Republic of Korea: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Republic of Korea

For the third year in a row, the South Korean carboxylic acid market recorded decline in sales value, which decreased by -19.4% to $X in 2021. Over the period under review, consumption recorded a slight decline. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Carboxylic Acid Production in Republic of Korea

In value terms, carboxylic acid production rose notably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when the production volume increased by 43% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Carboxylic Acid Exports

Exports from Republic of Korea

In 2021, approx. X tons of carboxylic acid with alcohol, phenol, aldehyde or ketone functions were exported from South Korea; jumping by 63% against 2020 figures. In general, exports showed a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, carboxylic acid exports surged to $X in 2021. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +9.3% 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 +87.6% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), China (X tons) and Belgium (X tons) were the main destinations of carboxylic acid exports from South Korea, together comprising 37% of total exports. Japan, Singapore, Taiwan (Chinese), the United Arab Emirates, the UK, Brazil, Saudi Arabia, Indonesia, Vietnam and India lagged somewhat behind, together comprising a further 27%.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +46.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for carboxylic acid exported from South Korea were Japan ($X), China ($X) and the United States ($X), together accounting for 37% of total exports. These countries were followed by Belgium, India, Singapore, Vietnam, the United Arab Emirates, Taiwan (Chinese), Brazil, Saudi Arabia, the UK and Indonesia, which together accounted for a further 24%.

Among the main countries of destination, the United Arab Emirates, with a CAGR of +47.4%, saw 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 carboxylic acid export price amounted to $X per ton, stabilizing at the previous year. Overall, the export price, however, continues to indicate a mild downturn. The most prominent rate of growth was recorded in 2016 an increase of 10% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, 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 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+0.8%), while the prices for the other major destinations experienced mixed trend patterns.

Carboxylic Acid Imports

Imports into Republic of Korea

In 2021, carboxylic acid imports into South Korea skyrocketed to X tons, growing by 25% on 2020. Overall, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +36.3% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 31% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, carboxylic acid imports surged to $X in 2021. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.2% 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 increased by +39.3% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 24%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), Japan (X tons) and the Netherlands (X tons) were the main suppliers of carboxylic acid imports to South Korea, with a combined 80% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +15.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and the Netherlands ($X) constituted the largest carboxylic acid suppliers to South Korea, together accounting for 73% of total imports.

The Netherlands, with a CAGR of +9.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average carboxylic acid import price amounted to $X per ton, declining by -3.3% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 17%. Over the period under review, average import prices hit record highs 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 the United States ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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