Republic of Korea: Polycarboxylic Acid Market 2024

Polycarboxylic Acid Market Size in Republic of Korea

The South Korean polycarboxylic acid market contracted dramatically to $X in 2022, reducing by -26% against the previous year. Overall, consumption, however, recorded prominent growth. As a result, consumption reached the peak level of $X, and then declined sharply in the following year.

Polycarboxylic Acid Production in Republic of Korea

In value terms, polycarboxylic acid production fell to $X in 2022 estimated in export price. In general, production continues to indicate a deep setback. The most prominent rate of growth was recorded in 2017 with an increase of 18%. Polycarboxylic acid production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Polycarboxylic Acid Exports

Exports from Republic of Korea

In 2022, after two years of decline, there was significant growth in shipments abroad of polycarboxylic acids, when their volume increased by 9.7% to X tons. Overall, exports, however, recorded a pronounced contraction. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, polycarboxylic acid exports surged to $X in 2022. In general, exports, however, continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2017 with an increase of 25% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Turkey (X tons) was the main destination for polycarboxylic acid exports from South Korea, with a 30% share of total exports. Moreover, polycarboxylic acid exports to Turkey exceeded the volume sent to the second major destination, Lithuania (X tons), twofold. China (X tons) ranked third in terms of total exports with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey totaled +45.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+70.2% per year) and China (-22.1% per year).

In value terms, Turkey ($X) remains the key foreign market for polycarboxylic acids exports from South Korea, comprising 24% of total exports. The second position in the ranking was held by Lithuania ($X), with an 11% share of total exports. It was followed by China, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Turkey amounted to +36.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+60.0% per year) and China (-21.7% per year).

Export Prices by Country

In 2022, the average polycarboxylic acid export price amounted to $X per ton, growing by 9.9% against the previous year. Overall, the export price, however, saw a slight contraction. The most prominent rate of growth was recorded in 2021 an increase of 48%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 Japan ($X per ton), while the average price for exports to Turkey ($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 India (+1.5%), while the prices for the other major destinations experienced mixed trend patterns.

Polycarboxylic Acid Imports

Imports into Republic of Korea

In 2022, approx. X tons of polycarboxylic acids were imported into South Korea; with a decrease of -10.5% compared with 2021. The total import volume increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when imports increased by 17%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, polycarboxylic acid imports dropped slightly to $X in 2022. The total import value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 37%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest polycarboxylic acid supplier to South Korea, with a 67% share of total imports. Moreover, polycarboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold. Japan (X tons) ranked third in terms of total imports with a 4.6% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-3.3% per year) and Japan (-6.5% per year).

In value terms, China ($X) constituted the largest supplier of polycarboxylic acids to South Korea, comprising 67% of total imports. The second position in the ranking was held by Japan ($X), with an 8.2% share of total imports. It was followed by the Netherlands, with a 4.3% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-5.1% per year) and the Netherlands (-4.3% per year).

Import Prices by Country

The average polycarboxylic acid import price stood at $X per ton in 2022, picking up by 9.1% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 21%. The import price peaked in 2022 and is likely to see gradual growth in years to come.

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 Japan ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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