Republic of Korea: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Republic of Korea

The South Korean monocarboxylic acid market totaled $X in 2022, surging by 9.5% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. Monocarboxylic acid consumption peaked in 2022 and is likely to see gradual growth in the near future.

Monocarboxylic Acid Production in Republic of Korea

In value terms, monocarboxylic acid production expanded sharply to $X in 2022 estimated in export price. In general, production, however, recorded a slight slump. The most prominent rate of growth was recorded in 2013 when the production volume increased by 86%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Monocarboxylic Acid Exports

Exports from Republic of Korea

In 2022, the amount of acrylic acid and its salts and other monocarboxylic acid exported from South Korea surged to X tons, increasing by 40% compared with the year before. Overall, exports recorded a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 183% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, monocarboxylic acid exports expanded slightly to $X in 2022. In general, exports posted a strong expansion. The pace of growth was the most pronounced in 2013 when exports increased by 141%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons), India (X tons) and Thailand (X tons) were the main destinations of monocarboxylic acid exports from South Korea, together accounting for 75% of total exports. The UK, France, Egypt, Taiwan (Chinese), Japan, the United States and Turkey lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +199.6%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Japan ($X) were the largest markets for monocarboxylic acid exported from South Korea worldwide, together accounting for 58% of total exports. The UK, the United States, Thailand, France, Egypt, Taiwan (Chinese) and Turkey lagged somewhat behind, together accounting for a further 37%.

Among the main countries of destination, France, with a CAGR of +185.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average monocarboxylic acid export price amounted to $X per ton, shrinking by -27.1% against the previous year. Over the period under review, the export price recorded a slight descent. The pace of growth appeared the most rapid in 2021 an increase of 78% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank markedly in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+16.5%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Republic of Korea

In 2022, overseas purchases of acrylic acid and its salts and other monocarboxylic acid increased by 2% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports saw a pronounced increase. The growth pace was the most rapid in 2014 with an increase of 139% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, monocarboxylic acid imports soared to $X in 2022. In general, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2014 with an increase of 69% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Japan (X tons), China (X tons) and India (X tons) were the main suppliers of monocarboxylic acid imports to South Korea, together accounting for 94% of total imports. The United States and Malaysia lagged somewhat behind, together comprising a further 5.1%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +20.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to South Korea, comprising 51% of total imports. The second position in the ranking was taken by China ($X), with a 25% share of total imports. It was followed by Japan, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from India totaled +17.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.6% per year) and Japan (+2.6% per year).

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, jumping by 24% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid import price increased by +81.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 41% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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