Please Wait.....
Report
South Korea Petrochemicals Market Report and Forecast 2025-2034
Market Report I 2025-06-06 I 89 Pages I EMR Inc.
The South Korea petrochemicals market in is projected to grow at a CAGR of 5.30% between 2025 and 2034.
South Korea Petrochemicals Market Growth
The growing applications of petrochemicals in plastics, packaging, fertilisers, and clothing, among other sectors in the country, is one of the major factors boosting the growth of the petrochemicals market in South Korea. For instance, some of the common packaging materials are poly-ethylene terephthalate (PET), and polypropylene (PP) which have become an essential part of everyday lives.
South Korea Petrochemicals Market Trends
Moreover, petrochemicals are finding increased usage in energy storage systems in South Korea as they form a crucial component of the batteries and capacitors in these systems. The demand for energy storage systems is also anticipated to increase as they are widely utilised in renewable energy sources such as solar, wind, and water, to store energy, which will create ample growth opportunities for the market.
Recent Developments
The environmental impact of petrochemicals cannot be disregarded by the plastic and packaging manufacturers, which has led to an increase in the circular economy initiatives. As per the South Korea petrochemicals market dynamics and trends, SK Geo Centric, a South Korean corporation, announced in November 2023, that it has begun construction of a plastic recycling facility in Ulsan city, which is scheduled to be finished by 2025. The company has stated that around 320,000 metric tons of plastic scraps can be converted into new products per year after the completion of the facility.
Industry Outlook
As per the South Korea petrochemicals industry analysis, South Korea is the fourth largest producer of petrochemicals in the world. Ulsan is the largest petrochemical producer in the country as of 2022, with around 293 companies producing KRW 153 trillion of petrochemicals. Furthermore, the presence of leading chemical companies such as SK Geo Centric and Lotte Chemical, among others, in the city establishes it as the leading chemical city in the country as well.
As per the government data, the petrochemical producers in South Korea are using inexpensive feedstock LPG and reducing the demand for naphtha from the top importers of the region. As per the Kpler data, the naphtha imports stood at 17 million barrels in May 2024, According to the data from the Korea Petrochemical Industry Association (KPIA), the total LPG consumption at South Korean crackers witnessed a growth of 56% year-on-year in March 2024, which is expected to contribute to the South Korea petrochemicals industry revenue.
The Ministry of Trade, Industry and Energy (MOTIE) in the country is making efforts to increase the competitiveness of the petrochemical giants such as LG Chem, Lotte Chemical, and SK geocentric, among others, to restructure the petrochemical sector due to its slump in the recent years. These efforts are divided into long-term and short-term measures such as exemption on import duties of naphtha and LPG for the short term. Long-term measures, on the other hand, include mergers and acquisitions which can resolve the oversupply issue and can contribute to the growth of the petrochemicals industry in South Korea in the coming years.
Market players are further making efforts to be recognised for their corporate sustainability initiatives. The Tongsuh Petrochemical Corp., Ltd., a subsidiary of Asahi Kasei, received a Gold Medal Sustainability Rating in March 2024 for being one of the top 5% companies in sustainability assessment.
The Growth of the South Korea Petrochemicals Market Driven by Industrial Demand and Technological Advancements
- Industrial Demand: High demand from various industries such as automotive, electronics, and construction drives the petrochemicals demand growth in South Korea.
- Technological Advancements: Advancements improve efficiency and output in the market.
- Government Support: Favourable government initiatives and policies bolster the petrochemicals sector.
- Export Market: Strong export demand for petrochemical products to the neighbouring countries.
Challenges Impacting the Growth of the Petrochemicals Market in South Korea Include Environmental Regulations and Feedstock Volatility
- Environmental Regulations: Stringent environmental regulations and sustainability concerns pose challenges to the petrochemicals industry and can negatively influence petrochemicals demand forecast in South Korea.
- Feedstock Volatility: Fluctuations in the prices and availability of raw materials, such as crude oil and natural gas, affect production costs and profitability.
- Market Competition: Intense competition from global petrochemical producers can impact market share and pricing strategies.
- Infrastructure Limitations: Limitations in infrastructure and logistics can hinder the efficient transportation and distribution of petrochemical products.
Opportunities in the South Korea Petrochemicals Market Driven by Innovation and Emerging Markets
- Innovation: Investing in research and development to create innovative and high-value petrochemical products offers significant petrochemicals market opportunities in South Korea.
- Emerging Markets: Expanding into emerging markets with increasing industrialization and demand for petrochemical products supports market growth.
- Sustainability Trends: Sustainable and eco-friendly practices for meeting growing environmental demands.
- Specialty Chemicals: Increasing demand for speciality chemicals in various end-use sectors.
Setbacks Faced by the South Korea Petrochemicals Market Due to Economic Fluctuations and Technological Barriers
- Economic Fluctuations: Economic downturns can impact industrial production and demand for petrochemical products, affecting market stability and reducing South Korea petrochemicals market revenue.
- Technological Barriers: Addressing technological challenges in production processes and product development is crucial for maintaining competitiveness.
- Global Trade Tensions: Trade tensions and tariffs can affect export markets and disrupt supply chains in the petrochemicals industry.
- Energy Transition: The global shift towards renewable energy sources and reduced fossil fuel consumption can impact long-term demand for petrochemical products.
Key Players in the South Korea Petrochemicals Market and Their Strategic Initiatives:
The key players in the petrochemicals market in South Korea include LG Chem Ltd., Lotte Chemical Corporation, Hanwha Total Petrochemical Co., Ltd., SK Innovation Co., Ltd., and Hyundai Chemical Co., Ltd. amongst others.
LG Chem Ltd.
- Sustainability Focus: Emphasizing sustainable and eco-friendly production practices to align with global environmental trends is a crucial trend in petrochemicals market in South Korea.
- Global Expansion: Expanding its global footprint through strategic partnerships and acquisitions in key markets.
- Innovation Investment: Investing in research and development to create high-value and innovative petrochemical products.
Lotte Chemical Corporation
- Market Diversification: Diversifying its product portfolio to cater to various industrial applications and markets.
- Technological Advancements: Leveraging advanced technologies to enhance production efficiency and product quality increases demand of petrochemicals market in South Korea.
- Customer Engagement: Offering tailor-made solutions and comprehensive support services for customers.
Hanwha TotalEnergies Petrochemical Co., Ltd
- Capacity Expansion: Expansion of production capacities to meet growing demand for petrochemical products.
- Specialty Chemicals: Focusing on the development of speciality chemicals for high-growth industries such as electronics and healthcare can boost petrochemicals consumption in South Korea.
- Sustainability Initiatives: Adoption of these initiatives can reduce environmental impact and promote green chemistry.
SK Innovation Co., Ltd.
- Integrated Solutions: Offering integrated petrochemical solutions from raw materials to finished products to enhance value chain efficiency.
- Global Partnerships: Strategic partnerships with global players to enhance market reach.
- Energy Efficiency: Focusing on energy-efficient production processes to reduce costs and environmental footprint and increase petrochemicals market share in South Korea.
Hyundai Chemical Co., Ltd.
- Export Focus: Strengthening its position in export markets through competitive pricing and high-quality products.
- Innovation Hubs: Establishing innovation hubs to drive research and development in advanced petrochemical technologies can fuel the expansion of the petrochemicals industry in South Korea.
- Eco-Friendly Products: Developing eco-friendly petrochemical products to adhere to sustainability standards.
South Korea Petrochemicals Industry Segmentations
South Korea Petrochemicals Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Product:
- Ethylene
- Propylene
- Butadiene
- Benzene
- Xylene
- Toluene
- Methanol
Market Breakup by End Use:
- Automotive
- Aerospace
- Consumer and Industrial Goods
- Healthcare
- Power and Utilities
- Others
South Korea Petrochemicals Market Share
Ethylene occupies a substantial share of the market owing to the rising demand from the construction, packaging, and transportation sectors as it forms a primary feedstock in chemicals and plastics production. As per the South Korea petrochemicals market analysis, the demand for methanol is expected to witness robust growth due to its rising utilisation in adhesives, foams, and solvents, among others.
Competitive Landscape
The market players are increasing their research and development activities as well as investments in advanced technologies to gain a competitive edge in the market.
- BASF SE
- Chevron Corp.
- SK Inc. (SK Innovation Co. Ltd.)
- Exxon Mobil Corporation
- Shell Plc
- INEOS AG
- LyondellBasell Industries N.V.
- Dow Inc.
- Saudi Basic Industries Corporation SJSC
- TotalEnergies SE
- Others
South Korea Petrochemicals MarketReport Snapshots
South Korea PetrochemicalsMarket Size
South Korea Petrochemicals Market Growth
South Korea PetrochemicalsMarket Trends
South Korea PetrochemicalsMarket Share
South Korea PetrochemicalsCompanies
1 Executive Summary
1.1 Market Size 2024-2025
1.2 Market Growth 2025(F)-2034(F)
1.3 Key Demand Drivers
1.4 Key Players and Competitive Structure
1.5 Industry Best Practices
1.6 Recent Trends and Developments
1.7 Industry Outlook
2 Market Overview and Stakeholder Insights
2.1 Market Trends
2.2 Key Verticals
2.3 Key Regions
2.4 Supplier Power
2.5 Buyer Power
2.6 Key Market Opportunities and Risks
2.7 Key Initiatives by Stakeholders
3 Economic Summary
3.1 GDP Outlook
3.2 GDP Per Capita Growth
3.3 Inflation Trends
3.4 Democracy Index
3.5 Gross Public Debt Ratios
3.6 Balance of Payment (BoP) Position
3.7 Population Outlook
3.8 Urbanisation Trends
4 Country Risk Profiles
4.1 Country Risk
4.2 Business Climate
5 Asia Pacific Petrochemicals Market Overview
5.1 Key Industry Highlights
5.2 Asia Pacific Petrochemicals Historical Market (2018-2024)
5.3 Asia Pacific Petrochemicals Market Forecast (2025-2034)
6 South Korea Petrochemicals Market Overview
6.1 Key Industry Highlights
6.2 South Korea Petrochemicals Historical Market (2018-2024)
6.3 South Korea Petrochemicals Market Forecast (2025-2034)
7 South Korea Petrochemicals Market by Product
7.1 Ethylene
7.1.1 Historical Trend (2018-2024)
7.1.2 Forecast Trend (2025-2034)
7.2 Propylene
7.2.1 Historical Trend (2018-2024)
7.2.2 Forecast Trend (2025-2034)
7.3 Butadiene
7.3.1 Historical Trend (2018-2024)
7.3.2 Forecast Trend (2025-2034)
7.4 Benzene
7.4.1 Historical Trend (2018-2024)
7.4.2 Forecast Trend (2025-2034)
7.5 Xylene
7.5.1 Historical Trend (2018-2024)
7.5.2 Forecast Trend (2025-2034)
7.6 Toluene
7.6.1 Historical Trend (2018-2024)
7.6.2 Forecast Trend (2025-2034)
7.7 Methanol
7.7.1 Historical Trend (2018-2024)
7.7.2 Forecast Trend (2025-2034)
8 South Korea Petrochemicals Market by End Use
8.1 Automotive
8.1.1 Historical Trend (2018-2024)
8.1.2 Forecast Trend (2025-2034)
8.2 Aerospace
8.2.1 Historical Trend (2018-2024)
8.2.2 Forecast Trend (2025-2034)
8.3 Consumer and Industrial Goods
8.3.1 Historical Trend (2018-2024)
8.3.2 Forecast Trend (2025-2034)
8.4 Healthcare
8.4.1 Historical Trend (2018-2024)
8.4.2 Forecast Trend (2025-2034)
8.5 Power and Utilities
8.5.1 Historical Trend (2018-2024)
8.5.2 Forecast Trend (2025-2034)
8.6 Others
9 Market Dynamics
9.1 SWOT Analysis
9.1.1 Strengths
9.1.2 Weaknesses
9.1.3 Opportunities
9.1.4 Threats
9.2 Porter's Five Forces Analysis
9.2.1 Supplier's Power
9.2.2 Buyer's Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Value Chain Analysis
11 Competitive Landscape
11.1 Supplier Selection
11.2 Key Global Players
11.3 Key Regional Players
11.4 Key Player Strategies
11.5 Company Profiles
11.5.1 BASF SE
11.5.1.1 Company Overview
11.5.1.2 Product Portfolio
11.5.1.3 Demographic Reach and Achievements
11.5.1.4 Certifications
11.5.2 Chevron Corp.
11.5.2.1 Company Overview
11.5.2.2 Product Portfolio
11.5.2.3 Demographic Reach and Achievements
11.5.2.4 Certifications
11.5.3 SK Inc. (SK Innovation Co. Ltd.)
11.5.3.1 Company Overview
11.5.3.2 Product Portfolio
11.5.3.3 Demographic Reach and Achievements
11.5.3.4 Certifications
11.5.4 Exxon Mobil Corporation
11.5.4.1 Company Overview
11.5.4.2 Product Portfolio
11.5.4.3 Demographic Reach and Achievements
11.5.4.4 Certifications
11.5.5 Shell Plc
11.5.5.1 Company Overview
11.5.5.2 Product Portfolio
11.5.5.3 Demographic Reach and Achievements
11.5.5.4 Certifications
11.5.6 INEOS AG
11.5.6.1 Company Overview
11.5.6.2 Product Portfolio
11.5.6.3 Demographic Reach and Achievements
11.5.6.4 Certifications
11.5.7 LyondellBasell Industries N.V.
11.5.7.1 Company Overview
11.5.7.2 Product Portfolio
11.5.7.3 Demographic Reach and Achievements
11.5.7.4 Certifications
11.5.8 Dow Inc.
11.5.8.1 Company Overview
11.5.8.2 Product Portfolio
11.5.8.3 Demographic Reach and Achievements
11.5.8.4 Certifications
11.5.9 Saudi Basic Industries Corporation SJSC
11.5.9.1 Company Overview
11.5.9.2 Product Portfolio
11.5.9.3 Demographic Reach and Achievements
11.5.9.4 Certifications
11.5.10 TotalEnergies SE
11.5.10.1 Company Overview
11.5.10.2 Product Portfolio
11.5.10.3 Demographic Reach and Achievements
11.5.10.4 Certifications
11.5.11 Others
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security