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Korea is one of the world's top five chemical industry powers, holding a broad chemical product portfolio ranging from petrochemical-based raw materials to fine chemicals, functional materials, and specialty chemicals. Based on the R&D achievements of the Korea Research Institute of Chemical Technology (KRICT) and world-class manufacturing infrastructure, global competitiveness is rapidly strengthening in high-value-added fine chemical sectors such as specialty gases for semiconductors, battery materials, and high-performance coatings.
Key Summary
The global chemical market was approximately $5.5 trillion in 2023, maintaining stable annual average growth of 4.2% and projected to reach approximately $6.7 trillion by 2028. Korea's chemical product exports were approximately $49 billion in 2023, accounting for about 9% of total exports as a major export industry. Major export countries are China (30%), US (12%), India (8%), Vietnam (7%), and Japan (6%), in that order, with basic petrochemical products such as synthetic resins and synthetic rubber accounting for approximately 55% of total chemical exports. Demand for secondary battery materials (cathode precursors, electrolytes, separators) and specialty chemicals for semiconductor processes is rapidly increasing with battery and EV industry growth, driving high-value-added chemical exports. Amid global chemical supply chain restructuring and the trend of diversifying away from China dependence, Korean chemical companies have increasing opportunities to expand exports to the US and Europe.
Market Overview
The global chemical market was approximately $5.5 trillion in 2023, maintaining stable annual average growth of 4.2% and projected to reach approximately $6.7 trillion by 2028. Korea's chemical product exports were approximately $49 billion in 2023, accounting for about 9% of total exports as a major export industry. Major export countries are China (30%), US (12%), India (8%), Vietnam (7%), and Japan (6%), in that order, with basic petrochemical products such as synthetic resins and synthetic rubber accounting for approximately 55% of total chemical exports. Demand for secondary battery materials (cathode precursors, electrolytes, separators) and specialty chemicals for semiconductor processes is rapidly increasing with battery and EV industry growth, driving high-value-added chemical exports. Amid global chemical supply chain restructuring and the trend of diversifying away from China dependence, Korean chemical companies have increasing opportunities to expand exports to the US and Europe.
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