Republic of Korea: Aluminium Foil Market 2024

Aluminium Foil Market Size in Republic of Korea

The South Korean aluminium foil market fell to $X in 2022, dropping by -5.8% against the previous year. Overall, consumption, however, enjoyed prominent growth. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Aluminium Foil Production in Republic of Korea

In value terms, aluminium foil production contracted to $X in 2022 estimated in export price. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.7% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 37% against the previous year. Aluminium foil production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Aluminium Foil Exports

Exports from Republic of Korea

For the third consecutive year, South Korea recorded growth in overseas shipments of aluminium foil, which increased by 6.5% to X tons in 2022. In general, total exports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +54.3% against 2014 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 14%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, aluminium foil exports skyrocketed to $X in 2022. Overall, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +49.0% against 2018 indices. The growth pace was the most rapid in 2021 when exports increased by 31% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for aluminium foil exports from South Korea, with a 41% share of total exports. Moreover, aluminium foil exports to the United States exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was taken by Poland (X tons), with a 7% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +32.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+7.3% per year) and Poland (+114.6% per year).

In value terms, the United States ($X), China ($X) and Poland ($X) were the largest markets for aluminium foil exported from South Korea worldwide, with a combined 62% share of total exports.

Among the main countries of destination, Poland, with a CAGR of +109.6%, 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 aluminium foil export price amounted to $X per ton, growing by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 19%. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Turkey ($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 Malaysia (+7.4%), while the prices for the other major destinations experienced more modest paces of growth.

Aluminium Foil Imports

Imports into Republic of Korea

In 2022, purchases abroad of aluminium foil decreased by -1.2% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, saw a buoyant expansion. The pace of growth was the most pronounced in 2018 with an increase of 26% against the previous year. Imports peaked at X tons in 2021, and then shrank modestly in the following year.

In value terms, aluminium foil imports stood at $X in 2022. Over the period under review, imports, however, recorded resilient growth. The pace of growth was the most pronounced in 2021 when imports increased by 32%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, China (X tons) was the main supplier of aluminium foil to South Korea, with a 92% share of total imports. It was followed by Japan (X tons), with a 2.3% share of total imports. Germany (X tons) ranked third in terms of total imports with a 1.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-0.8% per year) and Germany (-5.6% per year).

In value terms, China ($X) constituted the largest supplier of aluminium foil to South Korea, comprising 84% of total imports. The second position in the ranking was held by Japan ($X), with an 8.6% share of total imports. It was followed by Germany, with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.3% per year) and Germany (-1.0% per year).

Import Prices by Country

In 2022, the average aluminium foil import price amounted to $X per ton, picking up by 15% against the previous year. In general, the import price, however, continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2021 an increase of 17% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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