Republic of Korea: Ketone And Quinone Market 2024

Ketone And Quinone Market Size in Republic of Korea

The South Korean ketone and quinone market skyrocketed to $X in 2021, with an increase of 58% against the previous year. Overall, the total consumption indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.3% 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 +63.6% against 2019 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Ketone And Quinone Production in Republic of Korea

In value terms, ketone and quinone production reached $X in 2021 estimated in export price. Over the period under review, production continues to indicate strong growth. The pace of growth appeared the most rapid in 2013 with an increase of 145%. Ketone and quinone production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Ketone And Quinone Exports

Exports from Republic of Korea

After two years of decline, shipments abroad of ketones and quinones increased by 13% to X tons in 2021. Over the period under review, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 116% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, ketone and quinone exports surged to $X in 2021. In general, exports showed a strong increase. The most prominent rate of growth was recorded in 2013 when exports increased by 134% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for ketone and quinone exports from South Korea, with a 58% share of total exports. Moreover, ketone and quinone exports to China exceeded the volume sent to the second major destination, India (X tons), threefold. The third position in this ranking was held by Japan (X tons), with a 4.5% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+21.2% per year) and Japan (+13.5% per year).

In value terms, China ($X), India ($X) and Belgium ($X) constituted the largest markets for ketone and quinone exported from South Korea worldwide, with a combined 75% share of total exports.

Belgium, with a CAGR of +48.3%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average ketone and quinone export price stood at $X per ton in 2021, increasing by 35% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the Netherlands ($X per ton), while the average price for exports to China ($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 India (+2.7%), while the prices for the other major destinations experienced a decline.

Ketone And Quinone Imports

Imports into Republic of Korea

In 2021, purchases abroad of ketones and quinones increased by 40% to X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +4.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, ketone and quinone imports skyrocketed to $X in 2021. In general, total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.6% 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 +52.3% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Japan (X tons) and Singapore (X tons) were the main suppliers of ketone and quinone imports to South Korea, together accounting for 94% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +62.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest ketone and quinone suppliers to South Korea were China ($X), Japan ($X) and the United States ($X), with a combined 89% share of total imports. Singapore, Taiwan (Chinese) and South Africa lagged somewhat behind, together comprising a further 5.8%.

In terms of the main suppliers, Singapore, with a CAGR of +37.4%, 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

The average ketone and quinone import price stood at $X per ton in 2021, with an increase of 6.3% against the previous year. Overall, the import price, however, showed a mild descent. The most prominent rate of growth was recorded in 2018 an increase of 26%. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+17.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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