Republic of Korea: Cement Market 2024

Cement Market Size in Republic of Korea

The South Korean cement market fell to $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Cement consumption peaked at $X in 2019; afterwards, it flattened through to 2022.

Cement Production in Republic of Korea

In value terms, cement production shrank to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 with an increase of 16% against the previous year. Cement production peaked at $X in 2019; afterwards, it flattened through to 2022.

Cement Exports

Exports from Republic of Korea

Cement exports from South Korea declined to X tons in 2022, which is down by -9% against the previous year's figure. Overall, exports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2013 when exports increased by 17% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, cement exports reduced modestly to $X in 2022. In general, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2019 when exports increased by 13%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for cement exports from South Korea, with a 95% share of total exports. It was followed by Japan (X tons), with a 1.7% share of total exports. Russia (X tons) ranked third in terms of total exports with a 0.1% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at -3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-30.8% per year) and Russia (-39.3% per year).

In value terms, the United States ($X) remains the key foreign market for cement exports from South Korea, comprising 82% of total exports. The second position in the ranking was taken by Japan ($X), with a 6.3% share of total exports. It was followed by Russia, with a 0.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-20.2% per year) and Russia (-35.9% per year).

Export Prices by Country

In 2022, the average cement export price amounted to $X per ton, increasing by 9.9% against the previous year. Over the period under review, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cement export price increased by +61.8% against 2016 indices. The pace of growth appeared the most rapid in 2019 an increase of 27% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

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 Canada ($X per ton), while the average price for exports to the United States ($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 Nigeria (+59.2%), while the prices for the other major destinations experienced more modest paces of growth.

Cement Imports

Imports into Republic of Korea

In 2022, cement imports into South Korea contracted modestly to X tons, shrinking by -1.7% compared with the previous year's figure. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 24% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, cement imports expanded sharply to $X in 2022. Overall, imports saw a slight decline. The pace of growth appeared the most rapid in 2015 with an increase of 22% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Egypt (X tons), the United Arab Emirates (X tons) and China (X tons) were the main suppliers of cement imports to South Korea, with a combined 84% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +119.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of cement to South Korea, comprising 71% of total imports. The second position in the ranking was held by China ($X), with an 8.9% share of total imports. It was followed by Egypt, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.2% per year) and Egypt (+1.7% per year).

Import Prices by Country

The average cement import price stood at $X per ton in 2022, increasing by 7.3% against the previous year. Overall, the import price, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2015 an increase of 46%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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