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The South Korea plastic market reached USD 13.73 billion in 2023. The market is projected to grow at a CAGR of 3.8% between 2024 and 2032, reaching almost USD 19.38 billion by 2032.
The shift towards sustainability is prompting major market players to manufacture eco-friendly polycarbonates by mixing recycled plastics with new raw material without compromising on its inherent properties (such as heat and impact resistance, and transparency). This process results in 3,200 tons of reduction in carbon dioxide emissions while producing 1000 tons of polyurethane. The potential use cases of such plastics include decorative gadgets and small electronic devices such as laptops and smartphones. Such plastics have also received recognition from the Underwriters Laboratories, a certification science establishment in the United States which is engaged in the development of safety standards.
The introduction of transparent polypropylene compounds is expected to increase the use of plastic in South Korea’s automotive industry. By eliminating component boundaries and integrating hidden sensors and lightings, these solutions can greatly minimise air resistance (thereby ensuring efficient fuel utilisation and carbon reduction) and enhance the visual appeal of the vehicle. By integrating these compounds into the vehicle’s exterior panels, an environment of seamless interaction can be created, which can lead to an increase in the demand for autonomous driving technologies. Thus, the automative industry is expected to remain one of the main end users of the market.
South Korea Plastic Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
Market Breakup by Application
Market Breakup by End Use
Based on product, the market is divided into polyethylene, polypropylene, polyurethane, polyvinyl chloride, polyethylene terephthalate, polystyrene, acrylonitrile butadiene styrene, polybutylene terephthalate, and polycarbonate, among others. Polyurethane is expected to be one of the leading market segments over the forecast period due to its growing demand for home furnishings like beddings, furniture, and carpets, among others. Additionally, the expansion of the construction sector is expected to influence the demand for PVC due to its favourable characteristics.
The report provides a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers and acquisitions, investments, and capacity expansion.
Increasing investments into the construction of polypropylene production facilities by companies like SK Advanced and Ulsan PP Co. Ltd., is expected to aid the market development.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product |
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Breakup by Application |
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Breakup by End Use |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 South Korea Plastic Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Plastic Historical Market (2018-2023)
8.3 Asia Pacific Plastic Market Forecast (2024-2032)
8.4 Asia Pacific Plastic Market Share by Country
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 ASEAN
8.4.5 Australia
8.4.6 South Korea
8.4.7 Others
9 South Korea Plastic Market Overview
9.1 Key Industry Highlights
9.2 South Korea Plastic Historical Market (2018-2023)
9.3 South Korea Plastic Market Forecast (2024-2032)
10 South Korea Plastic Market by Product
10.1 Polyethylene
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Polypropylene
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Polyurethane
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Polyvinyl Chloride
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Polyethylene Terephthalate
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Polystyrene
10.6.1 Historical Trend (2018-2023)
10.6.2 Forecast Trend (2024-2032)
10.7 Acrylonitrile Butadiene Styrene
10.7.1 Historical Trend (2018-2023)
10.7.2 Forecast Trend (2024-2032)
10.8 Polybutylene Terephthalate
10.8.1 Historical Trend (2018-2023)
10.8.2 Forecast Trend (2024-2032)
10.9 Polycarbonate
10.9.1 Historical Trend (2018-2023)
10.9.2 Forecast Trend (2024-2032)
10.10 Others
11 South Korea Plastic Market by Application
11.1 Injection Moulding
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Blow Moulding
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Roto Moulding
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Compression Moulding
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Casting
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Thermoforming
11.6.1 Historical Trend (2018-2023)
11.6.2 Forecast Trend (2024-2032)
11.7 Extrusion
11.7.1 Historical Trend (2018-2023)
11.7.2 Forecast Trend (2024-2032)
11.8 Calendering
11.8.1 Historical Trend (2018-2023)
11.8.2 Forecast Trend (2024-2032)
11.9 Others
12 South Korea Plastic Market by End Use
12.1 Packaging
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Construction
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Electrical and Electronics
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Automotive
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Medical Devices
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Agriculture
12.6.1 Historical Trend (2018-2023)
12.6.2 Forecast Trend (2024-2032)
12.7 Furniture and Bedding
12.7.1 Historical Trend (2018-2023)
12.7.2 Forecast Trend (2024-2032)
12.8 Consumer Goods
12.8.1 Historical Trend (2018-2023)
12.8.2 Forecast Trend (2024-2032)
12.9 Utility
12.9.1 Historical Trend (2018-2023)
12.9.2 Forecast Trend (2024-2032)
12.10 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators of Demand
13.4 Key Indicators of Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 BASF SE
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 LG Chem, Ltd.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Plastic Market: Key Industry Highlights, 2018 and 2032
2. South Korea Plastic Market: Key Industry Highlights, 2018 and 2032
3. South Korea Plastic Historical Market: Breakup by Product (USD Billion), 2018-2023
4. South Korea Plastic Market Forecast: Breakup by Product (USD Billion), 2024-2032
5. South Korea Plastic Historical Market: Breakup by Application (USD Billion), 2018-2023
6. South Korea Plastic Market Forecast: Breakup by Application (USD Billion), 2024-2032
7. South Korea Plastic Historical Market: Breakup by End Use (USD Billion), 2018-2023
8. South Korea Plastic Market Forecast: Breakup by End Use (USD Billion), 2024-2032
9. South Korea Plastic Market Structure
The market was valued at nearly USD 13.73 billion in 2023.
The market is projected to grow at a CAGR of 3.8% between 2024 and 2032.
The market is assessed to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 19.38 billion in 2032.
The different products in the market include polyethylene, polypropylene, polyurethane, polyvinyl chloride, polyethylene terephthalate, polystyrene, acrylonitrile butadiene styrene, polybutylene terephthalate, and polycarbonate, among others.
The different end uses of plastic in the market include packaging, construction, electrical and electronics, automotive, medical devices, agriculture, furniture and bedding, consumer goods, and utility, among others.
The different segments considered in the market report are injection moulding, blow moulding, roto moulding, compression moulding, casting, thermoforming, extrusion, and calendering, among others.
The key market players are BASF SE, and LG Chem, Ltd., among others.
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