Republic of Korea: Rare Gases Market 2024

Rare Gases Market Size in Republic of Korea

In 2022, after ten years of growth, there was significant decline in the South Korean rare gases market, when its value decreased by -8.9% to $X. Over the period under review, consumption, however, recorded a buoyant increase. Rare gases consumption peaked at $X in 2021, and then contracted in the following year.

Rare Gases Production in Republic of Korea

In value terms, rare gases production rose to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate significant growth. The pace of growth was the most pronounced in 2014 when the production volume increased by 165% against the previous year. Rare gases production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Rare Gases Exports

Exports from Republic of Korea

In 2022, overseas shipments of rare gases (excluding argon) decreased by -2.6% to X cubic meters, falling for the third year in a row after two years of growth. Overall, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2019 when exports increased by 140% against the previous year. As a result, the exports reached the peak of X cubic meters. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, rare gases exports contracted markedly to $X in 2022. Over the period under review, exports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 107% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then fell sharply in the following year.

Exports by Country

China (X cubic meters) was the main destination for rare gases exports from South Korea, accounting for a 56% share of total exports. Moreover, rare gases exports to China exceeded the volume sent to the second major destination, Qatar (X cubic meters), fivefold. Taiwan (Chinese) (X cubic meters) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +16.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+140.5% per year) and Taiwan (Chinese) (+18.6% per year).

In value terms, China ($X) remains the key foreign market for rare gases (excluding argon) exports from South Korea, comprising 70% of total exports. The second position in the ranking was taken by Japan ($X), with an 8.3% share of total exports. It was followed by Taiwan (Chinese), with a 7.1% share.

From 2012 to 2022, the average annual growth rate of value to China stood at +37.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+70.1% per year) and Taiwan (Chinese) (+25.0% per year).

Export Prices by Country

The average rare gases export price stood at $X per cubic meter in 2022, reducing by -17.1% against the previous year. In general, the export price, however, showed strong growth. The most prominent rate of growth was recorded in 2021 an increase of 75% against the previous year. As a result, the export price reached the peak level of $X per cubic meter, and then fell rapidly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per cubic meter), while the average price for exports to Qatar ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+24.3%), while the prices for the other major destinations experienced more modest paces of growth.

Rare Gases Imports

Imports into Republic of Korea

In 2022, purchases abroad of rare gases (excluding argon) decreased by -3.3% to X cubic meters for the first time since 2015, thus ending a six-year rising trend. The total import volume increased at an average annual rate of +2.2% 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 2018 when imports increased by 11%. Imports peaked at X cubic meters in 2021, and then declined modestly in the following year.

In value terms, rare gases imports dropped to $X in 2022. Over the period under review, imports, however, showed prominent growth. The pace of growth appeared the most rapid in 2020 when imports increased by 45% against the previous year. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

Qatar (X cubic meters), the United States (X cubic meters) and China (X cubic meters) were the main suppliers of rare gases imports to South Korea, together accounting for 94% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +66.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Qatar ($X), the United States ($X) and Ukraine ($X) appeared to be the largest rare gases suppliers to South Korea, together comprising 74% of total imports. China and Australia lagged somewhat behind, together comprising a further 8.7%.

Among the main suppliers, China, with a CAGR of +80.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average rare gases import price amounted to $X per cubic meter, falling by -6.8% against the previous year. Overall, the import price, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 42% against the previous year. The import price peaked at $X per cubic meter in 2021, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ukraine ($X per cubic meter), while the price for Australia ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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