Republic of Korea: Market for Salts Of Acetic Acid 2024

Market Size for Salts Of Acetic Acid in Republic of Korea

In 2022, the South Korean salts of acetic acid market increased by 2.3% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Salts Of Acetic Acid in Republic of Korea

In value terms, salts of acetic acid production contracted to $X in 2022 estimated in export price. In general, production saw a abrupt downturn. The most prominent rate of growth was recorded in 2018 when the production volume increased by 547% against the previous year. Salts of acetic acid production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Salts Of Acetic Acid

Exports from Republic of Korea

Salts of acetic acid exports from South Korea dropped to X tons in 2022, waning by -5.1% on the year before. In general, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2018 when exports increased by 357% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then fell in the following year.

In value terms, salts of acetic acid exports reduced to $X in 2022. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 283% against the previous year. The exports peaked at $X in 2021, and then dropped in the following year.

Exports by Country

Portugal (X tons) was the main destination for salts of acetic acid exports from South Korea, accounting for a 67% share of total exports. Moreover, salts of acetic acid exports to Portugal exceeded the volume sent to the second major destination, China (X tons), threefold. Indonesia (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2022, the average annual growth rate of volume to Portugal totaled +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+43.4% per year) and Indonesia (+13.9% per year).

In value terms, Portugal ($X) remains the key foreign market for salts of acetic acid exports from South Korea, comprising 63% of total exports. The second position in the ranking was held by China ($X), with a 22% share of total exports. It was followed by Indonesia, with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Portugal totaled +1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+36.3% per year) and Indonesia (+5.5% per year).

Export Prices by Country

The average salts of acetic acid export price stood at $X per ton in 2022, which is down by -4.3% against the previous year. In general, the export price showed a pronounced slump. The pace of growth appeared the most rapid in 2015 when the average export price increased by 50% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 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 Japan ($X per ton), while the average price for exports to the UK ($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 United Arab Emirates (+23.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Salts Of Acetic Acid

Imports into Republic of Korea

In 2022, overseas purchases of salts of acetic acid decreased by -8.9% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 43%. Imports peaked at X tons in 2021, and then declined in the following year.

In value terms, salts of acetic acid imports expanded modestly to $X in 2022. In general, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +23.7% against 2018 indices. The most prominent rate of growth was recorded in 2021 with an increase of 29%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

China (X tons), India (X tons) and Japan (X tons) were the main suppliers of salts of acetic acid imports to South Korea, with a combined 87% share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +39.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Japan ($X) appeared to be the largest salts of acetic acid suppliers to South Korea, with a combined 75% share of total imports.

Among the main suppliers, the United States, with a CAGR of +34.8%, 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 salts of acetic acid import price amounted to $X per ton, increasing by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2018 an increase of 28%. As a result, import price attained the peak level of $X per ton; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for India ($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 Netherlands (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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