Republic of Korea: Abrasives Market 2024

Abrasives Market Size in Republic of Korea

In 2021, after two years of decline, there was significant growth in the South Korean abrasives market, when its value increased by 8.9% to $X. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Abrasives Production in Republic of Korea

In value terms, abrasives production expanded sharply to $X in 2021 estimated in export price. Overall, the total production indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -16.5% against 2018 indices. The pace of growth appeared the most rapid in 2014 with an increase of 68%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Abrasives Exports

Exports from Republic of Korea

In 2021, overseas shipments of abrasives (natural) increased by 47% to X tons, rising for the fifth consecutive year after three years of decline. In general, exports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2019 when exports increased by 157%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, abrasives exports skyrocketed to $X in 2021. Over the period under review, exports showed a buoyant increase. The pace of growth was the most pronounced in 2019 with an increase of 64%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

China (X tons) was the main destination for abrasives exports from South Korea, with a 93% share of total exports. Moreover, abrasives exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to China totaled +15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+22.5% per year) and the United Arab Emirates (+45.7% per year).

In value terms, China ($X) remains the key foreign market for abrasives (natural) exports from South Korea, comprising 77% of total exports. The second position in the ranking was held by Vietnam ($X), with a 16% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+6.1% per year) and the United Arab Emirates (+35.4% per year).

Export Prices by Country

The average abrasives export price stood at $X per ton in 2021, with a decrease of -4.8% against the previous year. In general, the export price showed a abrupt downturn. The most prominent rate of growth was recorded in 2016 an increase of 30%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Vietnam ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Angola (+19.4%), while the prices for the other major destinations experienced a decline.

Abrasives Imports

Imports into Republic of Korea

In 2021, purchases abroad of abrasives (natural) increased by 5.7% to X tons for the first time since 2016, thus ending a four-year declining trend. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when imports increased by 32%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, abrasives imports expanded remarkably to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when imports increased by 23% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X tons), Japan (X tons) and Indonesia (X tons) were the main suppliers of abrasives imports to South Korea, together comprising 88% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +14.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest abrasives suppliers to South Korea were China ($X), Japan ($X) and Indonesia ($X), with a combined 83% share of total imports.

China, with a CAGR of +14.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average abrasives import price amounted to $X per ton, increasing by 5.6% against the previous year. Overall, the import price, however, showed a slight curtailment. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+3.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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