Gitnux/Report 2026

South Korea Petrochemical Industry Statistics

South Korea still ranks among the global ethylene leaders with 11.2 MTPA capacity in 2023 and a cluster footprint that concentrates scale, including Yeosu holding about 25% of national petrochemical capacity, yet utilization and feedstock economics quietly decide who stays profitable as margins and emissions targets tighten. Use this page to connect capacity, production, trade, and sustainability signals such as 45 million tons of petrochemical CO2 in 2022 and a 2022 export surplus of $13.3 billion, and understand where capacity additions like the planned 0.5 MTPA ethylene by 2025 at Seosan could shift the next competitive balance.
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South Korea Petrochemical Industry Statistics
Thomas LindqvistWritten by Thomas Lindqvist·Edited by Rachel Svensson·Fact-checked by Astrid Bergmann
Last verified Jun 18, 2026
Verified via a 4-step process
01Source

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

02Verify

Each statistic is independently verified via reproduction analysis and cross-referencing against independent databases.

03Grade

Figures are graded by cross-model consensus. Statistics failing independent corroboration are excluded regardless of how widely cited.

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Statistics that fail independent corroboration are excluded.

Next review Dec 2026
South Korea’s petrochemical industry operates the world’s fourth-largest ethylene capacity at 11.2 million metric tons annually. Major firms generated KRW 120 trillion in revenue last year, while industry exports created a trade surplus of $13.3 billion.

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 petrochemical growth in 2023 with 11.2 MTPA ethylene capacity and strong export demand.

Related reading

01 · Category

Capacity and Plants26 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
Interpretation

Capacity and Plants Interpretation

While proudly holding the world's fourth-largest ethylene capacity, South Korea's petrochemical giants are strategically expanding their industrial fortresses from Yeosu to Ulsan, ensuring every cracker and complex operates near full throttle to feed a vast and intricate web of derivative production.

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

While South Korea's petrochemical industry pumps out a hefty 45 million tons of CO2, the 5% yearly improvement in energy efficiency, the scramble for patents and green hydrogen pilots, and even the 28% plastic recycling rate suggest it's not just blowing hot air but is seriously, if awkwardly, trying to pivot from a fossil-fueled giant into a more circular contortionist.

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

South Korea's petrochemical giants, while generating mountainous revenues of KRW 120 trillion, are essentially running a high-stakes, capital-intensive marathon where even the top players, like LG Chem and Hanwha Solutions, must sweat out thin average margins and hefty investments just to stay in place and pay their sizable workforce.

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

South Korea's petrochemical industry is not just running, it's practically sprinting at a world-class pace, producing a dizzying array of plastics and chemicals at staggering volumes to power modern life, all while dancing on the razor's edge of global market volatility.

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

South Korea acts as the world's high-stakes chemical middleman, refining vast imports of crude and naphtha into a torrent of plastics and polymers, cleverly turning a massive trade surplus by selling a staggering 45% of it to a single, voracious customer next door.
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.

Sources & references

56 datasets cited across this report · attribution is report-level

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