trade assurance pac chemicals praice for south korea market

trade assurance pac chemicals praice for south korea market
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  • How big is Korea's specialty chemicals market?
  • In 2018, the overall size of Korea’s specialty chemicals market was estimated to be USD 54 billion, of which imports satisfied 31 percent of Korea’s total demand. The U.S. holds a 21 percent share of the import market with a total of 3.5 billion.
  • How has Korea's specialty chemical industry matured?
  • Korea’s specialty chemical industry has matured by focusing on the development of finished multi-application products. Accordingly, Korea heavily relies on imports for high-tech raw and intermediate chemicals that require the accumulation of fundamental core technologies and substantial R&D investments.
  • How can South Korean chemicals companies adapt to a changing market?
  • In the past, South Korean chemicals companies were adept at embracing innovative technology and adapting to a changing market. To move forward, they will need to double down on technological innovation while making bold strategic moves that demand a longer-term CEO focus. Four actions are paramount: Embrace end-to-end digitalization.
  • What challenges do South Korean chemicals companies face today?
  • But today, South Korean chemicals companies face significant challenges. Market entrants from the Middle East with favorable feedstock prices and economies of scale are eroding the cost advantages of the South Korean chemicals companies.