Report Update: May 1, 2024

Republic of Korea - Industrial Oleic Acid - Market Analysis, Forecast, Size, Trends And Insights

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Industrial Oleic Acid Price in South Korea - 2022

Industrial Oleic Acid Price in South Korea (CIF) - 2022

The average industrial oleic acid import price stood at $1,245 per ton in December 2022, dropping by -22.5% against the previous month. In general, the import price saw a pronounced curtailment. The pace of growth was the most pronounced in January 2022 when the average import price increased by 12% against the previous month. Over the period under review, average import prices reached the peak figure at $2,429 per ton in July 2022; however, from August 2022 to December 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In December 2022, the country with the highest price was Indonesia ($1,345 per ton), while the price for Malaysia amounted to $1,182 per ton.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Indonesia (-2.7%).

Industrial Oleic Acid Price in South Korea (FOB) - 2022

In December 2022, the average industrial oleic acid export price amounted to $3,302 per ton, surging by 20% against the previous month. In general, export price indicated a temperate increase from December 2021 to December 2022: its price increased at an average monthly rate of +4.6% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2022 figures, industrial oleic acid export price decreased by -4.6% against October 2022 indices. The growth pace was the most rapid in July 2022 an increase of 22% m-o-m. As a result, the export price attained the peak level of $3,471 per ton. From August 2022 to December 2022, the the average export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Japan.

From December 2021 to December 2022, the rate of growth in terms of prices for Japan amounted to +4.9% per month.

Industrial Oleic Acid Imports in South Korea

In 2022, imports of industrial oleic acid into South Korea fell to 27K tons, shrinking by -3.3% on the year before. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 7.1%. As a result, imports attained the peak of 28K tons, and then contracted in the following year.

In value terms, industrial oleic acid imports contracted notably to $34M in 2022. In general, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 72%. As a result, imports attained the peak of $43M, and then shrank notably in the following year.

Import of Industrial Oleic Acid in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Malaysia	16.1	19.3	29.3	23.2	13.0%
Indonesia	4.4	4.8	12.7	10.0	31.5%
United States	0.9	0.6	0.8	0.7	-8.0%
Others	0.5	0.6	0.7	0.6	6.3%
Total	21.9	25.3	43.5	34.4	16.2%

Top Suppliers of Industrial Oleic Acid to South Korea in 2022:

Malaysia (18.1K tons)
Indonesia (7.9K tons)
United States (0.4K tons)

Industrial Oleic Acid Exports in South Korea

In 2022, exports of industrial oleic acid from South Korea rose slightly to 3.4K tons, picking up by 2.5% compared with the previous year. The total export volume increased at an average annual rate of +9.0% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 33%. As a result, the exports reached the peak of 3.5K tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, industrial oleic acid exports reduced sharply to $4.4M in 2022. Overall, total exports indicated strong growth from 2019 to 2022: its value increased at an average annual rate of +14.7% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +50.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 46%. As a result, the exports attained the peak of $5.3M, and then fell remarkably in the following year.

Export of Industrial Oleic Acid in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Japan	2.2	3.0	4.0	3.3	14.5%
Taiwan (Chinese)	0.4	0.3	0.9	0.8	26.0%
China	0.3	0.3	0.4	0.3	0.0%
Others	0.1	N/A	N/A	N/A	0%
Total	2.9	3.6	5.3	4.4	14.9%

Top Export Markets for Industrial Oleic Acid from South Korea in 2022:

Japan (2676.4 tons)
Taiwan (Chinese) (524.8 tons)
China (170.3 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the industrial oleic acid market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20143130 - Industrial oleic acid

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023