Republic of Korea: Potassium Hydroxide Market 2024

Potassium Hydroxide Market Size in Republic of Korea

In 2022, the South Korean potassium hydroxide market decreased by -72.3% to $X, falling for the third consecutive year after two years of growth. Overall, consumption saw a abrupt contraction. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Potassium Hydroxide Production in Republic of Korea

In value terms, potassium hydroxide production fell modestly to $X in 2022 estimated in export price. Overall, the total production indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.4% 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 -0.1% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 43% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Potassium Hydroxide Exports

Exports from Republic of Korea

In 2022, overseas shipments of potassium hydroxide (caustic potash) increased by 22% to X tons, rising for the fifth consecutive year after two years of decline. Overall, exports posted a resilient increase. The growth pace was the most rapid in 2019 when exports increased by 38% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, potassium hydroxide exports skyrocketed to $X in 2022. In general, exports showed a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Brazil (X tons), Malaysia (X tons) and Indonesia (X tons) were the main destinations of potassium hydroxide exports from South Korea, with a combined 36% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +21.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for potassium hydroxide exported from South Korea were Brazil ($X), Malaysia ($X) and Indonesia ($X), together comprising 30% of total exports. India, the United States, Turkey, Australia, the Philippines, Israel, Spain, the UK, Japan and Poland lagged somewhat behind, together comprising a further 41%.

Turkey, with a CAGR of +20.6%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average potassium hydroxide export price stood at $X per ton in 2022, increasing by 43% against the previous year. Overall, the export price showed a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Poland ($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 the Philippines (+3.3%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Hydroxide Imports

Imports into Republic of Korea

In 2022, overseas purchases of potassium hydroxide (caustic potash) decreased by -13.5% to X tons, falling for the fifth consecutive year after two years of growth. Overall, imports continue to indicate a mild decline. The pace of growth appeared the most rapid in 2017 when imports increased by 115% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, potassium hydroxide imports soared to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 84%. Imports peaked 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 potassium hydroxide supplier to South Korea, accounting for a 77% share of total imports. Moreover, potassium hydroxide imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), sixfold. Japan (X tons) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-8.9% per year) and Japan (-4.1% per year).

In value terms, China ($X) constituted the largest supplier of potassium hydroxide (caustic potash) to South Korea, comprising 62% of total imports. The second position in the ranking was held by the United States ($X), with a 13% share of total imports. It was followed by Japan, with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.5% per year) and Japan (-8.6% per year).

Import Prices by Country

In 2022, the average potassium hydroxide import price amounted to $X per ton, rising by 42% against the previous year. Over the period under review, import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium hydroxide import price increased by +94.2% against 2017 indices. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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