Republic of Korea: Carbonate Market 2025

Carbonate Market Size in Republic of Korea

After two years of decline, the South Korean carbonate market increased by 19% to $X in 2021. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Carbonate consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Carbonate Production in Republic of Korea

In value terms, carbonate production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, faced a abrupt contraction. The pace of growth appeared the most rapid in 2017 with an increase of 25%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Carbonate Exports

Exports from Republic of Korea

Carbonate exports from South Korea expanded notably to X tons in 2021, with an increase of 8.5% compared with the previous year's figure. In general, total exports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +4.8% 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 +54.3% against 2013 indices. The pace of growth appeared the most rapid in 2019 when exports increased by 13% against the previous year. The exports peaked in 2021 and are likely to continue growth in the near future.

In value terms, carbonate exports expanded significantly to $X in 2021. Over the period under review, total exports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +46.8% against 2016 indices. The pace of growth appeared the most rapid in 2017 with an increase of 40%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

India (X tons), Turkey (X tons) and the United States (X tons) were the main destinations of carbonate exports from South Korea, together comprising 30% of total exports. Japan, Indonesia, Malaysia, Vietnam, Spain, Australia, Italy, China, Germany and the Netherlands lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +22.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for carbonate exported from South Korea were India ($X), China ($X) and Japan ($X), with a combined 32% share of total exports. The United States, Malaysia, Turkey, Indonesia, Vietnam, Australia, Spain, Italy, Germany and the Netherlands lagged somewhat behind, together comprising a further 40%.

Among the main countries of destination, Italy, with a CAGR of +26.2%, 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 2021, the average carbonate export price amounted to $X per ton, approximately reflecting the previous year. Overall, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by 38%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the Netherlands ($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 China (+14.5%), while the prices for the other major destinations experienced mixed trend patterns.

Carbonate Imports

Imports into Republic of Korea

In 2021, the amount of carbonates and peroxocarbonates imported into South Korea rose to X tons, surging by 3.3% compared with the previous year. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 9.9%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, carbonate imports skyrocketed to $X in 2021. In general, imports saw prominent growth. The pace of growth appeared the most rapid in 2018 when imports increased by 45% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), the United States (X tons) and Turkey (X tons) were the main suppliers of carbonate imports to South Korea, with a combined 88% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +70.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X) constituted the largest supplier of carbonates and peroxocarbonates to South Korea, comprising 57% of total imports. The second position in the ranking was taken by China ($X), with a 17% share of total imports. It was followed by the United States, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Chile stood at +21.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.2% per year) and the United States (+1.9% per year).

Import Prices by Country

In 2021, the average carbonate import price amounted to $X per ton, rising by 18% against the previous year. Over the period under review, the import price showed a resilient increase. The pace of growth appeared the most rapid in 2018 an increase of 44%. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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