Republic of Korea: Market for Compounds With Other Nitrogen Function (Excluding Isocyanates) 2024

Market Size for Compounds With Other Nitrogen Function (Excluding Isocyanates) in Republic of Korea

The South Korean market for compounds with other nitrogen function (excluding isocyanates) dropped to $X in 2022, declining by -15% against the previous year. In general, consumption, however, showed a remarkable increase. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Production of Compounds With Other Nitrogen Function (Excluding Isocyanates) in Republic of Korea

In value terms, compounds with other nitrogen function production shrank to $X in 2022 estimated in export price. In general, production, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 85% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Exports of Compounds With Other Nitrogen Function (Excluding Isocyanates)

Exports from Republic of Korea

In 2022, overseas shipments of compounds with other nitrogen function (excluding isocyanates) increased by 790% to X tons, rising for the second consecutive year after two years of decline. Overall, exports saw significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, compounds with other nitrogen function exports skyrocketed to $X in 2022. Over the period under review, exports showed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore (X tons) was the main destination for compounds with other nitrogen function exports from South Korea, accounting for a 78% share of total exports. Moreover, compounds with other nitrogen function exports to Singapore exceeded the volume sent to the second major destination, China (X tons), sixfold. The third position in this ranking was held by Japan (X tons), with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore totaled +208.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+48.4% per year) and Japan (+128.5% per year).

In value terms, the largest markets for compounds with other nitrogen function exported from South Korea were China ($X), Japan ($X) and Singapore ($X), with a combined 80% share of total exports.

In terms of the main countries of destination, Singapore, with a CAGR of +148.5%, recorded the highest rates of growth with regard to 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 2022, the average export price for compounds with other nitrogen function (excluding isocyanates) amounted to $X per ton, reducing by -37.2% against the previous year. Over the period under review, the export price saw a abrupt slump. The most prominent rate of growth was recorded in 2020 an increase of 17%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Singapore ($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 Japan (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Compounds With Other Nitrogen Function (Excluding Isocyanates)

Imports into Republic of Korea

In 2022, overseas purchases of compounds with other nitrogen function (excluding isocyanates) were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, showed a mild curtailment. The most prominent rate of growth was recorded in 2014 when imports increased by 24%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, compounds with other nitrogen function imports reduced markedly to $X in 2022. Overall, imports enjoyed a slight expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 34%. Imports peaked at $X in 2021, and then declined remarkably in the following year.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of compounds with other nitrogen function to South Korea, accounting for a 81% share of total imports. Moreover, compounds with other nitrogen function imports from Germany exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), ninefold. The third position in this ranking was taken by Russia (X tons), with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+33.9% per year) and Russia (+21.8% per year).

In value terms, Germany ($X), Japan ($X) and Russia ($X) constituted the largest compounds with other nitrogen function suppliers to South Korea, with a combined 80% share of total imports.

Russia, with a CAGR of +24.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for compounds with other nitrogen function (excluding isocyanates) stood at $X per ton in 2022, declining by -46% against the previous year. Overall, the import price, however, enjoyed a notable increase. The most prominent rate of growth was recorded in 2021 an increase of 49% against the previous year. As a result, import price reached the peak level of $X per ton, and then fell rapidly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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