Republic of Korea: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Republic of Korea

In 2021, the South Korean nitric and sulphonitric acids market decreased by -1.5% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of 9.6% against the previous year. Nitric and sulphonitric acids consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Nitric Acid And Sulphonitric Acids in Republic of Korea

In value terms, nitric and sulphonitric acids production reduced slightly to $X in 2021 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 9.2%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Republic of Korea

In 2021, the amount of nitric acid and sulphonitric acids exported from South Korea was estimated at X tons, standing approx. at the year before. Overall, exports recorded a prominent expansion. The pace of growth was the most pronounced in 2017 with an increase of 53%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitric and sulphonitric acids exports reduced slightly to $X in 2021. The total export value increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when exports increased by 19% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X tons), Malaysia (X tons) and China (X tons) were the main destinations of nitric and sulphonitric acids exports from South Korea, together accounting for 68% of total exports. These countries were followed by Thailand, New Zealand, Vietnam, India and Taiwan (Chinese), which together accounted for a further 26%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +164.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for nitric and sulphonitric acids exported from South Korea were Japan ($X), Malaysia ($X) and China ($X), with a combined 62% share of total exports. These countries were followed by Thailand, Vietnam, New Zealand, Taiwan (Chinese) and India, which together accounted for a further 24%.

Among the main countries of destination, India, with a CAGR of +120.5%, 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 nitric and sulphonitric acids export price amounted to $X per ton, which is down by -2.2% against the previous year. Over the period under review, the export price showed a abrupt decrease. The growth pace was the most rapid in 2015 when the average export price increased by 11%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to China ($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 China (-4.7%), while the prices for the other major destinations experienced a decline.

Imports of Nitric Acid And Sulphonitric Acids

Imports into Republic of Korea

Nitric and sulphonitric acids imports into South Korea shrank to X tons in 2021, waning by -7.8% against 2020. In general, imports saw a precipitous slump. The growth pace was the most rapid in 2015 when imports increased by 275% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, nitric and sulphonitric acids imports declined to $X in 2021. Over the period under review, imports saw a abrupt decline. The growth pace was the most rapid in 2015 with an increase of 104% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Taiwan (Chinese) (X tons), Japan (X tons) and China (X tons) were the main suppliers of nitric and sulphonitric acids imports to South Korea, together accounting for 47% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +287.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), Japan ($X) and Canada ($X) constituted the largest nitric and sulphonitric acids suppliers to South Korea, together comprising 80% of total imports.

Taiwan (Chinese), with a CAGR of +190.6%, recorded the highest growth rate of the value of imports, in terms of the main suppliers 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 nitric and sulphonitric acids import price amounted to $X per ton, with a decrease of -2.4% against the previous year. Overall, import price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, nitric and sulphonitric acids import price increased by +3.0% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 72% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for China ($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 (+6.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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