Republic of Korea: Market for Oxides Of Boron and Boric Acids 2024

Market Size for Oxides Of Boron and Boric Acids in Republic of Korea

In 2021, the South Korean market for oxides of boron and boric acids increased by 9.6% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, continues to indicate a pronounced decrease. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Exports of Oxides Of Boron and Boric Acids

Exports from Republic of Korea

In 2021, overseas shipments of oxides of boron and boric acids were finally on the rise to reach X tons after four years of decline. Overall, exports, however, recorded a mild reduction. The pace of growth was the most pronounced in 2016 when exports increased by 288% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, boron oxide and boric acid exports soared to $X in 2021. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 325% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for boron oxide and boric acid exports from South Korea, accounting for a 55% share of total exports. Moreover, boron oxide and boric acid exports to the Netherlands exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), threefold. China (X tons) ranked third in terms of total exports with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Netherlands totaled +48.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+55.6% per year) and China (-23.4% per year).

In value terms, Hungary ($X), the Netherlands ($X) and China ($X) were the largest markets for boron oxide and boric acid exported from South Korea worldwide, with a combined 84% share of total exports. Taiwan (Chinese), New Zealand, Japan, Iran and Vietnam lagged somewhat behind, together accounting for a further 13%.

Taiwan (Chinese), with a CAGR of +41.4%, saw the highest rates of growth with regard to the value of exports, in terms of 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

In 2021, the average export price for oxides of boron and boric acids amounted to $X per ton, waning by -9.3% against the previous year. Over the period under review, export price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, boron oxide and boric acid export price decreased by -27.9% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 16%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Hungary ($X per ton), while the average price for exports to Iran ($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 Vietnam (+22.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Oxides Of Boron and Boric Acids

Imports into Republic of Korea

In 2021, after two years of decline, there was significant growth in overseas purchases of oxides of boron and boric acids, when their volume increased by 11% to X tons. Overall, imports, however, recorded a slight decline. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, boron oxide and boric acid imports rose sharply to $X in 2021. In general, imports, however, recorded a pronounced curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 13% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

The United States (X tons), Turkey (X tons) and Russia (X tons) were the main suppliers of boron oxide and boric acid imports to South Korea, together comprising 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 Russia (with a CAGR of +31.4%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest boron oxide and boric acid suppliers to South Korea were the United States ($X), Turkey ($X) and Russia ($X), together accounting for 90% of total imports.

Among the main suppliers, Russia, with a CAGR of +28.3%, 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 mixed trend patterns.

Import Prices by Country

In 2021, the average import price for oxides of boron and boric acids amounted to $X per ton, standing approx. at the previous year. Overall, the import price saw a slight descent. The most prominent rate of growth was recorded in 2013 when the average import price increased by 15% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from the United States ($X per ton) and Chile ($X per ton), while the price for Turkey ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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