Eastern Asia: Chromates Market 2024

Chromates Market Size in Eastern Asia

The East Asian chromates market was finally on the rise to reach $X in 2022, after two years of decline. Over the period under review, consumption, however, saw a noticeable slump. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Chromates Production in Eastern Asia

In value terms, chromates production contracted rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 8,156%. 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 Eastern Asia

In 2022, after two years of decline, there was significant growth in shipments abroad of chromates, dichromates and peroxochromates, when their volume increased by 19% to X tons. Overall, exports saw a relatively flat trend pattern. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, chromates exports surged to $X in 2022. In general, exports showed a relatively flat trend pattern. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, China (X tons) was the largest exporter of chromates, dichromates and peroxochromates, constituting 80% of total exports. South Korea (X tons) held the second position in the ranking, followed by Japan (X tons). All these countries together took near 18% share of total exports. Taiwan (Chinese) (X tons) took a relatively small share of total exports.

China was also the fastest-growing in terms of the chromates, dichromates and peroxochromates exports, with a CAGR of +2.5% from 2012 to 2022. Japan experienced a relatively flat trend pattern. South Korea (-5.4%) and Taiwan (Chinese) (-6.5%) illustrated a downward trend over the same period. China (+14 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) and South Korea saw its share reduced by -1.9% and -9.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest chromates supplier in Eastern Asia, comprising 67% of total exports. The second position in the ranking was held by South Korea ($X), with a 23% share of total exports. It was followed by Japan, with a 7.4% share.

In China, chromates exports expanded at an average annual rate of +1.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+0.9% per year) and Japan (-4.8% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, remaining constant against the previous year. Overall, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by 15% against the previous year. Over the period under review, the export prices reached the maximum 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 ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+6.8%), while the other leaders experienced mixed trends in the export price figures.

Chromates Imports

Imports in Eastern Asia

In 2022, chromates imports in Eastern Asia surged to X tons, with an increase of 22% against 2021 figures. Over the period under review, imports, however, showed a noticeable descent. The most prominent rate of growth was recorded in 2020 when imports increased by 46%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, chromates imports soared to $X in 2022. In general, imports, however, recorded a noticeable decrease. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Japan was the key importing country with an import of about X tons, which resulted at 60% of total imports. China (X tons) took the second position in the ranking, distantly followed by South Korea (X tons). All these countries together took near 39% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Japan (with a CAGR of +0.2%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, Japan ($X) constitutes the largest market for imported chromates, dichromates and peroxochromates in Eastern Asia, comprising 61% of total imports. The second position in the ranking was taken by China ($X), with a 30% share of total imports.

In Japan, chromates imports declined by an average annual rate of -1.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (-3.2% per year) and South Korea (-7.3% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, growing by 4.5% against the previous year. Over the period under review, the import price, however, showed a slight contraction. The most prominent rate of growth was recorded in 2019 an increase of 25%. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the import prices remained at a somewhat 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 ($X per ton), while China ($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 a decline in the import price figures.

Source: IndexBox Platform

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