Report Update Nov 1, 2024

Republic of Korea - Rare Earth Metals - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in Republic of Korea

The South Korean rare earth metal market surged to $X in 2021, jumping by 240% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a deep reduction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Rare Earth Metal Exports

Exports from Republic of Korea

In 2021, approx. X tons of rare earth metals were exported from South Korea; waning by -62.2% against the year before. In general, exports, however, enjoyed a strong expansion. The growth pace was the most rapid in 2013 when exports increased by 1,761%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, rare earth metal exports contracted rapidly to $X in 2021. Overall, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 2,217%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for rare earth metal exports from South Korea, accounting for a 96% share of total exports. It was followed by Japan (X kg), with a 1.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-21.2% per year) and Vietnam (-27.5% per year).

In value terms, China ($X) remains the key foreign market for rare earth metals exports from South Korea, comprising 95% of total exports. The second position in the ranking was held by Vietnam ($X), with a 1.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +41.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-32.1% per year) and Japan (-16.4% per year).

Export Prices by Country

In 2021, the average rare earth metal export price amounted to $X per ton, with an increase of 58% against the previous year. In general, the export price continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by 168% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+26.0%), while the prices for the other major destinations experienced mixed trend patterns.

Rare Earth Metal Imports

Imports into Republic of Korea

In 2021, the amount of rare earth metals imported into South Korea soared to X tons, picking up by 41% compared with 2020 figures. In general, imports, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2019 with an increase of 80%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, rare earth metal imports rose markedly to $X in 2021. Over the period under review, imports, however, saw a mild shrinkage. The most prominent rate of growth was recorded in 2019 when imports increased by 108% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the main rare earth metal supplier to South Korea, with a 96% share of total imports. It was followed by Germany (X tons), with a 2.5% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China stood at -7.4%.

In value terms, China ($X) constituted the largest supplier of rare earth metals to South Korea, comprising 90% of total imports. The second position in the ranking was taken by Germany ($X), with a 0.3% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China was relatively modest.

Import Prices by Country

The average rare earth metal import price stood at $X per ton in 2021, shrinking by -22.6% against the previous year. In general, the import price, however, saw a strong expansion. The pace of growth appeared the most rapid in 2014 an increase of 139% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Germany totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.6%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for rare earth metals in the world?

China constituted the country with the largest volume of rare earth metal consumption, comprising approx. 49% of total volume. Moreover, rare earth metal consumption in China exceeded the figures recorded by the second-largest consumer, the United States, fourfold. The third position in this ranking was occupied by Malaysia, with a 12% share.

What are the largest producers of rare earth metals in the world?

The country with the largest volume of rare earth metal production was China, accounting for 59% of total volume. Moreover, rare earth metal production in China exceeded the figures recorded by the second-largest producer, the United States, fivefold. Myanmar ranked third in terms of total production with a 12% share.

What are the leading suppliers of rare earth metals to Republic of Korea?

In value terms, China constituted the largest supplier of rare earth metal to South Korea, comprising 91% of total imports. The second position in the ranking was occupied by Germany, with a 0.4% share of total imports.

What are the leading importers of rare earth metals from Republic of Korea?

In value terms, China remains the key foreign market for rare earth metal exports from South Korea, comprising 98% of total exports. The second position in the ranking was occupied by Japan, with a 1.8% share of total exports.

What is the average export price for rare earth metals in Republic of Korea?

In 2021, the average rare earth metal export price amounted to $46,317 per ton, reducing by -8.5% against the previous year.

What is the average import price for rare earth metals in Republic of Korea?

The average rare earth metal import price stood at $48,496 per ton in 2021, shrinking by -9.7% against the previous year.

This report provides an in-depth analysis of the rare earth metal market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

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This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
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While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023