Republic of Korea: Market for Caustic Soda in Aqueous Solution (Soda Lye) 2024

Market Size for Caustic Soda in Aqueous Solution (Soda Lye) in Republic of Korea

After two years of decline, the South Korean market for caustic soda in aqueous solution (soda lye) increased by 608% to $X in 2021. Over the period under review, consumption, however, saw a deep contraction. Consumption of peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Caustic Soda in Aqueous Solution (Soda Lye) in Republic of Korea

In value terms, production of caustic soda in aqueous solution (soda lye) amounted to less than $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern.

Exports of Caustic Soda in Aqueous Solution (Soda Lye)

Exports from Republic of Korea

After two years of growth, overseas shipments of caustic soda in aqueous solution (soda lye) decreased by -22% to X tons in 2021. Over the period under review, exports, however, showed prominent growth. The pace of growth appeared the most rapid in 2013 when exports increased by 206%. The exports peaked at X tons in 2020, and then dropped rapidly in the following year.

In value terms, exports of caustic soda in aqueous solution (soda lye) soared to $X in 2021. In general, exports, however, recorded strong growth. The pace of growth was the most pronounced in 2013 with an increase of 174%. Over the period under review, the exports of hit record highs at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Australia (X tons) was the main destination for exports of caustic soda in aqueous solution (soda lye) from South Korea, with a 74% share of total exports. Moreover, exports of caustic soda in aqueous solution (soda lye) to Australia exceeded the volume sent to the second major destination, Vietnam (X tons), tenfold. The United States (X tons) ranked third in terms of total exports with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Australia amounted to +13.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+122.5% per year) and the United States (+1.3% per year).

In value terms, Australia ($X) remains the key foreign market for caustic soda in aqueous solution (soda lye) exports from South Korea, comprising 81% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 4.7% share of total exports. It was followed by the United States, with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Australia stood at +15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+91.6% per year) and the United States (+0.9% per year).

Export Prices by Country

The average export price for caustic soda in aqueous solution (soda lye) stood at $X per ton in 2021, with an increase of 63% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 69%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Thailand ($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 Saudi Arabia (+7.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Caustic Soda in Aqueous Solution (Soda Lye)

Imports into Republic of Korea

In 2021, supplies from abroad of caustic soda in aqueous solution (soda lye) was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, faced a abrupt downturn. The most prominent rate of growth was recorded in 2018 when imports increased by 71%. Over the period under review, imports of reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of caustic soda in aqueous solution (soda lye) skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2018 when imports increased by 90%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) was the main caustic soda in aqueous solution (soda lye) supplier to South Korea, with a 100% share of total imports. Moreover, imports of caustic soda in aqueous solution (soda lye) from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), tenfold. The third position in this ranking was held by Japan (X tons), with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+18.1% per year) and Japan (+66.8% per year).

In value terms, China ($X) constituted the largest supplier of caustic soda in aqueous solution (soda lye) to South Korea, comprising 48% of total imports. The second position in the ranking was held by the United States ($X), with a 23% share of total imports. It was followed by Sweden, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at -14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+20.2% per year) and Sweden (+148.5% per year).

Import Prices by Country

In 2021, the average import price for caustic soda in aqueous solution (soda lye) amounted to $X per ton, waning by -10.9% against the previous year. Over the period under review, the import price, however, recorded a buoyant increase. The growth pace was the most rapid in 2019 when the average import price increased by 77% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 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 Sweden ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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