Republic of Korea: Market for Bromides And Bromide Oxides, Iodides And Iodide Oxides 2024

Market Size for Bromides And Bromide Oxides, Iodides And Iodide Oxides in Republic of Korea

In 2021, the South Korean market for bromides and bromide oxides, iodides and iodide oxides increased by 3.7% to $X, rising for the fourth consecutive year after three years of decline. In general, the total consumption indicated a noticeable expansion 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, consumption increased by +72.8% against 2017 indices. Bromides, iodides and oxids thereof consumption peaked in 2021 and is likely to see steady growth in years to come.

Production of Bromides And Bromide Oxides, Iodides And Iodide Oxides in Republic of Korea

In value terms, bromides, iodides and oxids thereof production surged to $X in 2021 estimated in export price. In general, production, however, recorded a mild contraction. The most prominent rate of growth was recorded in 2018 with an increase of 194% against the previous year. Bromides, iodides and oxids thereof production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Bromides And Bromide Oxides, Iodides And Iodide Oxides

Exports from Republic of Korea

After two years of decline, overseas shipments of bromides and bromide oxides, iodides and iodide oxides increased by 21% to X tons in 2021. Over the period under review, total exports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -36.2% against 2018 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 75%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, bromides, iodides and oxids thereof exports soared to $X in 2021. Overall, exports posted a moderate increase. The pace of growth appeared the most rapid in 2013 when exports increased by 80% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for bromides, iodides and oxids thereof exports from South Korea, with a 66% share of total exports. Moreover, bromides, iodides and oxids thereof exports to Japan exceeded the volume sent to the second major destination, China (X tons), fourfold. The third position in this ranking was held by India (X tons), with a 4.6% share.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to +8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+1.1% per year) and India (-0.3% per year).

In value terms, Japan ($X), China ($X) and the United States ($X) were the largest markets for bromides, iodides and oxids thereof exported from South Korea worldwide, with a combined 73% share of total exports.

The United States, with a CAGR of +39.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for bromides and bromide oxides, iodides and iodide oxides stood at $X per ton in 2021, growing by 4.9% against the previous year. Over the period under review, the export price, however, continues to indicate a mild decline. The most prominent rate of growth was recorded in 2014 when the average export price increased by 17%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Japan ($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 the Philippines (+11.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Bromides And Bromide Oxides, Iodides And Iodide Oxides

Imports into Republic of Korea

In 2021, purchases abroad of bromides and bromide oxides, iodides and iodide oxides decreased by -4.8% to X tons, falling for the second consecutive year after four years of growth. In general, total imports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -13.7% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 20%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, bromides, iodides and oxids thereof imports rose markedly to $X in 2021. Overall, imports continue to indicate a perceptible downturn. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest bromides, iodides and oxids thereof supplier to South Korea, accounting for a 44% share of total imports. Moreover, bromides, iodides and oxids thereof imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The United States (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Japan amounted to +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+20.8% per year) and the United States (+25.5% per year).

In value terms, Japan ($X) constituted the largest supplier of bromides and bromide oxides, iodides and iodide oxides to South Korea, comprising 53% of total imports. The second position in the ranking was held by the United States ($X), with a 12% share of total imports. It was followed by China, with a 9.3% share.

From 2012 to 2021, the average annual growth rate of value from Japan stood at +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+17.2% per year) and China (+12.0% per year).

Import Prices by Country

In 2021, the average import price for bromides and bromide oxides, iodides and iodide oxides amounted to $X per ton, with an increase of 13% against the previous year. Over the period under review, the import price, however, showed a deep downturn. The pace of growth appeared the most rapid in 2020 an increase of 17% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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