Republic of Korea: Expanded Clays Market 2024

Expanded Clays Market Size in Republic of Korea

In 2021, the South Korean expanded clays market decreased by -13.6% to $X for the first time since 2016, thus ending a four-year rising trend. In general, consumption saw temperate growth. Expanded clays consumption peaked at $X in 2020, and then fell in the following year.

Expanded Clays Production in Republic of Korea

In value terms, expanded clays production declined remarkably to $X in 2021 estimated in export price. In general, production continues to indicate prominent growth. The pace of growth appeared the most rapid in 2020 when the production volume increased by 59%. As a result, production attained the peak level of $X, and then fell markedly in the following year.

Expanded Clays Exports

Exports from Republic of Korea

In 2021, after seven years of decline, there was significant growth in overseas shipments of exfoliated vermiculite, expanded clays and foamed slag, when their volume increased by 466% to X tons. In general, exports, however, continue to indicate a abrupt decline. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, expanded clays exports soared to $X in 2021. Overall, exports enjoyed a tangible increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore (X tons), Mongolia (X tons) and India (X tons) were the main destinations of expanded clays exports from South Korea, with a combined 78% share 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 Singapore (with a CAGR of +42.8%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X) remains the key foreign market for exfoliated vermiculite, expanded clays and foamed slag exports from South Korea, comprising 81% of total exports. The second position in the ranking was held by Indonesia ($X), with a 7.7% share of total exports. It was followed by Singapore, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value to India amounted to +26.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+14.5% per year) and Singapore (+29.2% per year).

Export Prices by Country

In 2021, the average expanded clays export price amounted to $X per ton, reducing by -40.1% against the previous year. Overall, the export price, however, enjoyed a strong increase. The growth pace was the most rapid in 2020 an increase of 110%. As a result, the export price reached the peak level of $X per ton, and then fell notably in the following year.

Prices varied noticeably country of destination: the country with the highest price was India ($X per ton), while the average price for exports to Mongolia ($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 Australia (+31.6%), while the prices for the other major destinations experienced more modest paces of growth.

Expanded Clays Imports

Imports into Republic of Korea

In 2021, supplies from abroad of exfoliated vermiculite, expanded clays and foamed slag was finally on the rise to reach X tons after three years of decline. Over the period under review, imports posted moderate growth. The growth pace was the most rapid in 2013 when imports increased by 123%. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, expanded clays imports skyrocketed to $X in 2021. In general, imports, however, recorded a slight downturn. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest expanded clays supplier to South Korea, accounting for a 52% share of total imports. Moreover, expanded clays imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Norway (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +15.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+22.8% per year) and Norway (+14.9% per year).

In value terms, the United States ($X), China ($X) and the UK ($X) constituted the largest expanded clays suppliers to South Korea, together comprising 86% of total imports. These countries were followed by Norway, Italy, the Netherlands, Germany, Japan and Indonesia, which together accounted for a further 12%.

The Netherlands, with a CAGR of +30.4%, recorded the highest growth rate of 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

In 2021, the average expanded clays import price amounted to $X per ton, surging by 11% against the previous year. Over the period under review, the import price, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2015 an increase of 15%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+19.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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