Republic of Korea: Natural Quartz Crystal Market 2024

Natural Quartz Crystal Market Size in Republic of Korea

The South Korean natural quartz crystal market contracted modestly to $X in 2022, dropping by -2.5% against the previous year. In general, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.5% against 2020 indices. Natural quartz crystal consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Natural Quartz Crystal Production in Republic of Korea

In value terms, natural quartz crystal production shrank to $X in 2022 estimated in export price. Overall, the total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.6% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 57% against the previous year. Natural quartz crystal production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Natural Quartz Crystal Exports

Exports from Republic of Korea

Natural quartz crystal exports from South Korea shrank to X tons in 2022, which is down by -9.9% against the previous year's figure. Overall, exports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 205%. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, natural quartz crystal exports dropped markedly to $X in 2022. Over the period under review, exports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 156% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then declined sharply in the following year.

Exports by Country

The United States (X tons), China (X tons) and Japan (X tons) were the main destinations of natural quartz crystal exports from South Korea, together accounting for 95% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +65.3%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for quartz crystal (natural) exports from South Korea, comprising 59% of total exports. The second position in the ranking was taken by China ($X), with a 27% share of total exports. It was followed by the UK, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +55.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+38.6% per year) and the UK (+36.6% per year).

Export Prices by Country

In 2022, the average natural quartz crystal export price amounted to $X per ton, declining by -15.6% against the previous year. Overall, export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, natural quartz crystal export price increased by +10.0% against 2020 indices. The growth pace was the most rapid in 2015 an increase of 31%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat 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 the UK ($X per ton), while the average price for exports to Japan ($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 (+20.2%), while the prices for the other major destinations experienced a decline.

Natural Quartz Crystal Imports

Imports into Republic of Korea

Natural quartz crystal imports into South Korea reduced to X tons in 2022, which is down by -6% compared with the previous year's figure. Over the period under review, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2013 when imports increased by 150% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, natural quartz crystal imports shrank to $X in 2022. In general, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +28.7% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 53% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of natural quartz crystal to South Korea, accounting for a 62% share of total imports. Moreover, natural quartz crystal imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by Turkey (X tons), with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India amounted to +51.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.9% per year) and Turkey (+9.3% per year).

In value terms, the largest natural quartz crystal suppliers to South Korea were India ($X), China ($X) and Turkey ($X), with a combined 79% share of total imports. Taiwan (Chinese), Belgium, Germany, Sri Lanka, Pakistan and Vietnam lagged somewhat behind, together comprising a further 15%.

Pakistan, with a CAGR of +78.8%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average natural quartz crystal import price stood at $X per ton in 2022, reducing by -1.5% against the previous year. In general, the import price showed a abrupt contraction. The most prominent rate of growth was recorded in 2020 an increase of 24%. The import price peaked at $X per ton in 2012; however, from 2013 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 Taiwan (Chinese) ($X per ton), while the price for Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+12.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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