Republic of Korea: Titanium Dioxide Market 2024

Titanium Dioxide Market Size in Republic of Korea

In 2021, the South Korean titanium dioxide market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, continues to indicate a slight decline. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Titanium Dioxide Production in Republic of Korea

In value terms, titanium dioxide production rose to $X in 2021 estimated in export price. Overall, production, however, saw a pronounced downturn. The pace of growth appeared the most rapid in 2017 with an increase of 17% against the previous year. Titanium dioxide production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Titanium Dioxide Exports

Exports from Republic of Korea

In 2021, approx. X tons of titanium dioxide were exported from South Korea; picking up by 4.5% on the previous year. Over the period under review, exports, however, continue to indicate a noticeable descent. The most prominent rate of growth was recorded in 2019 with an increase of 24% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, titanium dioxide exports amounted to $X in 2021. Overall, exports, however, showed a perceptible contraction. The pace of growth was the most pronounced in 2017 when exports increased by 33%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for titanium dioxide exports from South Korea, accounting for a 23% share of total exports. Moreover, titanium dioxide exports to India exceeded the volume sent to the second major destination, the United States (X tons), twofold. Japan (X tons) ranked third in terms of total exports with a 9.7% share.

From 2012 to 2021, the average annual growth rate of volume to India amounted to +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-5.3% per year) and Japan (-8.8% per year).

In value terms, the largest markets for titanium dioxide exported from South Korea were India ($X), Vietnam ($X) and the United States ($X), with a combined 45% share of total exports. These countries were followed by Japan, the Netherlands, Thailand, Malaysia, Turkey, Germany, Indonesia, Pakistan and Canada, which together accounted for a further 43%.

In terms of the main countries of destination, Turkey, with a CAGR of +9.0%, saw the highest growth rate of the value of exports, 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 titanium dioxide export price amounted to $X per ton, increasing by 2.7% against the previous year. Over the period under review, the export price, however, showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 17%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and Indonesia ($X per ton), while the average price for exports to Pakistan ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+0.7%), while the prices for the other major destinations experienced a decline.

Titanium Dioxide Imports

Imports into Republic of Korea

Titanium dioxide imports into South Korea expanded modestly to X tons in 2021, with an increase of 2.6% against 2020 figures. In general, total imports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -7.6% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 24% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, titanium dioxide imports surged to $X in 2021. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 33% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of titanium dioxide to South Korea, with a 59% share of total imports. Moreover, titanium dioxide imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.6% per year) and Germany (-8.3% per year).

In value terms, China ($X), Japan ($X) and Germany ($X) appeared to be the largest titanium dioxide suppliers to South Korea, with a combined 93% share of total imports. France and Vietnam lagged somewhat behind, together accounting for a further 5.2%.

Vietnam, with a CAGR of +124.8%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average titanium dioxide import price stood at $X per ton in 2021, rising by 15% against the previous year. In general, the import price, however, showed a perceptible downturn. The most prominent rate of growth was recorded in 2018 an increase of 30% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood 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 France ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+1.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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