Republic of Korea: Fireclay Market 2024

Fireclay Market Size in Republic of Korea

The South Korean fireclay market dropped to $X in 2021, falling by -7.7% against the previous year. Overall, consumption showed a noticeable decrease. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Fireclay Production in Republic of Korea

In value terms, fireclay production contracted to $X in 2021 estimated in export price. Over the period under review, production saw a noticeable curtailment. The pace of growth appeared the most rapid in 2014 when the production volume increased by 25% against the previous year. Fireclay production peaked at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Fireclay Exports

Exports from Republic of Korea

In 2021, exports of fireclay from South Korea declined notably to X tons, shrinking by -33.8% against the previous year's figure. Overall, exports saw a deep slump. The growth pace was the most rapid in 2016 when exports increased by 74% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, fireclay exports shrank significantly to $X in 2021. In general, exports recorded a abrupt slump. The most prominent rate of growth was recorded in 2016 when exports increased by 49%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for fireclay exports from South Korea, accounting for a 58% share of total exports. Moreover, fireclay exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, Vietnam (X tons), twofold. India (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Taiwan (Chinese) totaled +178.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+57.5% per year) and India (-28.2% per year).

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for fireclay exports from South Korea, comprising 72% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 13% share of total exports. It was followed by India, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Taiwan (Chinese) stood at +189.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+25.9% per year) and India (-32.5% per year).

Export Prices by Country

The average fireclay export price stood at $X per ton in 2021, shrinking by -16.5% against the previous year. Overall, the export price recorded a pronounced descent. The most prominent rate of growth was recorded in 2019 when the average export price increased by 10% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to the United Arab Emirates ($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 Taiwan (Chinese) (+4.1%), while the prices for the other major destinations experienced a decline.

Fireclay Imports

Imports into Republic of Korea

In 2021, imports of fireclay into South Korea reduced remarkably to X tons, with a decrease of -18.7% against the year before. Overall, imports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 229%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, fireclay imports dropped rapidly to $X in 2021. Over the period under review, imports, however, recorded a significant increase. The pace of growth appeared the most rapid in 2018 when imports increased by 223% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of fireclay to South Korea, with a 77% share of total imports. Moreover, fireclay imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +27.8%.

In value terms, China ($X) constituted the largest supplier of fireclay to South Korea, comprising 70% of total imports. The second position in the ranking was held by the United States ($X), with a 30% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +31.0%.

Import Prices by Country

The average fireclay import price stood at $X per ton in 2021, almost unchanged from the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 14% against the previous year. The import price peaked in 2021 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.5%).

Source: IndexBox Platform

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