Asia: Chromates Market 2024

Chromates Market Size in Asia

The Asian chromates market soared to $X in 2022, rising by 65% against the previous year. The total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Chromates Production in Asia

In value terms, chromates production declined to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 45%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Chromates Exports

Exports in Asia

In 2022, approx. X tons of chromates, dichromates and peroxochromates were exported in Asia; dropping by -59% on the year before. Over the period under review, exports recorded a perceptible setback. The most prominent rate of growth was recorded in 2016 with an increase of 147% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, chromates exports shrank notably to $X in 2022. Overall, exports showed a noticeable shrinkage. The pace of growth appeared the most rapid in 2016 when exports increased by 93%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Kazakhstan was the main exporting country with an export of about X tons, which resulted at 74% of total exports. China (X tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by India (8.3%). South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to chromates exports from Kazakhstan stood at -4.2%. At the same time, China (+2.5%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia, with a CAGR of +2.5% from 2012-2022. By contrast, India (-2.0%) and South Korea (-5.4%) illustrated a downward trend over the same period. While the share of China (+5.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Kazakhstan (-6.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) remains the largest chromates supplier in Asia, comprising 56% of total exports. The second position in the ranking was held by China ($X), with a 19% share of total exports. It was followed by India, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Kazakhstan stood at -5.4%. The remaining exporting countries recorded the following average annual rates of exports growth: China (+1.4% per year) and India (-1.4% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, picking up by 33% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.6%), while the other leaders experienced mixed trends in the export price figures.

Chromates Imports

Imports in Asia

In 2022, the amount of chromates, dichromates and peroxochromates imported in Asia reduced sharply to X tons, shrinking by -23.7% against the previous year. In general, imports showed a perceptible downturn. The growth pace was the most rapid in 2016 with an increase of 34%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, chromates imports fell to $X in 2022. Overall, imports showed a perceptible contraction. The pace of growth appeared the most rapid in 2017 with an increase of 19%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan represented the largest importer of chromates, dichromates and peroxochromates in Asia, with the volume of imports recording X tons, which was near 40% of total imports in 2022. China (X tons) took a 23% share (based on physical terms) of total imports, which put it in second place, followed by India (15%) and Thailand (11%). South Korea (X tons) and Indonesia (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Thailand (with a CAGR of +3.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported chromates, dichromates and peroxochromates in Asia, comprising 41% of total imports. The second position in the ranking was held by China ($X), with a 20% share of total imports. It was followed by India, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan amounted to -1.1%. The remaining importing countries recorded the following average annual rates of imports growth: China (-3.2% per year) and India (-4.2% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, rising by 22% against the previous year. Overall, the import price, however, saw a slight descent. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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