South Korea’s petrochemical industry is a key regional hub, anchored by major crackers and downstream output that feed domestic manufacturing and export-linked demand. This page maps the scale of capacity and production—plus the economics behind leading firms, from revenues to profits. It also examines energy use and emissions (including efficiency gains), alongside imports, export flows to China, and the growth of bio-based pilot projects.
Key Takeaways
- South Korea's petrochemical industry ethylene capacity ranked 4th globally in 2023 at 11.2 MTPA
- LG Chem's ethylene cracker capacity at Yeosu: 1.2 MTPA post-expansion 2023
- Lotte Chemical's Daesan plant PX capacity: 1.8 MTPA as of 2023
- CO2 emissions from petrochem industry: 45 million tons in 2022
- Energy intensity per ton of ethylene: 12.5 GJ/ton in 2022, improved 5% YoY
- R&D expenditure as % of sales: 3.2% average for majors 2022
- Revenue of major petrochemical firms totaled KRW 120 trillion in 2022
- LG Chem's petrochemical segment revenue: KRW 35.2 trillion in 2022
- Lotte Chemical EBITDA: KRW 2.1 trillion in 2022
- South Korea's ethylene production capacity stood at 11.2 million metric tons per annum (MTPA) as of 2023
- In 2022, total petrochemical production in South Korea reached 28.4 million tons, marking a 3.2% increase from 2021
- Propylene output in South Korea was 7.8 million tons in 2022
- Petrochemical imports value: $12.3 billion in 2022
- Ethylene derivatives exports: $18.7 billion in 2022 to China mainly
- Top export destination China share: 45% of petrochem exports 2022
South Korea led global ethylene capacity in 2023, while production, exports, and efficiency gains strengthened petrochem economics.
Related reading
01 · Category
Capacity And Plants30 stats
01
South Korea's petrochemical industry ethylene capacity ranked 4th globally in 2023 at 11.2 MTPA
02
LG Chem's ethylene cracker capacity at Yeosu: 1.2 MTPA post-expansion 2023
03
Lotte Chemical's Daesan plant PX capacity: 1.8 MTPA as of 2023
04
SK Innovation's Ulsan naphtha cracker capacity: 2.1 MTPA ethylene
05
Hanwha TotalEnergies' Yeochun complex ethylene capacity: 1.3 MTPA
06
Total PE capacity in South Korea: 5.8 MTPA in 2023
07
PP capacity nationwide: 4.2 MTPA as of end-2022
08
PVC capacity total: 1.75 MTPA in South Korea 2023
09
PTA capacity reached 9.5 MTPA in 2022
10
Number of naphtha cracking units operational: 7 major units in 2023
11
Yeosu Industrial Complex hosts 25% of national petrochem capacity
12
Ulsan Petrochemical Complex capacity utilization: 93% average 2022
13
Planned ethylene capacity addition: 0.5 MTPA by 2025 at Seosan
14
Total aromatics capacity: 12.4 MTPA benzene equivalent 2023
15
EG capacity in South Korea: 2.8 MTPA as of 2023
16
Styrene capacity: 3.1 MTPA nationwide 2022
17
ABS capacity total: 1.5 MTPA in 2023
18
Synthetic rubber capacity: 2.0 MTPA 2023
19
Number of petrochemical plants: 150+ major facilities in 2023
20
Daesan complex total capacity: 4.2 MTPA olefins and derivatives 2023
21
GS Caltex's Yeosu cracker capacity: 1.1 MTPA ethylene
22
Hyosung's Gunsan PTA plant capacity: 2.5 MTPA
23
Total methanol capacity: 1.2 MTPA domestic production 2023
24
Petrochem cluster in Saemangeum: planned 3 MTPA by 2030
25
Utilization rate for crackers averaged 88% in 2023 H1
26
LG Chem's total domestic petrochem capacity: 6.5 MTPA 2023
27
11.2 MTPA petrochemical ethylene capacity in South Korea in 2023
28
Yeosu cracker/complex ethylene capacity: 3.3 MTPA in 2023
29
Ulsan cracker/complex ethylene capacity: 3.2 MTPA in 2023
30
Daesan cracker/complex ethylene capacity: 1.9 MTPA in 2023
Interpretation
Capacity And Plants Interpretation
South Korea’s capacity and plants stand out in 2023 with ethylene at 11.2 MTPA ranking 4th globally, supported by multiple large crackers and complexes including Yeosu at 1.2 MTPA, Ulsan at 2.1 MTPA, and a total PE capacity of 5.8 MTPA.
report visual · Comparison
South Korea ethylene capacity by complex (2023)
In 2023, Yeosu leads South Korea’s cracker/complex ethylene capacity at the top share of the total, outpacing Ulsan and Daesan, while remaining sites (residual) contribute a much s
Yeosu cracker/complex ethylene capacity: 3.3 MTPA in 20233.3 MTPA
Ulsan cracker/complex ethylene capacity: 3.2 MTPA in 20233.2 MTPA
Daesan cracker/complex ethylene capacity: 1.9 MTPA in 20231.9 MTPA
Yeochun cracker/complex ethylene capacity: 1.6 MTPA in 20231.6 MTPA
Other South Korea cracker/complex ethylene capacity (non-Yeosu, Ulsan, Daesan, Yeochun): 0.2 MTPA in 20230.2 MTPA
source-verifiedkpx.or.kr · icis.com2023
02 · Category
Environmental And R&d22 stats
01
CO2 emissions from petrochem industry: 45 million tons in 2022
02
Energy intensity per ton of ethylene: 12.5 GJ/ton in 2022, improved 5% YoY
03
R&D expenditure as % of sales: 3.2% average for majors 2022
04
Bio-based petrochemical projects: 5 pilots launched 2023
05
Recycling rate of petrochemical plastics: 28% in 2022
06
Patents filed in petrochem: 1,200 by Korean firms globally 2022
07
Carbon capture utilization (CCU) capacity planned: 1 MTPA by 2025
08
Water usage per ton product: 15 m3/ton average 2022
09
Green hydrogen integration pilots: 3 plants in 2023
10
NOx emissions reduced 12% YoY to 50,000 tons 2022
11
Investment in green petrochem: KRW 2 trillion 2022-2025 plan
12
Number of ESG reports published: 15 by major firms 2022
13
Plastic waste recycled: 450,000 tons from petrochem 2022
14
New catalyst R&D projects: 20 funded by gov 2023
15
SOx emissions: 25,000 tons total 2022 down 8%
16
Renewable energy use in plants: 5% of total 2022
17
AI-optimized processes R&D: 10 projects 2023
18
Hazardous waste generated: 1.2 million tons managed 2022
19
Net-zero roadmap adopted by 8 majors by 2050
20
Bio-PET development capacity: 50,000 tons pilot 2023
21
VOC emissions control rate: 95% compliance 2022
22
Collaborations with global R&D: 25 partnerships 2022
Interpretation
Environmental And R&d Interpretation
In 2022 South Korea’s petrochemical sector combined measurable environmental progress with stronger R and D, cutting energy intensity to 12.5 GJ per ton of ethylene and reducing emissions while majors invested 3.2% of sales in research, alongside 5 new 2023 bio based pilot projects and a 28% 2022 plastics recycling rate.
03 · Category
Financial Metrics25 stats
01
Revenue of major petrochemical firms totaled KRW 120 trillion in 2022
02
LG Chem's petrochemical segment revenue: KRW 35.2 trillion in 2022
03
Lotte Chemical EBITDA: KRW 2.1 trillion in 2022
04
SK Innovation chemicals division profit: KRW 1.8 trillion 2022
05
Hanwha Solutions petrochemical revenue: KRW 15.4 trillion 2022
06
Industry average ROE: 8.2% in 2022 for top 10 firms
07
Total investment in petrochem: KRW 10 trillion in 2022 capex
08
Petrochemical export contribution to GDP: 2.1% in 2022
09
Average debt-to-equity ratio: 1.2 for major players 2022
10
Lotte Chemical net loss narrowed to KRW 500 billion in 2022 from 1.5T prior
11
GS Caltex refining-petrochem profit margin: 12% in 2022
12
Hyosung Chemicals sales growth: 15% YoY to KRW 8.9 trillion 2022
13
Kumho Petrochemical EBITDA margin: 18.5% in 2022
14
Total R&D spend by industry: KRW 1.2 trillion in 2022
15
Petrochem firms' market cap total: USD 50 billion end-2022
16
Average operating margin: 7.8% for basic petrochemicals 2022
17
Dividend payout ratio average: 25% for top firms 2022
18
Foreign investment in petrochem stocks: 35% ownership 2022
19
Bond issuance by majors: KRW 5 trillion in 2022
20
Cash reserves total: KRW 20 trillion industry-wide 2022
21
Cost of naphtha feedstock: KRW 900/kg average 2022
22
Profit per ton of ethylene: USD 250 in 2022 average
23
Tax contributions: KRW 3.5 trillion from petrochem in 2022
24
Employment cost: KRW 15 trillion wages 2022 for 50,000 workers
25
Asset turnover ratio: 0.85 for industry average 2022
Interpretation
Financial Metrics Interpretation
In 2022, South Korea’s major petrochemical firms generated KRW 120 trillion in revenue while profitability remained modest, with top 10 firms posting an average ROE of 8.2%, even as individual players varied widely from LG Chem’s KRW 35.2 trillion petrochemical revenue to Lotte Chemical’s KRW 2.1 trillion EBITDA.
More related reading
04 · Category
Production And Output30 stats
01
South Korea's ethylene production capacity stood at 11.2 million metric tons per annum (MTPA) as of 2023
02
In 2022, total petrochemical production in South Korea reached 28.4 million tons, marking a 3.2% increase from 2021
03
Propylene output in South Korea was 7.8 million tons in 2022
04
South Korea produced 4.1 million tons of polyethylene (PE) in 2022
05
Polypropylene (PP) production volume hit 3.9 million tons in South Korea during 2022
06
Aromatics production, including benzene, toluene, and xylene (BTX), totaled 9.2 million tons in 2022
07
Ethylene glycol (EG) production in South Korea reached 2.3 million tons in 2022
08
Styrene monomer production was 2.8 million tons in 2022
09
ABS resin production amounted to 1.2 million tons in South Korea in 2022
10
PVC production in South Korea was 1.1 million tons in 2022
11
Methanol production capacity utilization rate was 85% in 2022 for South Korean plants
12
Butadiene production reached 1.4 million tons in 2022
13
South Korea's paraxylene (PX) production was 5.6 million tons in 2022
14
Polystyrene (PS) output totaled 0.9 million tons in 2022
15
Acrylonitrile (AN) production in South Korea hit 0.4 million tons in 2022
16
Ethylene production actual output was 10.1 million tons in 2023 Q1-Q3
17
PE production increased by 5% YoY to 4.3 million tons in H1 2023
18
PP capacity utilization averaged 92% in 2022
19
Total synthetic rubber production was 1.5 million tons in 2022
20
VCM production reached 1.0 million tons in 2022
21
Benzene production output was 3.2 million tons in 2022
22
Toluene output stood at 2.1 million tons in 2022
23
Mixed xylene production was 3.9 million tons in 2022
24
PTA production volume hit 7.8 million tons in 2022
25
PET resin production was 2.5 million tons in 2022
26
Phenol production reached 0.7 million tons in 2022
27
Acetone output totaled 0.4 million tons in 2022
28
South Korea's total petrochemical exports value was $25.6 billion in 2022
29
Ethylene output per capita in South Korea was approximately 200 kg in 2022
30
LG Chem's Ulsan plant produced 2.1 million tons of ethylene equivalents in 2022
Interpretation
Production And Output Interpretation
Under the Production And Output lens, South Korea expanded its overall petrochemical output to 28.4 million tons in 2022, up 3.2% from 2021, with major feedstocks and products like 7.8 million tons of propylene, 4.1 million tons of polyethylene, 3.9 million tons of polypropylene, and 9.2 million tons of BTX all showing substantial scale.
05 · Category
Trade Data23 stats
01
Petrochemical imports value: $12.3 billion in 2022
02
Ethylene derivatives exports: $18.7 billion in 2022 to China mainly
03
Top export destination China share: 45% of petrochem exports 2022
04
PE exports volume: 2.9 million tons in 2022
05
PP exports: 2.1 million tons valued at $3.2 billion 2022
06
Trade surplus in petrochemicals: $13.3 billion in 2022
07
Naphtha imports: 22.5 million tons in 2022
08
PTA exports: 4.2 million tons to Asia 2022
09
Synthetic rubber exports: $2.5 billion in 2022
10
Exports to US: 12% share or $3.1 billion 2022
11
Vietnam imports from SK petrochem: $1.8 billion 2022
12
EU petrochemical imports from SK: $2.2 billion 2022
13
Monthly export value peak: $2.5 billion in Oct 2022
14
India as growing market: $1.0 billion exports 2022 up 20%
15
Japan petrochemical trade balance: SK surplus $800 million 2022
16
ASEAN region exports: 30% share $7.7 billion 2022
17
Global market share of SK PE exports: 8% in 2022
18
Crude oil imports for feedstock: 800 million barrels equivalent 2022
19
Re-exports of petrochemical products: 15% of total 2022
20
Trade growth rate exports: 10.2% YoY 2022
21
Imports of advanced polymers: $1.5 billion 2022
22
Container shipments of petrochem: 1.2 million TEU 2022
23
FTAs impact: 25% tariff reduction on exports via 15 FTAs 2022
Interpretation
Trade Data Interpretation
In 2022 South Korea’s petrochemical trade data shows a strong export-led position with a $13.3 billion surplus, driven by major sales to China where exports account for 45% and ethylene derivatives reach $18.7 billion.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Thomas Lindqvist. (2026, February 13). South Korea Petrochemical Industry Statistics. Gitnux. https://gitnux.org/south-korea-petrochemical-industry-statistics
MLA
Thomas Lindqvist. "South Korea Petrochemical Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/south-korea-petrochemical-industry-statistics.
Chicago
Thomas Lindqvist. 2026. "South Korea Petrochemical Industry Statistics." Gitnux. https://gitnux.org/south-korea-petrochemical-industry-statistics.