Republic of Korea: Market for Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals 2024

Market Size for Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals in Republic of Korea

The South Korean compounds of rare-earth metals market expanded sharply to $X in 2022, with an increase of X% against the previous year. Overall, consumption continues to indicate a prominent increase. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals in Republic of Korea

In value terms, compounds of rare-earth metals production rose markedly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals

Exports from Republic of Korea

In 2022, exports of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals from South Korea dropped significantly to X tons, declining by X% on the year before. In general, exports saw a perceptible slump. The pace of growth was the most pronounced in 2015 when exports increased by X%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, compounds of rare-earth metals exports reduced to $X in 2022. Over the period under review, exports, however, showed a moderate expansion. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. The exports peaked at $X in 2021, and then contracted in the following year.

Exports by Country

Germany (X tons) was the main destination for compounds of rare-earth metals exports from South Korea, accounting for a X% share of total exports. Moreover, compounds of rare-earth metals exports to Germany exceeded the volume sent to the second major destination, China (X tons), fivefold. The third position in this ranking was held by the United States (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and the United States (X% per year).

In value terms, China ($X) remains the key foreign market for compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Norway ($X), with a X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (X.7% per year) and the United States (X% per year).

Export Prices by Country

In 2022, the average compounds of rare-earth metals export price amounted to $X per ton, surging by X% against the previous year. Overall, the export price posted a prominent increase. The pace of growth appeared the most rapid in 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

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

Imports of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals

Imports into Republic of Korea

In 2022, the amount of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals imported into South Korea fell to X tons, waning by X% on the year before. In general, total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons, and then contracted in the following year.

In value terms, compounds of rare-earth metals imports expanded modestly to $X in 2022. Over the period under review, imports, however, posted a slight expansion. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest compounds of rare-earth metals supplier to South Korea, accounting for a X% share of total imports. Moreover, compounds of rare-earth metals imports from China exceeded the figures recorded by the second-largest supplier, France (X tons), threefold. Japan (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: France (X% per year) and Japan (X% per year).

In value terms, the largest compounds of rare-earth metals suppliers to South Korea were China ($X), Japan ($X) and Taiwan (Chinese) ($X), with a combined X% share of total imports. France and India lagged somewhat behind, together comprising a further X%.

Among the main suppliers, India, with a CAGR of X%, recorded 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

In 2022, the average compounds of rare-earth metals import price amounted to $X per ton, growing by X% against the previous year. In general, the import price, however, continues to indicate a perceptible slump. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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