Republic of Korea: Market for Reaction Initiators, Reaction Accelerators And Catalytic Preparations 2024

Market Size for Reaction Initiators, Reaction Accelerators And Catalytic Preparations in Republic of Korea

For the sixth consecutive year, the South Korean reaction initiators and accelerators market recorded growth in sales value, which increased by 6% to $X in 2022. In general, consumption recorded a strong increase. Reaction initiators and accelerators consumption peaked in 2022 and is likely to continue growth in the near future.

Production of Reaction Initiators, Reaction Accelerators And Catalytic Preparations in Republic of Korea

In value terms, reaction initiators and accelerators production surged to $X in 2022 estimated in export price. In general, production saw a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 395% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Reaction Initiators, Reaction Accelerators And Catalytic Preparations

Exports from Republic of Korea

In 2022, reaction initiators and accelerators exports from South Korea was estimated at X tons, picking up by 7.6% against the year before. Over the period under review, exports enjoyed a buoyant increase. The pace of growth was the most pronounced in 2020 with an increase of 95%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, reaction initiators and accelerators exports shrank significantly to $X in 2022. The total export value increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 42% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for reaction initiators and accelerators exports from South Korea, accounting for a 81% share of total exports. Moreover, reaction initiators and accelerators exports to China exceeded the volume sent to the second major destination, Japan (X tons), more than tenfold. The third position in this ranking was taken by Spain (X tons), with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+10.1% per year) and Spain (+98.5% per year).

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) were the largest markets for reaction initiators and accelerators exported from South Korea worldwide, together comprising 46% of total exports. Spain, Germany, Italy and Poland lagged somewhat behind, together accounting for a further 6.2%.

Spain, with a CAGR of +96.7%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

In 2022, the average reaction initiators and accelerators export price amounted to $X per ton, falling by -22.8% against the previous year. Overall, the export price continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2015 when the average export price increased by 75%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to China ($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 Germany (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Reaction Initiators, Reaction Accelerators And Catalytic Preparations

Imports into Republic of Korea

In 2022, the amount of reaction initiators, reaction accelerators and catalytic preparations imported into South Korea rose notably to X tons, increasing by 14% on 2021. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.2% 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 +15.4% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 32% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, reaction initiators and accelerators imports contracted modestly to $X in 2022. In general, total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 +68.8% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. As a result, imports attained the peak of $X, leveling off in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of reaction initiators and accelerators to South Korea, with a 53% share of total imports. Moreover, reaction initiators and accelerators imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Japan (X tons) ranked third in terms of total imports with an 18% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+26.3% per year) and Japan (+5.6% per year).

In value terms, the United States ($X), Japan ($X) and China ($X) were the largest reaction initiators and accelerators suppliers to South Korea, together accounting for 64% of total imports. Belgium, Germany and France lagged somewhat behind, together comprising a further 21%.

In terms of the main suppliers, Belgium, with a CAGR of +26.9%, recorded 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 reaction initiators and accelerators import price amounted to $X per ton, falling by -12.7% against the previous year. Over the period under review, the import price continues to indicate a slight setback. The pace of growth appeared the most rapid in 2013 when the average import price increased by 16%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+1.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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