Republic of Korea: Chlorides Market 2024

Chlorides Market Size in Republic of Korea

The South Korean chlorides market skyrocketed to $X in 2021, rising by 29% against the previous year. In general, consumption enjoyed a remarkable increase. Over the period under review, the market hit record highs in 2021 and is likely to see steady growth in the immediate term.

Chlorides Production in Republic of Korea

In value terms, chlorides production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 332%. Over the period under review, production attained the peak level at $X in 2020, and then reduced in the following year.

Chlorides Exports

Exports from Republic of Korea

After two years of growth, shipments abroad of chlorides (excluding ammonium chloride) decreased by -10.9% to X tons in 2021. Overall, total exports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +3.7% 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 +19.0% against 2017 indices. The pace of growth was the most pronounced in 2014 when exports increased by 88% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, chlorides exports soared to $X in 2021. In general, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 37% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons), the UK (X tons) and Indonesia (X tons) were the main destinations of chlorides exports from South Korea, together accounting for 52% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +41.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chlorides exported from South Korea were China ($X), the United States ($X) and the UK ($X), together comprising 62% of total exports.

China, with a CAGR of +27.6%, saw the highest rates of growth with regard to the value of exports, among 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

In 2021, the average chlorides export price amounted to $X per ton, surging by 35% against the previous year. In general, export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when the average export price increased by 38% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Indonesia ($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 Vietnam (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Chlorides Imports

Imports into Republic of Korea

In 2021, purchases abroad of chlorides (excluding ammonium chloride) was finally on the rise to reach X tons after two years of decline. Over the period under review, imports showed a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, chlorides imports skyrocketed to $X in 2021. Overall, imports saw a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of 84%. Imports peaked in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest chlorides supplier to South Korea, accounting for a 72% share of total imports. Moreover, chlorides imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), sixfold. The third position in this ranking was taken by France (X tons), with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.2% per year) and France (+1.7% per year).

In value terms, China ($X) constituted the largest supplier of chlorides (excluding ammonium chloride) to South Korea, comprising 65% of total imports. The second position in the ranking was taken by the United States ($X), with a 15% share of total imports. It was followed by France, with a 7% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+22.0% per year) and France (+12.4% per year).

Import Prices by Country

In 2021, the average chlorides import price amounted to $X per ton, waning by -12.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.2%. The growth pace was the most rapid in 2019 an increase of 26% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2020, and then dropped in the following year.

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 the United States ($X per ton), while the price for the Czech Republic ($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 (+26.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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