Republic of Korea: Acetic Acid Market 2024

Acetic Acid Market Size in Republic of Korea

The South Korean acetic acid market skyrocketed to $X in 2021, surging by 138% against the previous year. Overall, consumption continues to indicate a strong expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Acetic Acid Production in Republic of Korea

In value terms, acetic acid production contracted to $X in 2021 estimated in export price. In general, the total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +19.1% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 38% against the previous year. Acetic acid production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Acetic Acid Exports

Exports from Republic of Korea

In 2021, overseas shipments of acetic acid increased by 3.9% to X tons, rising for the second year in a row after three years of decline. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +31.6% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 40% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, acetic acid exports surged to $X in 2021. In general, total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when exports increased by 44%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in years to come.

Exports by Country

Japan (X tons) was the main destination for acetic acid exports from South Korea, accounting for a 51% share of total exports. Moreover, acetic acid exports to Japan exceeded the volume sent to the second major destination, Pakistan (X tons), eightfold. The third position in this ranking was held by Vietnam (X tons), with a 5.5% share.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled +10.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+21.1% per year) and Vietnam (+10.5% per year).

In value terms, Japan ($X) remains the key foreign market for acetic acid exports from South Korea, comprising 38% of total exports. The second position in the ranking was taken by Bangladesh ($X), with a 6.3% share of total exports. It was followed by Vietnam, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan totaled +9.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+3.6% per year) and Vietnam (+8.2% per year).

Export Prices by Country

In 2021, the average acetic acid export price amounted to $X per ton, jumping by 37% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 58% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to India ($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 Thailand (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

Acetic Acid Imports

Imports into Republic of Korea

In 2021, acetic acid imports into South Korea surged to X tons, growing by 225% on 2020. Over the period under review, imports recorded a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, acetic acid imports soared to $X in 2021. In general, imports continue to indicate a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of acetic acid to South Korea, with a 80% share of total imports. Moreover, acetic acid imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), ninefold. Japan (X tons) ranked third in terms of total imports with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +20.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+16.2% per year) and Japan (-9.0% per year).

In value terms, China ($X) constituted the largest supplier of acetic acid to South Korea, comprising 78% of total imports. The second position in the ranking was held by Malaysia ($X), with a 12% share of total imports. It was followed by Japan, with a 6% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +23.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+31.1% per year) and Japan (-8.6% per year).

Import Prices by Country

The average acetic acid import price stood at $X per ton in 2021, rising by 51% against the previous year. Overall, import price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the average import price increased by 66% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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