Republic of Korea: Platinum Catalysts Market 2024

Platinum Catalysts Market Size in Republic of Korea

In 2022, the South Korean platinum catalysts market decreased by -0.8% to $X, falling for the second year in a row after two years of growth. Overall, consumption recorded a deep setback. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Platinum Catalysts Production in Republic of Korea

In value terms, platinum catalysts production shrank to $X in 2022 estimated in export price. Over the period under review, the total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.8% against 2019 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 26% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Platinum Catalysts Exports

Exports from Republic of Korea

In 2022, platinum catalysts exports from South Korea soared to X kg, growing by 37% on the year before. Over the period under review, exports, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2016 with an increase of 583% against the previous year. The exports peaked at X kg in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, platinum catalysts exports totaled $X in 2022. In general, exports, however, continue to indicate a deep downturn. The pace of growth was the most pronounced in 2016 with an increase of 406%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X kg) was the main destination for platinum catalysts exports from South Korea, accounting for a 92% share of total exports. Moreover, platinum catalysts exports to the UK exceeded the volume sent to the second major destination, Taiwan (Chinese) (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the UK amounted to -6.3%.

In value terms, the UK ($X) remains the key foreign market for platinum catalysts exports from South Korea, comprising 99% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK amounted to -4.9%.

Export Prices by Country

In 2022, the average platinum catalysts export price amounted to $X per kg, reducing by -26.4% against the previous year. Overall, the export price, however, showed a prominent increase. The pace of growth was the most pronounced in 2017 when the average export price increased by 75% against the previous year. Over the period under review, the average export prices attained the maximum at $X per kg in 2021, and then dropped sharply in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per kg), while the average price for exports to Taiwan (Chinese) amounted to $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+36.0%), while the prices for the other major destinations experienced more modest paces of growth.

Platinum Catalysts Imports

Imports into Republic of Korea

Platinum catalysts imports into South Korea was estimated at X kg in 2022, with an increase of 3.2% compared with the previous year. Overall, imports, however, continue to indicate a dramatic decline. The pace of growth was the most pronounced in 2014 when imports increased by 255% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, platinum catalysts imports fell modestly to $X in 2022. In general, imports, however, continue to indicate a drastic downturn. The growth pace was the most rapid in 2016 with an increase of 281%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the UK (X kg) constituted the largest platinum catalysts supplier to South Korea, accounting for a 88% share of total imports. Moreover, platinum catalysts imports from the UK exceeded the figures recorded by the second-largest supplier, the United States (X kg), more than tenfold. The third position in this ranking was held by China (X kg), with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the UK was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+16.2% per year) and China (-14.1% per year).

In value terms, the UK ($X) constituted the largest supplier of platinum catalysts to South Korea, comprising 98% of total imports. The second position in the ranking was held by the United States ($X), with a 1.2% share of total imports. It was followed by Japan, with a 0.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the UK stood at +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+8.9% per year) and Japan (-21.2% per year).

Import Prices by Country

In 2022, the average platinum catalysts import price amounted to $X per kg, waning by -5.9% against the previous year. Overall, the import price, however, enjoyed significant growth. The pace of growth was the most pronounced in 2013 an increase of 892% against the previous year. Over the period under review, average import prices attained the maximum at $X per kg in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+1.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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