Non-vegetable waxes market in South Korea

Earlier Report Observations

From 2018 to 2020, the market volume for non-vegetable waxes in South Korea showed moderate fluctuations, starting at 4 144 tons in 2018, dipping slightly to 4 091 tons in 2019, and rising to 4 210 tons in 2020. The initial period was marked by the successful development of special high-function waxes by domestic player Lion Chemical, which competed with global firms and contributed to import substitution. In 2020, the enactment of a revised Cosmetic Act, introducing pre-reporting for ingredient lists and certification for natural and organic cosmetics, coincided with the market volume increase, despite temporary cosmetic consumption dampening due to COVID-19.

After a minor contraction to 4 154 tons in 2021, the market volume recovered to 4 230 tons in 2022 and stabilized at 4 236 tons in 2023. The regulatory environment tightened further in 2022 with the implementation of the Act on Safety Management of Household Chemical Products and Biocides, affecting production standards. Simultaneously, growing demand for hair styling products like waxes in Vietnam opened new export avenues for Korean manufacturers. By 2023, the industry focus shifted towards sustainable and high-purity products, with expanded production capacity for microcrystalline wax and increased demand for bio-based polyethylene wax, driving a significant 19% jump in market value to USD 71.9 million despite nearly flat volume.

Overall, the market value experienced notable swings, falling to USD 60.3 million in 2022 before rebounding strongly in 2023, reflecting a transition towards higher-value specialty waxes influenced by cosmetic industry trends and environmental regulations.

Production non-vegetable waxes in South Korea

In kind, 2017-2020, t

From 2017 to 2020, South Korea maintained the 5th position globally in terms of non-vegetable wax production volume.

Top producers of non-vegetable waxes, 2017-2020

World map of production of non-vegetable waxes, 2017-2020

Non-vegetable wax production in South Korea increased for the third consecutive year. In 2020, the country produced 3 853 tonnes, representing a modest gain of 1.9% compared to the previous year. Over the period from 2017 to 2020, production grew by 11.7%, which translates to an annualized rate of 3.8%.

Annual dynamics of production in South Korea in kind, 2017-2020, t

In value, 2017-2020, K $ US

In 2020, the output of non-vegetable waxes in South Korea was valued at 67 628 thousand US dollars, indicating an 11.4% rise over the past year. From 2017 to 2020, production increased by 13.4%, with a compound annual growth rate (CAGR) of 4.3%. The largest decline occurred in 2019, at 1.7%.

Annual dynamics of production in South Korea in value, 2017-2020, K $ US

Exports non-vegetable waxes from South Korea

Exports in kind, t

Exported volumes of non-vegetable waxes from South Korea declined for the third consecutive year. In 2020, the country exported 13.4 tonnes, marking a substantial decline of 22.8% compared to 2019. Over the period from 2017 to 2020, exports decreased by 66.4%, with a CAGR of 30.5%.

Annual dynamics of product's exports from South Korea in kind, 2017-2020, t

From 2017 to 2020, China was the key and nearly sole market for South Korea's non-vegetable wax exports in kind, accounting for 94.1% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from South Korea in kind, 2017-2020

Exports in value, K $ US

Foreign supplies of non-vegetable waxes from South Korea declined for the third consecutive year. In 2020, the country exported 236 thousand US dollars' worth, equivalent to a 15.6% year-over-year decline. Over the period from 2017 to 2020, exports decreased by 65.9%, with a CAGR of 30.2%.

Annual dynamics of product's exports from South Korea in value, 2017-2020, K $ US

From 2017 to 2020, dependence on China was pronounced, with this market accounting for 94.8% of total non-vegetable wax exports from South Korea in value terms.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from South Korea in value, 2017-2020

Imports non-vegetable waxes to South Korea

Imports in kind, t

In 2020, South Korea's non-vegetable wax imports amounted to 370.3 tonnes, representing a substantial increase of 12.7% compared to the previous year. Between 2017 and 2020, imports grew by 6.8%, equating to an annualized rate of 2.2%. The minimum value was recorded in 2019 at 328.5 tonnes, while the maximum was in 2018 at 403.5 tonnes. The largest decline occurred in 2019 at 18.6%, and the largest increase was in 2018 at 16.4%.

Annual dynamics of product's imports to South Korea in kind, 2017-2020, t

From 2017 to 2020, three principal markets—the Netherlands, the United States, and China—together accounted for 87.8% of total non-vegetable wax imports in kind to South Korea.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to South Korea in kind, 2017-2020

Imports in value, K $ US

In 2020, South Korea's non-vegetable wax import volume stood at 3 102 thousand US dollars, marking a sharp gain of 30.2% year-over-year. Over the period from 2017 to 2020, imports increased by 16%, with a CAGR of 5.1%. The minimum value was recorded in 2019 at 2 382 thousand US dollars, and the largest decline occurred that same year at 22.9%.

Annual dynamics of product's imports to South Korea in value, 2017-2020, K $ US

From 2017 to 2020, the United States (33.4% of imports in value terms), the Netherlands (22.7%), and China (17.1%) consistently served as the main sources for non-vegetable wax imports to South Korea, together accounting for 73.3% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to South Korea in value, 2017-2020