Republic of Korea: Chromates Market 2024

Chromates Market Size in Republic of Korea

In 2022, the South Korean chromates market increased by 2.7% to $X, rising for the second year in a row after three years of decline. In general, consumption continues to indicate a abrupt decline. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Chromates Exports

Exports from Republic of Korea

In 2022, overseas shipments of chromates, dichromates and peroxochromates decreased by -36.7% to X tons, falling for the sixth year in a row after five years of growth. Over the period under review, exports recorded a drastic downturn. The pace of growth appeared the most rapid in 2016 when exports increased by 43% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, chromates exports totaled $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when exports increased by 37%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for chromates exports from South Korea, with a 78% share of total exports. Moreover, chromates exports to Japan exceeded the volume sent to the second major destination, Vietnam (X tons), sixfold. The third position in this ranking was held by Malaysia (X tons), with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled -4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-6.6% per year) and Malaysia (-4.6% per year).

In value terms, Japan ($X) remains the key foreign market for chromates, dichromates and peroxochromates exports from South Korea, comprising 61% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 22% share of total exports. It was followed by Vietnam, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+38.6% per year) and Vietnam (-2.2% per year).

Export Prices by Country

The average chromates export price stood at $X per ton in 2022, with an increase of 58% against the previous year. Over the period under review, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chromates export price increased by +106.3% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to China ($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 Indonesia (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

Chromates Imports

Imports into Republic of Korea

In 2022, approx. X tons of chromates, dichromates and peroxochromates were imported into South Korea; falling by -26.6% compared with the previous year's figure. In general, imports faced a drastic downturn. The pace of growth was the most pronounced in 2013 when imports increased by 19%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, chromates imports expanded significantly to $X in 2022. Overall, imports recorded a deep downturn. The growth pace was the most rapid in 2017 when imports increased by 12% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), the United States (X tons) and Kazakhstan (X tons) were the main suppliers of chromates imports to South Korea, together comprising 87% of total imports. India, Russia and Japan lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +35.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Kazakhstan ($X) appeared to be the largest chromates suppliers to South Korea, together comprising 85% of total imports. India, Japan and Russia lagged somewhat behind, together comprising a further 14%.

In terms of the main suppliers, India, with a CAGR of +23.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chromates import price stood at $X per ton in 2022, with an increase of 46% against the previous year. Overall, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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