While much of the world ponders a post-industrial future, South Korea’s chemical industry is booming with a record-breaking $162.4 trillion KRW in revenue, underscoring its foundational role in everything from smartphones and electric vehicles to global supply chains.
Key Takeaways
- In 2022, South Korea's ethylene production reached 11.23 million metric tons, marking a 4.1% year-on-year increase driven by expanded capacity at LG Chem's Yeosu plant.
- Propylene output in South Korea hit 7.85 million metric tons in 2022, up 2.8% from the previous year due to improved operational efficiencies.
- South Korea produced 5.67 million metric tons of polyethylene in 2022, with high-density polyethylene accounting for 62% of the total.
- The Korean chemical industry sales revenue grew to 162.4 trillion KRW in 2022, a 7.5% increase from 2021.
- Petrochemical segment revenue reached 85.3 trillion KRW in 2022, accounting for 52% of total chemical sales.
- Basic chemicals sales in South Korea totaled 45.7 trillion KRW in 2022, up 6.2% YoY.
- Chemical exports from South Korea totaled 89.5 billion USD in 2022, up 12.4% from 2021.
- Petrochemical exports reached 45.2 billion USD in 2022, 50.5% of total chemicals.
- China was the top destination for Korean chemical exports at 32.1 billion USD in 2022.
- LG Chem's chemical exports were 25.3 billion USD in 2022.
- Lotte Chemical exported chemicals worth 14.7 billion USD in 2022.
- SK Innovation's chemical division revenue was 12.4 trillion KRW with 60% from exports.
- In 2022, Korean chemical industry employed 285,000 workers, up 2.1% from 2021.
- R&D expenditure in chemicals totaled 5.2 trillion KRW in 2022, 3.2% of sales.
- Number of chemical engineers in Korea reached 45,000 in 2022.
South Korea's chemical industry saw strong production growth and record sales in 2022.
Employment and R&D
1In 2022, Korean chemical industry employed 285,000 workers, up 2.1% from 2021.
Verified2R&D expenditure in chemicals totaled 5.2 trillion KRW in 2022, 3.2% of sales.
Verified3Number of chemical engineers in Korea reached 45,000 in 2022.
Verified4Patents filed by Korean chemical firms: 12,500 in 2022.
Directional5Sustainability investments hit 3.1 trillion KRW in chemical sector 2022.
Single source6CO2 emissions from chemicals reduced 8.5% to 45 million tons in 2022.
Verified7Renewable energy use in chemical plants rose to 12% in 2022.
Verified8LG Chem workforce in chemicals: 28,000 employees in 2022.
Verified9Average salary in chemical industry 65 million KRW annually in 2022.
Directional10Female employment ratio 28% in Korean chemicals 2022.
Single source11R&D personnel numbered 35,000 in chemical sector 2022.
Verified12Green chemistry patents: 2,800 filed by Korean firms in 2022.
Verified13Energy efficiency improved 6.2% in chemical plants 2022.
Verified14Water usage reduced 11% to 2.1 billion m3 in chemicals 2022.
Directional15Recycling rate of chemical waste 78% in 2022.
Single source16Vocational training programs trained 15,000 workers in 2022.
Verified17Bio-chemicals R&D investment 0.9 trillion KRW in 2022.
Verified18Hydrogen production projects funded 1.2 trillion KRW government in 2022.
Verified19Carbon capture utilization storage (CCUS) pilots: 5 plants operational 2022.
Directional20Digital transformation investment 2.4 trillion KRW in chemicals 2022.
Single source21AI applications in chemical processes: 120 patents 2022.
Verified22University-industry R&D collaborations: 450 projects in 2022.
Verified23Chemical safety training hours totaled 4.2 million in 2022.
Verified24Lost time injury rate 0.45 per 100 workers in chemicals 2022.
Directional25New hires in chemicals: 25,000 in 2022.
Single source26Overseas employment by chemical firms: 12,000 workers 2022.
Verified27ESG reporting compliance 95% among major chemical firms 2022.
VerifiedEmployment and R&D Interpretation
While South Korea’s chemical industry bulked up its workforce and R&D muscle in 2022, it also flexed its green credentials by slashing emissions, boosting renewables, and investing billions in a more sustainable future, proving that growth and responsibility can be synthesized in the same reaction.
Exports and Imports
1Chemical exports from South Korea totaled 89.5 billion USD in 2022, up 12.4% from 2021.
Verified2Petrochemical exports reached 45.2 billion USD in 2022, 50.5% of total chemicals.
Verified3China was the top destination for Korean chemical exports at 32.1 billion USD in 2022.
Verified4Exports to USA amounted to 8.7 billion USD for chemicals in 2022.
Directional5EU chemical exports from Korea hit 12.3 billion USD in 2022.
Single source6Ethylene derivatives exports totaled 22.4 billion USD in 2022.
Verified7Plastics exports reached 28.9 billion USD, up 15% YoY in 2022.
Verified8Synthetic rubber exports were 4.5 billion USD in 2022 to global tire makers.
Verified9Chemical imports into South Korea totaled 45.6 billion USD in 2022.
Directional10Raw material imports for petrochemicals were 32.1 billion USD in 2022.
Single source11Naphtha imports reached 25.8 million tons valued at 28.4 billion USD in 2022.
Verified12Ethylene imports were minimal at 0.12 million tons in 2022.
Verified13Trade surplus in chemicals was 43.9 billion USD in 2022.
Verified14Exports of battery chemicals hit 15.6 billion USD in 2022.
Directional15Display materials exports totaled 9.2 billion USD to Asia in 2022.
Single source16Vietnam received 5.4 billion USD in Korean chemical exports in 2022.
Verified17India chemical imports from Korea were 3.8 billion USD in 2022.
Verified18Japan chemical trade with Korea showed 2.1 billion USD exports in 2022.
Verified19ASEAN region accounted for 28% of Korean chemical exports in 2022.
Directional20Organic chemicals exports grew 18.2% to 35.7 billion USD in 2022.
Single source21Inorganic chemicals exports totaled 7.3 billion USD in 2022.
Verified22Fertilizer exports reached 6.8 billion USD, mainly to Southeast Asia.
Verified23In 2023 Q1, chemical exports rose 5.6% to 23.4 billion USD.
Verified24PTA exports from Korea were 5.9 million tons in 2022.
Directional25MEG exports totaled 2.3 million tons valued at 2.1 billion USD in 2022.
Single sourceExports and Imports Interpretation
South Korea's chemical industry is so efficiently wired that it processes an ocean of imported naphtha into a diverse fleet of high-value exports, sailing a massive trade surplus on the back of a voracious Chinese market and the global demand for everything from plastics to battery materials.
Major Companies Performance
1LG Chem's chemical exports were 25.3 billion USD in 2022.
Verified2Lotte Chemical exported chemicals worth 14.7 billion USD in 2022.
Verified3SK Innovation's chemical division revenue was 12.4 trillion KRW with 60% from exports.
Verified4Hanwha Solutions reported 18.7 trillion KRW chemical sales in 2022.
Directional5Hyosung Chemical's revenue hit 7.2 trillion KRW in 2022 from petrochemicals.
Single source6Kumho Petrochemical sales were 5.8 trillion KRW in 2022.
Verified7LG Chem's EBITDA from chemicals was 3.4 trillion KRW in 2022.
Verified8Lotte Chemical's net profit from petrochemicals was 0.89 trillion KRW in 2022.
Verified9Production capacity of LG Chem's Daesan plant for ethylene is 1.75 million tons annually.
Directional10Lotte Chemical Ulsan complex ethylene capacity is 3.2 million tons per year.
Single source11SK Global Chemical's LDPE capacity is 0.45 million tons.
Verified12Hanwha TotalEnergies' Yeosu plant produces 1.1 million tons ethylene yearly.
Verified13Market share of LG Chem in Korean HDPE is 35% as of 2022.
Verified14Lotte Chemical holds 28% share in polypropylene market in Korea 2022.
Directional15Hyosung's tire cord market share is 42% domestically in 2022.
Single source16Kumho Petrochemical's synthetic rubber capacity utilization was 92% in 2022.
Verified17GS Caltex chemicals revenue 9.1 trillion KRW in 2022.
Verified18S-Oil's paraxylene production was 1.2 million tons in 2022.
Verified19Doosan Corporation chemical sales 4.5 trillion KRW 2022.
Directional20Kolon Industries plastics revenue 6.3 trillion KRW in 2022.
Single source21LG Chem R&D spend 1.8 trillion KRW in 2022 for chemicals.
Verified22Lotte Chemical capex 2.1 trillion KRW on new plants 2022.
Verified23SK Innovation employee count in chemicals 4,200 in 2022.
Verified24Hanwha Solutions safety incidents zero in chemical ops 2022.
Directional25Top 5 firms control 65% of Korean petrochemical capacity in 2022.
Single source26LG Chem's new battery separator plant capacity 2 GWh annually started 2022.
Verified27Lotte Chemical's hydrogen peroxide plant produces 450,000 tons/year since 2022.
VerifiedMajor Companies Performance Interpretation
South Korea’s petrochemical giants are locked in a high-stakes, multi-billion dollar poker game, armed with staggering capacities and fierce market shares, where the slightest innovation or production hiccup determines whether they walk away with a fortune or just a pile of impressive-looking receipts.
Market Size and Revenue
1The Korean chemical industry sales revenue grew to 162.4 trillion KRW in 2022, a 7.5% increase from 2021.
Verified2Petrochemical segment revenue reached 85.3 trillion KRW in 2022, accounting for 52% of total chemical sales.
Verified3Basic chemicals sales in South Korea totaled 45.7 trillion KRW in 2022, up 6.2% YoY.
Verified4Specialty chemicals revenue hit 31.4 trillion KRW in 2022, driven by electronics materials.
Directional5LG Chem reported 2022 revenue of 55.2 trillion KRW from chemicals division.
Single source6Lotte Chemical's 2022 sales were 28.9 trillion KRW, with petrochemicals at 70%.
Verified7SK Innovation chemicals revenue reached 12.4 trillion KRW in 2022.
Verified8Hanwha Solutions chemical sales totaled 18.7 trillion KRW in 2022.
Verified9In 2022, the average sales price of ethylene in Korea was 1,450 USD per metric ton.
Directional10Propylene average price in South Korea was 1,120 USD/ton in 2022.
Single source11HDPE sales price averaged 1,350 USD/ton in Korean market 2022.
Verified12Chemical industry operating profit margin was 5.8% in South Korea in 2022.
Verified13Total assets of Korean chemical firms reached 450 trillion KRW in 2022.
Verified14Market capitalization of top 10 chemical companies was 120 trillion KRW end-2022.
Directional15Domestic chemical market consumption grew 4.3% to 95 trillion KRW in 2022.
Single source16Electronics chemicals sales surged to 15.2 trillion KRW in 2022.
Verified17Battery materials revenue in chemicals hit 22.1 trillion KRW in 2022.
Verified18Fertilizer sales revenue was 8.9 trillion KRW in South Korea 2022.
Verified19Paint industry sales reached 12.5 trillion KRW in 2022.
Directional20Rubber products chemical sales totaled 18.3 trillion KRW in 2022.
Single source21In 2023 Q1, chemical sales grew 8.2% to 42.1 trillion KRW.
Verified22Average chemical export price index rose 11.5% in 2022.
Verified23Chemical industry R&D investment was 4.7 trillion KRW in 2022, 2.9% of sales.
Verified24Top 30 chemical firms sales summed 210 trillion KRW in 2022.
Directional25Petrochemicals market share in total chemicals was 52.5% by revenue in 2022.
Single source26Specialty chemicals growth rate was 9.8% in revenue terms for 2022.
VerifiedMarket Size and Revenue Interpretation
While LG Chem and its peers hauled in colossal petrochemical riches and buzzed about specialty chemicals, the sobering 5.8% operating margin reminds us this powerhouse is built on piles of cash, relentless R&D, and volatile molecules, not just profit.
Production Volumes
1In 2022, South Korea's ethylene production reached 11.23 million metric tons, marking a 4.1% year-on-year increase driven by expanded capacity at LG Chem's Yeosu plant.
Verified2Propylene output in South Korea hit 7.85 million metric tons in 2022, up 2.8% from the previous year due to improved operational efficiencies.
Verified3South Korea produced 5.67 million metric tons of polyethylene in 2022, with high-density polyethylene accounting for 62% of the total.
Verified4Polypropylene production in the Korean chemical sector totaled 4.12 million metric tons in 2022, reflecting steady demand from packaging industries.
Directional5In 2023 Q1, benzene production in South Korea was 2.34 million metric tons, a 5.2% rise attributed to higher refinery runs.
Single source6Toluene output reached 1.89 million metric tons in South Korea during 2022, supporting downstream paint and adhesive sectors.
Verified7Xylene isomers production in Korea amounted to 3.45 million metric tons in 2022, with paraxylene dominating at 72%.
Verified8PVC production in South Korea was 1.78 million metric tons in 2022, boosted by construction sector recovery.
Verified9ABS resin output totaled 1.65 million metric tons in 2022, driven by automotive applications.
Directional10Polycarbonate production reached 0.92 million metric tons in South Korea in 2022, up 6% YoY.
Single source11Methanol production in Korea hit 1.45 million metric tons in 2022, primarily for export markets.
Verified12Ammonia output was 2.1 million metric tons in South Korea in 2022, serving fertilizer industries.
Verified13Urea production totaled 3.2 million metric tons in 2022, with 85% exported.
Verified14Styrene monomer production in Korea reached 2.8 million metric tons in 2022, up 3.5%.
Directional15Cumene output was 1.23 million metric tons in South Korea in 2022.
Single source16Phenol production amounted to 0.89 million metric tons in 2022, supporting resin production.
Verified17Acetone output in Korea was 0.67 million metric tons in 2022.
Verified18VCM (vinyl chloride monomer) production hit 2.05 million metric tons in 2022.
Verified19Caustic soda production in South Korea totaled 1.95 million metric tons in 2022.
Directional20Soda ash output was 1.12 million metric tons in 2022.
Single source21In 2023, HDPE production increased to 3.45 million metric tons from 3.32 in 2022.
Verified22LLDPE production reached 2.18 million metric tons in 2022.
Verified23PET resin output in Korea was 1.05 million metric tons in 2022 for packaging.
Verified24PBT production totaled 0.34 million metric tons in 2022.
Directional25Engineering plastics output hit 0.78 million metric tons in South Korea in 2022.
Single source26Synthetic rubber production was 1.23 million metric tons in 2022, led by SBR.
Verified27Tires production reached 105 million units in 2022 by Korean chemical firms.
Verified28Adhesives output totaled 1.45 million metric tons in 2022.
Verified29Paints and coatings production was 4.2 million metric tons in South Korea in 2022.
Directional30In 2022, purified terephthalic acid (PTA) production in Korea amounted to 6.8 million metric tons.
Single sourceProduction Volumes Interpretation
South Korea's chemical industry spent 2022 industriously feeding the world's addictions—from our need for plastic-wrapped everything and fresh paint, to our hunger for fertilizer and tires—proving the modern global economy quite literally runs on its molecular building blocks.
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