Republic of Korea: Market for Lauric Acid And Other Acids, Their Salts And Esters 2025

Market Size for Lauric Acid And Other Acids, Their Salts And Esters in Republic of Korea

In 2021, the South Korean market for lauric acid and other acids, their salts and esters increased by 33% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.7% 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 +51.9% against 2019 indices. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in the near future.

Production of Lauric Acid And Other Acids, Their Salts And Esters in Republic of Korea

In value terms, production of lauric acid and other acids, their salts and esters fell sharply to $X in 2021 estimated in export price. Over the period under review, production, however, saw buoyant growth. The pace of growth appeared the most rapid in 2020 when the production volume increased by 96%. Production of peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Exports of Lauric Acid And Other Acids, Their Salts And Esters

Exports from Republic of Korea

In 2021, exports of lauric acid and other acids, their salts and esters from South Korea expanded to X tons, picking up by 1.6% on 2020 figures. Over the period under review, total exports indicated a moderate increase from 2012 to 2021: its volume increased at an average annual rate of +4.0% 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 -0.5% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 59%. The exports peaked at X tons in 2019; afterwards, it flattened through to 2021.

In value terms, exports of lauric acid and other acids, their salts and esters shrank to $X in 2021. Overall, total exports indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +75.4% against 2016 indices. The pace of growth appeared the most rapid in 2018 when exports increased by 35% against the previous year. Over the period under review, the exports of attained the maximum at $X in 2020, and then shrank in the following year.

Exports by Country

China (X tons), Japan (X tons) and Indonesia (X tons) were the main destinations of exports of lauric acid and other acids, their salts and esters from South Korea, together comprising 74% of total exports. These countries were followed by India, the United States, Germany, Thailand, Taiwan (Chinese) and Singapore, which together accounted for a further 21%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +42.9%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for lauric acid and other acids, their salts and esters exports from South Korea, comprising 57% of total exports. The second position in the ranking was taken by China ($X), with a 20% share of total exports. It was followed by Indonesia, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+3.7% per year) and Indonesia (+9.2% per year).

Export Prices by Country

In 2021, the average export price for lauric acid and other acids, their salts and esters amounted to $X per ton, reducing by -3% against the previous year. In general, the export price continues to indicate a pronounced decline. The pace of growth was the most pronounced in 2018 when the average export price increased by 22% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while the average price for exports to Germany ($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 (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Lauric Acid And Other Acids, Their Salts And Esters

Imports into Republic of Korea

In 2021, supplies from abroad of lauric acid and other acids, their salts and esters increased by 17% to X tons, rising for the fifth consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of lauric acid and other acids, their salts and esters soared to $X in 2021. In general, total imports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of lauric acid and other acids, their salts and esters to South Korea, with a 35% share of total imports. Moreover, imports of lauric acid and other acids, their salts and esters from Malaysia exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was held by China (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia totaled +10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+31.4% per year) and China (+20.1% per year).

In value terms, the largest lauric acid and other acids, their salts and esters suppliers to South Korea were Malaysia ($X), China ($X) and Japan ($X), with a combined 58% share of total imports. Germany, the United States, the Netherlands, Indonesia, the UK and Sweden lagged somewhat behind, together accounting for a further 35%.

Among the main suppliers, Germany, with a CAGR of +21.1%, recorded the highest rates of growth with regard to 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

In 2021, the average import price for lauric acid and other acids, their salts and esters amounted to $X per ton, increasing by 29% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+3.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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