Republic of Korea: Chlorosulphuric Acid Market 2024

Chlorosulphuric Acid Market Size in Republic of Korea

The South Korean chlorosulphuric acid market stood at $X in 2022, surging by 1.6% against the previous year. In general, consumption saw a significant increase. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Chlorosulphuric Acid Production in Republic of Korea

In value terms, chlorosulphuric acid production rose to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 14% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Chlorosulphuric Acid Exports

Exports from Republic of Korea

In 2022, shipments abroad of chlorosulphuric acid was finally on the rise to reach X tons after nine years of decline. Over the period under review, exports, however, recorded a sharp contraction. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, chlorosulphuric acid exports fell modestly to $X in 2022. In general, exports, however, recorded a sharp decline. The pace of growth was the most pronounced in 2021 when exports increased by 5.7% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Nicaragua (X tons) was the main destination for chlorosulphuric acid exports from South Korea, with a 74% share of total exports. Moreover, chlorosulphuric acid exports to Nicaragua exceeded the volume sent to the second major destination, the Philippines (X tons), fourfold. Indonesia (X kg) ranked third in terms of total exports with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Nicaragua was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-18.1% per year) and Indonesia (+28.5% per year).

In value terms, Nicaragua ($X) emerged as the key foreign market for chlorosulphuric acid exports from South Korea, comprising 60% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 16% share of total exports. It was followed by Indonesia, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Nicaragua was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-16.3% per year) and Indonesia (+9.3% per year).

Export Prices by Country

The average chlorosulphuric acid export price stood at $X per ton in 2022, falling by -5.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2021 when the average export price increased by 19% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+2.2%), while the prices for the other major destinations experienced a decline.

Chlorosulphuric Acid Imports

Imports into Republic of Korea

Chlorosulphuric acid imports into South Korea soared to X tons in 2022, increasing by 123% against 2021 figures. Over the period under review, imports enjoyed a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 164% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, chlorosulphuric acid imports soared to $X in 2022. Overall, imports continue to indicate noticeable growth. The most prominent rate of growth was recorded in 2014 with an increase of 343% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest chlorosulphuric acid supplier to South Korea, with a 90% share of total imports. Moreover, chlorosulphuric acid imports from the United States exceeded the figures recorded by the second-largest supplier, Switzerland (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +16.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+30.0% per year) and Japan (+3.2% per year).

In value terms, the United States ($X), Japan ($X) and Switzerland ($X) appeared to be the largest chlorosulphuric acid suppliers to South Korea, with a combined 99.9% share of total imports.

Among the main suppliers, Switzerland, with a CAGR of +27.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average chlorosulphuric acid import price amounted to $X per ton, falling by -33.1% against the previous year. In general, the import price showed a abrupt decrease. The most prominent rate of growth was recorded in 2014 when the average import price increased by 68% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (-1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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