Republic of Korea: Market for Scouring Pastes And Powders 2024

Market Size for Scouring Pastes And Powders in Republic of Korea

The South Korean scouring pastes and powders market reduced to $X in 2021, with a decrease of -2.4% 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). Overall, consumption saw a deep contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Exports of Scouring Pastes And Powders

Exports from Republic of Korea

Scouring pastes and powders exports from South Korea skyrocketed to X tons in 2021, jumping by 32% compared with 2020 figures. Overall, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2015 with an increase of 97% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, scouring pastes and powders exports skyrocketed to $X in 2021. In general, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2015 with an increase of 106% against the previous year. The exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

China (X tons) was the main destination for scouring pastes and powders exports from South Korea, accounting for a 73% share of total exports. Moreover, scouring pastes and powders exports to China exceeded the volume sent to the second major destination, Singapore (X tons), fivefold. The United States (X tons) ranked third in terms of total exports with a 3.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +24.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+53.4% per year) and the United States (-7.1% per year).

In value terms, China ($X) remains the key foreign market for scouring pastes and powders exports from South Korea, comprising 66% of total exports. The second position in the ranking was taken by the United States ($X), with a 14% share of total exports. It was followed by Singapore, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +29.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.4% per year) and Singapore (+70.3% per year).

Export Prices by Country

In 2021, the average scouring pastes and powders export price amounted to $X per ton, with a decrease of -2.3% against the previous year. Over the last nine years, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 42% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the United States (+13.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Scouring Pastes And Powders

Imports into Republic of Korea

In 2021, imports of scouring pastes and powders into South Korea contracted to X tons, waning by -7.1% against 2020. In general, imports showed a mild contraction. The growth pace was the most rapid in 2016 when imports increased by 57%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, scouring pastes and powders imports expanded notably to $X in 2021. Overall, imports continue to indicate a noticeable descent. The growth pace was the most rapid in 2017 with an increase of 25% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of scouring pastes and powders to South Korea, with a 81% share of total imports. Moreover, scouring pastes and powders imports from Japan exceeded the figures recorded by the second-largest supplier, the United States (X tons), eightfold. The third position in this ranking was taken by China (X tons), with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-10.7% per year) and China (+18.7% per year).

In value terms, Japan ($X) constituted the largest supplier of scouring pastes and powders to South Korea, comprising 89% of total imports. The second position in the ranking was held by the United States ($X), with a 6.2% share of total imports. It was followed by China, with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan stood at -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-13.6% per year) and China (+8.5% per year).

Import Prices by Country

In 2021, the average scouring pastes and powders import price amounted to $X per ton, increasing by 24% against the previous year. In general, the import price, however, continues to indicate a mild decrease. The most prominent rate of growth was recorded in 2015 an increase of 30% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, 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 Japan ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (-0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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