The South Korean chemical industry generated sales of around USD 152.4 billion in the year 2013. There are around 3,429 chemical companies in the country. South Korea is a cost-effective manufacturer of upstream petrochemical products. South Korea has the 7th largest global organic chemical export market. The country’s shipments of organic chemicals accounted for USD 22.7 billion in the year 2017. The exports were around 26.5% higher than the previous year. The organic chemical exports accounted for 4% of Korea’s total exports. The country exports nearly 25% of its output to China. South Korea’s overall crude oil and refinery feedstock imports from the Middle East and the United States fell 9% in 2020. The South Korean chemical sector is now focussing on the production of specialty and high value-added products for the automotive and electronic industry.
Commodity chemicals refer to the group of chemicals that are manufactured in abundance. Various subsegments of commodity chemicals include polymers, plastics, petrochemicals, and industrial gases. The petrochemical industry has dominated the Korean chemical market. This segment contributes nearly 70% to the country’s total chemical revenue. South Korea has access to many high-end markets that consume the petrochemical product, including the automotive, packaging, and consumer goods sectors.
Over the past few years, the Korean government has started investing in research and development in the green, fine and sustainable chemical sector. Korea is on the path to becoming the chemical industry hub of Asia.
Several multinational companies have set up their manufacturing plants and offices in the country. Korea has received more than USD 8 billion in foreign direct investment (FDI) over the last ten years. However, the export of petrochemical products is likely to decrease over the coming years. The expanded production in China and decreasing demand in Asia are the major reasons for the low export.
Leading chemical companies
Seoul is home to the country’s leading chemical companies. LG Chem is the largest chemical company by revenue in Korea, headquartered in Seoul. In the year 2019, the company generated sales of USD 12.87 billion. They have improved their global position as a material supplier. LG Chem manufactures a wide range of products, including EV battery cells, polarizers, and ABS. ABS is a highly-functional plastic known for its strong impact and heat resistance. ABS finds applications in various areas like automobiles, IT devices, etc. LG Chem also produces a wide range of plastics including polyvinyl chloride, acrylates, etc.
SK Global Chemicals is the largest commodity chemicals manufacturing company in South Korea. SK Global Chemicals is growing into a technology-based company through continuous research and development effort as well as global expansion. The company established the first Korean naphtha cracking facility. This led to the development of the country’s petrochemical industry. SK Global Chemicals is headquartered in Seoul and employs around 1,012 people. The company generated total sales of around USD 10.2 billion in the year 2019. SK Global produces a variety of chemicals including adhesives, commodity chemicals, 3D printing material, co-polyester, etc. The commodity chemicals manufactured by Lotte Chemical include TL, Mx, BZ, etc.
Hanwa Chemical has been the backbone of Korea’s petrochemical sector. The company is involved in the production of basic petrochemicals, advanced materials, synthetic resin, etc. Hanwa Chemical manufactures low-density polyethylene, low linear density polyethylene, and chlor- alkali. These chemical products find application in various industries.
As per a survey by the American Chemical Society, Korean companies including LG Chem, SK Global Chemical, Lotte Chemical, and Hanwha Chemical ranked among the global top 50 chemical manufacturing companies.
BASF, one of the world’s largest chemical company shifted its material headquarters to Seoul. They also established a research and development center in South Korea. Dow chemicals set up their plant in Korea to produce quantum dot materials in abundance.
Future opportunities
The chemical industry in the country has a promising future. The Korean chemical industry offers an attractive market for many foreign chemical companies. The country has expanded the production of specialty and fine chemicals. South Korea has the scope to diversify the production of high-value engineering plastics. The sustained investment by foreign chemical companies in the form of foreign direct investment demonstrates the potential of Korea’s chemical industry.
The manufacturing industry is an essential component of Singapore’s gross domestic product (GDP), accounting for nearly 27%.
The comprehensive free trade agreements also facilitate the trading practices in the country.
Singapore has the world’s top 10 global chemical export market by volume.
Singapore does not have a major domestic market and has a short land supply.
Commodity chemicals marketThe country’s trade balance represented a surplus of around USD 5.6 billion in the year 2019.
The imports to the country increased around 4% compared to the previous year.International Scientific Private Limited (ISPL), with more than 50 years of experience is a major industrial chemicals supplier for the domestic and global chemical market.
Fixed Mobile Convergence MarketThe global fixed-mobile convergence (FMC) market is expected to expand at ~14.1% CAGR with USD 6,208.7 million in value by 2025 during the forecast period.Fixed-mobile convergence removes the difference between fixed and mobile networks to provide a seamless experience to consumers across connected devices at home or on the move.
FMC can help telecommunication operators to improve their revenue growth, reduce churn rate, and increase subscriber base.
There has been significant growth in the adoption of FMC services over the past two years.
The growth is due to the consolidation of telecommunication players and various industry challenges such as changing consumer behavior, for instance, the extensive use of video services and social networking services, the accessibility to a number of services and applications via the Internet, and industry consolidation.
The telecom operators and standards groups are taking efforts to develop a common 5G converged core network where services can be delivered over any access network, whether fixed-line, Wi-Fi, Bluetooth, or 3GPP-based access, such as like 4G LTE, or 5G New Radio.
The emergence of 5G is a driving factor for fixed-only telecom operators, as well as MVNO (mobile virtual network operator), to enter the mobile market via their own network.Competitive AnalysisThe major players in the global fixed-mobile convergence market are Ericsson (Sweden), Cisco Systems, Inc.(US), Fujitsu (Japan), Huawei Technologies Co., Ltd (China) Vodafone Group PLC (UK), Orange SA (France), The Proximus Group (Belgium), Turk Telekom (Turkey), Turkcell (Turkey), Ooredoo QSC (Qatar), Nokia (Finland), Deutsche Telekom AG(Germany), Samsung Group (South Korean), and ZTE Corporation (China).Segmental AnalysisBy convergence type — the market is segmented into device convergence, network convergence, and application convergence.By mode — the market is divided into single-mode and dual-mode.By component — service and infrastructure.By end-user — home users and enterprises.Regional AnalysisGeographic analysis of the fixed-mobile convergence (FMC) systems market has been conducted for North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America.Europe was the largest FMC market in 2017.
Global Fixed-Mobile Convergence (FMC) Market Research Report: By Convergence Type (Device Convergence, Network Convergence, and Application Convergence), Mode (Single-mode and Dual-mode), Component (Infrastructure and Service), End-User (Home Users and Enterprises), Region — Forecast till 2025Fixed-Mobile Convergence (FMC) Market OverviewThe global fixed-mobile convergence (FMC) market is expected to expand at ~14.1% CAGR with USD 6,208.7 million in value by 2025 during the forecast period.Fixed-mobile convergence removes the difference between fixed and mobile networks to provide a seamless experience to consumers across connected devices at home or on the move.
FMC can help telecommunication operators to improve their revenue growth, reduce churn rate, and increase subscriber base.
There has been significant growth in the adoption of FMC services over the past two years.
The growth is due to the consolidation of telecommunication players and various industry challenges such as changing consumer behavior, for instance, the extensive use of video services and social networking services, the accessibility to a number of services and applications via the Internet, and industry consolidation.
The telecom operators and standards groups are taking efforts to develop a common 5G converged core network where services can be delivered over any access network, whether fixed-line, Wi-Fi, Bluetooth, or 3GPP-based access, such as like 4G LTE, or 5G New Radio.
The emergence of 5G is a driving factor for fixed-only telecom operators, as well as MVNO (mobile virtual network operator), to enter the mobile market via their own network.Get Sample here: https://www.marketresearchfuture.com/sample_request/8305Competitive AnalysisThe major players in the global fixed-mobile convergence market are Ericsson (Sweden), Cisco Systems, Inc.(US), Fujitsu (Japan), Huawei Technologies Co., Ltd (China) Vodafone Group PLC (UK), Orange SA (France), The Proximus Group (Belgium), Turk Telekom (Turkey), Turkcell (Turkey), Ooredoo QSC (Qatar), Nokia (Finland), Deutsche Telekom AG(Germany), Samsung Group (South Korean), and ZTE Corporation (China).Regional AnalysisGeographic analysis of the fixed-mobile convergence (FMC) systems market has been conducted for North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America.Europe was the largest FMC market in 2017.
