Republic of Korea: Market for Caustic Soda in the Solid Form 2024

Market Size for Caustic Soda in the Solid Form in Republic of Korea

In 2021, the South Korean market for caustic soda in the solid form decreased by -14.2% to $X, falling for the second year in a row after two years of growth. Over the period under review, the total consumption indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -22.2% against 2019 indices. Consumption of peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Exports of Caustic Soda in the Solid Form

Exports from Republic of Korea

In 2021, overseas shipments of caustic soda in the solid form were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 106%. Over the period under review, the exports of caustic soda in solid form hit record highs at X tons in 2012; afterwards, it flattened through to 2021.

In value terms, exports of caustic soda in the solid form reduced remarkably to $X in 2021. Over the period under review, exports, however, recorded a mild setback. The most prominent rate of growth was recorded in 2018 when exports increased by 165%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Uganda (X tons) was the main destination for exports of caustic soda in the solid form from South Korea, with a 50% share of total exports. Moreover, exports of caustic soda in the solid form to Uganda exceeded the volume sent to the second major destination, Tanzania (X tons), twofold. Mozambique (X tons) ranked third in terms of total exports with a 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Uganda amounted to +67.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tanzania (+111.4% per year) and Mozambique (+65.3% per year).

In value terms, the largest markets for caustic soda in the solid form exported from South Korea were Uganda ($X), Mozambique ($X) and Tanzania ($X), with a combined 73% share of total exports.

Uganda, with a CAGR of +80.9%, saw 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 2021, the average export price for caustic soda in the solid form amounted to $X per ton, declining by -46.2% against the previous year. Overall, the export price continues to indicate a slight setback. The pace of growth appeared the most rapid in 2018 when the average export price increased by 29% against the previous year. The export price peaked at $X per ton in 2020, and then dropped sharply in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Tanzania ($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 Japan (+27.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Caustic Soda in the Solid Form

Imports into Republic of Korea

In 2021, after three years of growth, there was decline in overseas purchases of caustic soda in the solid form, when their volume decreased by -2.1% to X tons. Overall, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +70.9% against 2017 indices. The most prominent rate of growth was recorded in 2018 with an increase of 39% against the previous year. Imports peaked at X tons in 2020, and then dropped in the following year.

In value terms, imports of caustic soda in the solid form declined significantly to $X in 2021. Over the period under review, total imports indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -33.8% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 78%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports of remained at a somewhat lower figure.

Imports by Country

China (X tons), Taiwan (Chinese) (X tons) and Thailand (X tons) were the main suppliers of imports of caustic soda in the solid form to South Korea, together comprising 96% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +9.3%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest caustic soda in the solid form suppliers to South Korea were China ($X), Taiwan (Chinese) ($X) and Thailand ($X), with a combined 68% share of total imports.

Among the main suppliers, China, with a CAGR of +2.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average import price for caustic soda in the solid form amounted to $X per ton, shrinking by -13.2% against the previous year. Overall, the import price saw a pronounced decrease. The pace of growth was the most pronounced in 2018 when the average import price increased by 28%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (-4.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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