Import And Export Trends
4.3 Price Trends
4.4 Recycling Overview
4.4.1 Polyamide (PA) Recycling Trends
4.4.2 Polycarbonate (PC) Recycling Trends
4.4.3 Polyethylene Terephthalate (PET) Recycling Trends
4.4.4 Styrene Copolymers (ABS and SAN) Recycling Trends
4.5 Regulatory Framework
4.5.1 South Korea
4.6 Value Chain & Distribution Channel Analysis
5 MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
5.1 End User Industry
5.1.1 Aerospace
5.1.2 Automotive
5.1.3 Building and Construction
5.1.4 Electrical and Electronics
5.1.5 Industrial and Machinery
5.1.6 Packaging
5.1.7 Other End-user Industries
5.2 Resin Type
5.2.1 Fluoropolymer
5.2.1.1 By Sub Resin Type
5.2.1.1.1 Ethylenetetrafluoroethylene (ETFE)
5.2.1.1.2 Fluorinated Ethylene-propylene (FEP)
5.2.1.1.3 Polytetrafluoroethylene (PTFE)
5.2.1.1.4 Polyvinylfluoride (PVF)
5.2.1.1.5 Polyvinylidene Fluoride (PVDF)
5.2.1.1.6 Other Sub Resin Types
5.2.2 Liquid Crystal Polymer (LCP)
5.2.3 Polyamide (PA)
5.2.3.1 By Sub Resin Type
5.2.3.1.1 Aramid
5.2.3.1.2 Polyamide (PA) 6
5.2.3.1.3 Polyamide (PA) 66
5.2.3.1.4 Polyphthalamide
5.2.4 Polybutylene Terephthalate (PBT)
5.2.5 Polycarbonate (PC)
5.2.6 Polyether Ether Ketone (PEEK)
5.2.7 Polyethylene Terephthalate (PET)
5.2.8 Polyimide (PI)
5.2.9 Polymethyl Methacrylate (PMMA)
5.2.10 Polyoxymethylene (POM)
5.2.11 Styrene Copolymers (ABS and SAN)
6 COMPETITIVE LANDSCAPE
6.1 Key Strategic Moves
6.2 Market Share Analysis
6.3 Company Landscape
6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
6.4.1 BASF SE
6.4.2 Daikin Industries, Ltd.
6.4.3 INEOS
6.4.4 Kolon BASF innoPOM, Inc.
6.4.5 Kolon Industries, Inc.
6.4.6 Korea Engineering Plastics Co., Ltd.
6.4.7 Kumho Petrochemical
6.4.8 LG Chem
6.4.9 Lotte Chemical
6.4.10 LX MMA
6.4.11 Mitsubishi Chemical Corporation
6.4.12 Saehan Industries Inc
6.4.13 Samyang Corporation
6.4.14 SK chemicals.
6.4.15 Trinseo
7 KEY STRATEGIC QUESTIONS FOR ENGINEERING PLASTICS CEOS
8 APPENDIX
8.1 Global Overview
8.1.1 Overview
8.1.2 Porter's Five Forces Framework (Industry Attractiveness Analysis)
8.1.3 Global Value Chain Analysis
8.1.4 Market Dynamics (DROs)
8.2 Sources & References
8.3 List of Tables & Figures
8.4 Primary Insights
8.5 Data Pack
8.6 Glossary of Terms
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