Republic of Korea: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in Republic of Korea

The South Korean phosphoric acid market was estimated at $X in 2022, leveling off at the previous year. In general, consumption, however, recorded a perceptible setback. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Phosphoric Acid Production in Republic of Korea

In value terms, phosphoric acid production totaled $X in 2022 estimated in export price. Over the period under review, production, however, showed a perceptible decrease. The most prominent rate of growth was recorded in 2015 with an increase of 39% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Phosphoric Acid Exports

Exports from Republic of Korea

Phosphoric acid exports from South Korea totaled X tons in 2022, picking up by 3.1% against 2021 figures. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 117% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, phosphoric acid exports contracted to $X in 2022. In general, exports, however, showed a mild contraction. The pace of growth was the most pronounced in 2014 when exports increased by 125% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for phosphoric acid exports from South Korea, with a 34% share of total exports. Moreover, phosphoric acid exports to China exceeded the volume sent to the second major destination, Pakistan (X tons), threefold. Thailand (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +20.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+42.3% per year) and Thailand (+2.1% per year).

In value terms, China ($X) remains the key foreign market for phosphoric acid and polyphosphoric acids exports from South Korea, comprising 70% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 4.4% share of total exports. It was followed by Thailand, with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at +16.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-0.5% per year) and Thailand (-6.7% per year).

Export Prices by Country

The average phosphoric acid export price stood at $X per ton in 2022, which is down by -3.5% against the previous year. In general, the export price saw a slight setback. The pace of growth appeared the most rapid in 2019 an increase of 34% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas 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 Chile (+1.2%), while the prices for the other major destinations experienced a decline.

Phosphoric Acid Imports

Imports into Republic of Korea

In 2022, approx. X tons of phosphoric acid and polyphosphoric acids were imported into South Korea; waning by -3.1% compared with the previous year. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 16% against the previous year. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, phosphoric acid imports reduced slightly to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 21% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest phosphoric acid supplier to South Korea, accounting for a 89% share of total imports. Moreover, phosphoric acid imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), tenfold.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+7.2% per year) and India (-38.2% per year).

In value terms, China ($X) constituted the largest supplier of phosphoric acid and polyphosphoric acids to South Korea, comprising 85% of total imports. The second position in the ranking was held by Japan ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.3% per year) and India (-36.3% per year).

Import Prices by Country

In 2022, the average phosphoric acid import price amounted to $X per ton, standing approx. at the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 16%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+3.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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