Republic of Korea: Potassium Nitrate Market 2024

Potassium Nitrate Market Size in Republic of Korea

The South Korean potassium nitrate market totaled $X in 2022, stabilizing at the previous year. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Potassium Nitrate Production in Republic of Korea

In value terms, potassium nitrate production contracted modestly to $X in 2022 estimated in export price. Overall, production showed a noticeable slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by 38% against the previous year. Potassium nitrate production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Potassium Nitrate Exports

Exports from Republic of Korea

In 2022, overseas shipments of potassium nitrates were finally on the rise to reach X tons after four years of decline. In general, exports recorded significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 219% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, potassium nitrate exports soared to $X in 2022. Over the period under review, exports posted a significant increase. The growth pace was the most rapid in 2014 with an increase of 171% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for potassium nitrate exports from South Korea, accounting for a 61% share of total exports. Moreover, potassium nitrate exports to Vietnam exceeded the volume sent to the second major destination, Japan (X tons), twofold. Malaysia (X tons) ranked third in terms of total exports with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam totaled +44.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+102.2% per year) and Malaysia (+151.3% per year).

In value terms, Vietnam ($X) remains the key foreign market for potassium nitrates exports from South Korea, comprising 65% of total exports. The second position in the ranking was held by Japan ($X), with a 23% share of total exports. It was followed by Malaysia, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam stood at +32.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+113.5% per year) and Malaysia (+134.9% per year).

Export Prices by Country

In 2022, the average potassium nitrate export price amounted to $X per ton, reducing by -6.6% against the previous year. Over the period under review, the export price recorded a abrupt downturn. The pace of growth appeared the most rapid in 2021 when the average export price increased by 13% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+9.4%), while the prices for the other major destinations experienced mixed trend patterns.

Potassium Nitrate Imports

Imports into Republic of Korea

In 2022, imports of potassium nitrates into South Korea expanded significantly to X tons, surging by 12% compared with the previous year. In general, imports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of 29%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, potassium nitrate imports soared to $X in 2022. Overall, imports saw a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Chile (X tons), China (X tons) and Israel (X tons) were the main suppliers of potassium nitrate imports to South Korea, with a combined 96% share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +23.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X) constituted the largest supplier of potassium nitrates to South Korea, comprising 50% of total imports. The second position in the ranking was held by China ($X), with a 23% share of total imports. It was followed by Israel, with a 21% share.

From 2012 to 2022, the average annual growth rate of value from Chile totaled +10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+25.5% per year) and Israel (+8.2% per year).

Import Prices by Country

The average potassium nitrate import price stood at $X per ton in 2022, rising by 56% against the previous year. Overall, the import price saw a slight expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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