Chemicals Sector

An Expert's View about Chemicals in South Korea

Posted on: 11 Dec 2011

The Korean petrochemical industry has accomplished tremendous development, supporting high economic growth of the country. Korea has turned to be one of the prominent producers in the world petrochemical industry, positioning the world 5th biggest country, with overall annual ethylene capacity of 7.6million tonnes and various accompanying downstream plants.

Chemicals Sector in South Korea With the Korea-EU FTA, it is expected that imports of advanced chemical products and materials is expected to increase. Market overview The Korean petrochemical industry has accomplished tremendous development, supporting high economic growth of the country. Korea has turned to be one of the prominent producers in the world petrochemical industry, positioning the world 5th biggest country, with overall annual ethylene capacity of 7.6million tonnes and various accompanying downstream plants. Fine chemicals are seen as the research sensitive part of the chemical industry. The industry focuses on developing chemical compounds to be used in other sectors, using by products from the petrochemical sector. Other sectors include electronics, information, automobiles, shipbuilding, textile, medicine, environment and energy. There are three chemical complexes in Korea - Ulsan, Yeosu and Daesan. Major chemical and petrochemical process companies are based in these complexes but small and medium sized fine chemical companies tend to be concentrated in capital city, Seoul and suburban area of Seoul. Key opportunities General purpose chemical products like dyes, pigments, paints and surfactant are largely equal to those of advanced countries in terms of manufacturing technology in Korea. However raw materials and intermediate products are mainly imported from overseas countries such as USA, Japan and Europe. Chemical materials for electronics & IT, are especially heavily dependent on imports, among which are key technologies requiring high technology and enormous research costs. Korea is interested in developing advanced chemical materials applied to IT, electronics, automotive, etc, that require high technology and research process. Latest export opportunities ? Chemicals Latest export opportunities ? South Korea Getting into the market To compete in South Korea UK companies are recommended to have a capable local distributor, licensee or franchise partner who has an established network in the market and extensive market knowledge. A long-term perspective and a reliable partnership between supplier and their local partner is one of the key factors in achieving success. More about doing business in South Korea Contacts Market intelligence is critical when doing business overseas, and UKTI can provide bespoke market research and support during overseas visits though our chargeable Overseas Market Introduction Service (OMIS). To commission research or for general advice about the market, get in touch with our specialists in country - or contact your local international trade team. ? Jiyoung Lee, British Embassy Seoul. Tel: +82 (2) 3210 5629 or Email: Jiyoung.lee@fco.gov.uk Contact your local international trade team UKTI Events UKTI runs a range of events for exporters, including seminars in the UK, trade missions to overseas markets and support for attendance at overseas trade shows. Latest events ? Chemicals Major Events Korea Chem 2012, 22-25 May 2012 www.koreachem.org Useful links More about OMIS and other UKTI services for exporters
Posted: 11 December 2011

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