Republic of Korea: Artificial Corundum Market 2024

Artificial Corundum Market Size in Republic of Korea

In 2021, the South Korean artificial corundum market increased by 15% to $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Artificial Corundum Production in Republic of Korea

In value terms, artificial corundum production fell significantly to $X in 2021 estimated in export price. Over the period under review, production faced a precipitous curtailment. Artificial corundum production peaked at $X in 2020, and then contracted remarkably in the following year.

Artificial Corundum Exports

Exports from Republic of Korea

In 2021, after two years of decline, there was significant growth in shipments abroad of artificial corundum, when their volume increased by 93% to X tons. Over the period under review, exports enjoyed resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, artificial corundum exports soared to $X in 2021. In general, exports enjoyed a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for artificial corundum exports from South Korea, with a 44% share of total exports. Moreover, artificial corundum exports to Japan exceeded the volume sent to the second major destination, Indonesia (X tons), threefold. China (X tons) ranked third in terms of total exports with a 7.4% share.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+29.5% per year) and China (+32.5% per year).

In value terms, Japan ($X) remains the key foreign market for artificial corundum exports from South Korea, comprising 41% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 16% share of total exports. It was followed by China, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at +22.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+58.5% per year) and China (+33.1% per year).

Export Prices by Country

The average artificial corundum export price stood at $X per ton in 2021, which is down by -8.5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +4.0%. The most prominent rate of growth was recorded in 2013 an increase of 30%. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Thailand ($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 Indonesia (+22.4%), while the prices for the other major destinations experienced more modest paces of growth.

Artificial Corundum Imports

Imports into Republic of Korea

In 2021, overseas purchases of artificial corundum were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 28% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, artificial corundum imports soared to $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the main artificial corundum supplier to South Korea, with a 91% share of total imports. Moreover, artificial corundum imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest.

In value terms, China ($X) constituted the largest supplier of artificial corundum to South Korea, comprising 78% of total imports. The second position in the ranking was held by Japan ($X), with a 16% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China was relatively modest.

Import Prices by Country

In 2021, the average artificial corundum import price amounted to $X per ton, with an increase of 8% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 18% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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 China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.4%).

Source: IndexBox Platform

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