Republic of Korea: Metal Pickling Preparations Market 2024

Metal Pickling Preparations Market Size in Republic of Korea

In 2021, the South Korean metal pickling preparations market was finally on the rise to reach $X after two years of decline. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Metal Pickling Preparations Production in Republic of Korea

In value terms, metal pickling preparations production reached $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 47% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Metal Pickling Preparations Exports

Exports from Republic of Korea

In 2021, overseas shipments of pickling preparations for metal surfaces were finally on the rise to reach X tons after two years of decline. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 13%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, metal pickling preparations exports soared to $X in 2021. The total export value increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Vietnam (X tons) was the main destination for metal pickling preparations exports from South Korea, accounting for a 37% share of total exports. Moreover, metal pickling preparations exports to Vietnam exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was held by Malaysia (X tons), with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam totaled +9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-7.9% per year) and Malaysia (-7.4% per year).

In value terms, Vietnam ($X), China ($X) and the United States ($X) appeared to be the largest markets for metal pickling preparations exported from South Korea worldwide, together accounting for 66% of total exports.

Among the main countries of destination, Vietnam, with a CAGR of +15.9%, 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 metal pickling preparations export price stood at $X per ton in 2021, rising by 7.5% against the previous year. In general, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 15% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Indonesia ($X per ton), while the average price for exports to Malaysia ($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 (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Pickling Preparations Imports

Imports into Republic of Korea

In 2021, supplies from abroad of pickling preparations for metal surfaces increased by 32% to X tons, rising for the third year in a row after two years of decline. The total import volume increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, metal pickling preparations imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.2% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of metal pickling preparations imports to South Korea, together comprising 75% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +9.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of pickling preparations for metal surfaces to South Korea, comprising 46% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 19% share of total imports. It was followed by China, with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+1.7% per year) and China (+5.6% per year).

Import Prices by Country

The average metal pickling preparations import price stood at $X per ton in 2021, dropping by -12.7% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 23% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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