Try our business solution for free!

Chemical industry in South Korea - statistics & facts

The chemical industry is one of the most important industries worldwide. Thanks to the large petrochemical and commodity chemicals sector in South Korea, the country is one of the leading chemical markets worldwide. Additionally, one of the world’s leading chemical companies is South Korean company LG Chem.

Trade

Chemicals are a valuable good within the international trade market. In 2021, the value of traded chemicals amounted to around 1.74 trillion U.S. dollars. South Korea is one of the world’s leading chemical exporters. Most of South Korea’s export partners are other Asian countries, with China importing more Korean chemicals than the other top nine partners combined. Additionally, the country is also an active importer of chemicals. As South Korea lacks natural sources of oil and gas, the import of petrochemicals for domestic use and further processing is vital.

Petrochemicals and commodity chemicals

South Korea generally imports basic petrochemicals, such as crude oil, and then processes these chemicals domestically. The resulting products are used for a variety of things, such as domestic energy consumption or manufacturing. As of 2021, around half of domestic energy consumption was sourced from petroleum. Another major chemical subsector South Korea is active in is the production of commodity chemicals. In fact, domestic chemical production capacity is highly developed for various commodity chemicals, many of which are also petrochemicals. Domestic demand for petrochemicals in South Korea closely matches the available production capacity, suggesting that the industry is well equipped to deal with the domestic market.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Mar 10, 2023

Key insights

Revenue of global chemical industry
4.73tr USD
South Korea's global market share
3.6%
Most shipped type of chemical globally
Pharmaceuticals
Get more insights

Editor’s Picks Current statistics on this topic

Leading chemical companies in South Korea as of 2021, based on sales revenue (in trillion South Korean won)

Chemicals & Resources

Leading chemical companies South Korea 2021, based on sales revenue

LG Chem's revenue from FY 2009 to FY 2021 (in billion U.S. dollars)

Electronics

LG Chem's revenue 2009-2021

Production of petrochemicals in South Korea from 2011 to 2021 (in million tons)

Petrochemicals

Petrochemical production in South Korea 2011-2021

Related topics

Recommended

5

Recommended statistics

Global overview

8

Global overview

Domestic industry

9

Domestic industry

Market leaders

5

Market leaders

Trade

7

Trade

Reports & StudiesGet the best reports to understand your industry

Energy sector in South Korea
Energy sector in South Korea
Chemical industry worldwide
Chemical industry worldwide
Coronavirus: impact on the chemical industry worldwide
Coronavirus: impact on the chemical industry worldwide
Chemical industry in Japan
Chemical industry in Japan
Chemical industry in China
Chemical industry in China

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Vayola Jocelyn
Vayola Jocelyn
Client Support Specialist– Contact (United States)
Email
support@statista.com

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)
Email
asia.support@statista.com

Mon - Fri, 9am - 5pm (SGT)

Contact Kisara Mizuno
Kisara Mizuno
Senior Business Development Manager– Contact (Asia)
Email
support.japan@statista.com

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)
Email
eu.support@statista.com

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Associate Director - LAC– Contact (Latin America)
Email
support@statista.com

Mon - Fri, 9am - 6pm (EST)

Menu