Republic of Korea: Industrial Stearic Acid Market 2024

Industrial Stearic Acid Market Size in Republic of Korea

In 2021, the South Korean industrial stearic acid market increased by 58% to $X, rising for the second year in a row after two years of decline. In general, the total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +72.2% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Industrial Stearic Acid Exports

Exports from Republic of Korea

In 2021, approx. X tons of industrial stearic acid were exported from South Korea; waning by -6.6% on 2020 figures. Over the period under review, total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -35.8% against 2016 indices. The growth pace was the most rapid in 2015 with an increase of 66% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, industrial stearic acid exports shrank to $X in 2021. In general, total exports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -25.0% against 2016 indices. The most prominent rate of growth was recorded in 2015 with an increase of 36%. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for industrial stearic acid exports from South Korea, with a 56% share of total exports. Moreover, industrial stearic acid exports to Vietnam exceeded the volume sent to the second major destination, China (X tons), twofold. Indonesia (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam stood at +14.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+11.5% per year) and Indonesia (+19.3% per year).

In value terms, the largest markets for industrial stearic acid exported from South Korea were Vietnam ($X), China ($X) and Indonesia ($X), together comprising 92% of total exports. The United States, Bangladesh and Uzbekistan lagged somewhat behind, together comprising a further 7.2%.

In terms of the main countries of destination, the United States, with a CAGR of +78.8%, recorded the highest growth rate of 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 2021, the average industrial stearic acid export price amounted to $X per ton, picking up by 3.2% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 23%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Uzbekistan ($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 the United States (+5.0%), while the prices for the other major destinations experienced a decline.

Industrial Stearic Acid Imports

Imports into Republic of Korea

In 2021, purchases abroad of industrial stearic acid was finally on the rise to reach X tons after three years of decline. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, industrial stearic acid imports soared to $X in 2021. In general, total imports indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +101.0% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest supplier of industrial stearic acid to South Korea, accounting for a 75% share of total imports. Moreover, industrial stearic acid imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Indonesia totaled +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+2.6% per year) and China (+22.2% per year).

In value terms, Indonesia ($X) constituted the largest supplier of industrial stearic acid to South Korea, comprising 73% of total imports. The second position in the ranking was held by Malaysia ($X), with a 23% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Indonesia amounted to +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+2.8% per year) and China (+22.4% per year).

Import Prices by Country

The average industrial stearic acid import price stood at $X per ton in 2021, rising by 48% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was China ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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