Republic of Korea: Market for Palmitic Acid, Stearic Acid, Their Salts And Esters 2024

Market Size for Palmitic Acid, Stearic Acid, Their Salts And Esters in Republic of Korea

The South Korean market for palmitic acid, stearic acid, their salts and esters expanded markedly to $X in 2021, picking up by 5.4% against the previous year. Overall, consumption, however, showed a drastic downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Palmitic Acid, Stearic Acid, Their Salts And Esters in Republic of Korea

In value terms, production of palmitic acid, stearic acid, their salts and esters rose significantly to $X in 2021 estimated in export price. Overall, production, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2017 with an increase of 49% against the previous year. Production of peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Palmitic Acid, Stearic Acid, Their Salts And Esters

Exports from Republic of Korea

In 2021, after two years of decline, there was significant growth in shipments abroad of palmitic acid, stearic acid, their salts and esters, when their volume increased by 22% to X tons. In general, exports showed a relatively flat trend pattern. Over the period under review, the exports of hit record highs at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, exports of palmitic acid, stearic acid, their salts and esters reduced to $X in 2021. Overall, exports, however, recorded a noticeable descent. The pace of growth appeared the most rapid in 2018 when exports increased by 25%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Japan (X tons), China (X tons) and Indonesia (X tons) were the main destinations of exports of palmitic acid, stearic acid, their salts and esters from South Korea, with a combined 64% share of total exports. These countries were followed by Vietnam, Pakistan, Finland, the United States, Malaysia, Thailand, India and Bangladesh, which together accounted for a further 27%.

From 2012 to 2021, the biggest increases were recorded for Finland (with a CAGR of +46.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Indonesia ($X) constituted the largest markets for palmitic acid, stearic acid, their salts and esters exported from South Korea worldwide, with a combined 64% share of total exports. Vietnam, the United States, Pakistan, Finland, Malaysia, India, Thailand and Bangladesh lagged somewhat behind, together comprising a further 26%.

In terms of the main countries of destination, Finland, with a CAGR of +44.0%, saw the highest rates of growth with regard to 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

The average export price for palmitic acid, stearic acid, their salts and esters stood at $X per ton in 2021, shrinking by -26.5% against the previous year. In general, the export price recorded a noticeable setback. The most prominent rate of growth was recorded in 2017 when the average export price increased by 28%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Indonesia ($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 Iran (+1.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Palmitic Acid, Stearic Acid, Their Salts And Esters

Imports into Republic of Korea

In 2021, imports of palmitic acid, stearic acid, their salts and esters into South Korea expanded sharply to X tons, picking up by 11% on 2020 figures. Over the period under review, total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.5% 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 +83.4% against 2013 indices. The pace of growth was the most pronounced in 2018 with an increase of 43% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, imports of palmitic acid, stearic acid, their salts and esters surged to $X in 2021. In general, total imports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +81.5% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), Singapore (X tons) and China (X tons) were the main suppliers of imports of palmitic acid, stearic acid, their salts and esters to South Korea, with a combined 86% share of total imports. Indonesia, Vietnam, India and Japan lagged somewhat behind, together comprising a further 11%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +101.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest palmitic acid, stearic acid, their salts and esters suppliers to South Korea were Malaysia ($X), Singapore ($X) and China ($X), with a combined 81% share of total imports. Vietnam, Indonesia, Japan and India lagged somewhat behind, together accounting for a further 12%.

Among the main suppliers, Vietnam, with a CAGR of +67.1%, 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 palmitic acid, stearic acid, their salts and esters amounted to $X per ton, increasing by 22% against the previous year. Overall, the import price, however, saw a pronounced reduction. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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