Republic of Korea: Zirconium Market 2024

Zirconium Market Size in Republic of Korea

The South Korean zirconium market soared to $X in 2022, increasing by 208% 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). Over the period under review, consumption, however, saw a deep reduction. 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.

Zirconium Exports

Exports from Republic of Korea

Zirconium exports from South Korea totaled X tons in 2022, approximately reflecting 2021. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 230%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, zirconium exports reduced to $X in 2022. In general, exports recorded a tangible increase. The most prominent rate of growth was recorded in 2018 with an increase of 165% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Germany (X tons) was the main destination for zirconium exports from South Korea, with a 86% share of total exports. Moreover, zirconium exports to Germany exceeded the volume sent to the second major destination, the United States (X kg), more than tenfold. Peru (X kg) ranked third in terms of total exports with a 6% share.

From 2012 to 2022, the average annual growth rate of volume to Germany amounted to +8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+59.9% per year) and Peru (+54.0% per year).

In value terms, Germany ($X) remains the key foreign market for zirconium exports from South Korea, comprising 70% of total exports. The second position in the ranking was taken by the United States ($X), with a 16% share of total exports. It was followed by Peru, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Germany totaled +6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+59.3% per year) and Peru (+49.3% per year).

Export Prices by Country

The average zirconium export price stood at $X per ton in 2022, reducing by -13% against the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zirconium export price increased by +17.3% against 2020 indices. The growth pace was the most rapid in 2016 when the average export price increased by 87%. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Germany ($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 States (-0.4%), while the prices for the other major destinations experienced a decline.

Zirconium Imports

Imports into Republic of Korea

In 2022, imports of zirconium into South Korea soared to X tons, growing by 89% on 2021 figures. Overall, imports, however, faced a abrupt shrinkage. The growth pace was the most rapid in 2018 with an increase of 566% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, zirconium imports soared to $X in 2022. Over the period under review, imports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 254% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

France (X tons), China (X tons) and Japan (X kg) were the main suppliers of zirconium imports to South Korea, together accounting for 99% of total imports.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +19.7%), while purchases for the other leaders experienced a decline.

In value terms, France ($X), China ($X) and the United States ($X) constituted the largest zirconium suppliers to South Korea, with a combined 92% share of total imports.

France, with a CAGR of +19.0%, 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 a decline.

Import Prices by Country

In 2022, the average zirconium import price amounted to $X per ton, picking up by 4.1% against the previous year. Overall, the import price recorded a perceptible increase. The pace of growth appeared the most rapid in 2015 an increase of 168%. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for France ($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 United States (+26.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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