Report Update: May 1, 2024

Republic of Korea - Industrial Monocarboxylic Fatty Acids - Market Analysis, Forecast, Size, Trends And Insights

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Price for Industrial Monocarboxylic Fatty Acids in South Korea - 2022

Price for Industrial Monocarboxylic Fatty Acids in South Korea (CIF) - 2022

In December 2022, the average industrial monocarboxylic fatty acids import price amounted to $856 per ton, dropping by -5.4% against the previous month. Over the period under review, the import price recorded a perceptible downturn. The most prominent rate of growth was recorded in April 2022 an increase of 17% against the previous month. As a result, import price reached the peak level of $1,493 per ton. From May 2022 to December 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In December 2022, the highest price was recorded for prices from China ($949 per ton) and Malaysia ($886 per ton), while the price for Vietnam ($806 per ton) and Indonesia ($807 per ton) were amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by China (+1.9%), while the prices for the other major suppliers experienced a decline.

Price for Industrial Monocarboxylic Fatty Acids in South Korea (FOB) - 2022

In December 2022, the average industrial monocarboxylic fatty acids export price amounted to $2,112 per ton, remaining stable against the previous month. Over the period under review, export price indicated a measured increase from December 2021 to December 2022: its price increased at an average monthly rate of +2.8% 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 monocarboxylic fatty acids export price decreased by -16.4% against August 2022 indices. The most prominent rate of growth was recorded in May 2022 when the average export price increased by 38% m-o-m. The export price peaked at $2,525 per ton in August 2022; however, from September 2022 to December 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In December 2022, the country with the highest price was Japan ($4,292 per ton), while the average price for exports to the Philippines ($1,082 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+11.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial Monocarboxylic Fatty Acids in South Korea

In 2022, approx. 419K tons of industrial monocarboxylic fatty acids were imported into South Korea; which is down by -6.1% on the previous year. The total import volume increased at an average annual rate of +1.8% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 14% against the previous year. As a result, imports attained the peak of 446K tons, and then shrank in the following year.

In value terms, industrial monocarboxylic fatty acids imports declined significantly to $315M in 2022. Over the period under review, imports, however, showed strong growth. The pace of growth appeared the most rapid in 2021 when imports increased by 98% against the previous year. As a result, imports reached the peak of $419M, and then fell significantly in the following year.

Import of Industrial Monocarboxylic Fatty Acids in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Indonesia	81.5	88.2	252	189	32.4%
Malaysia	81.2	101	115	86.3	2.1%
China	3.2	6.6	24.9	18.7	80.1%
Thailand	6.4	5.2	8.0	6.0	-2.1%
United States	5.7	2.5	2.2	2.7	-22.0%
Others	14.0	8.5	16.9	12.2	-4.5%
Total	192	212	419	315	17.9%

Top Suppliers of Industrial Monocarboxylic Fatty Acids to South Korea in 2022:

Indonesia (229.6K tons)
Malaysia (134.8K tons)
China (32.2K tons)
Thailand (6.7K tons)
United States (6.6K tons)

Exports of Industrial Monocarboxylic Fatty Acids in South Korea

After three years of growth, shipments abroad of industrial monocarboxylic fatty acids decreased by -1.7% to 5.2K tons in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 3.6%. As a result, the exports attained the peak of 5.3K tons, and then dropped modestly in the following year.

In value terms, industrial monocarboxylic fatty acids exports fell to $6.7M in 2022. Over the period under review, total exports indicated a prominent increase from 2019 to 2022: its value increased at an average annual rate of +8.6% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +28.1% against 2019 indices. The pace of growth was the most pronounced in 2021 when exports increased by 37% against the previous year. As a result, the exports reached the peak of $7.7M, and then declined in the following year.

Export of Industrial Monocarboxylic Fatty Acids in South Korea (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	2,851	3,465	5,464	4,458	16.1%
Malaysia	378	368	732	597	16.5%
Taiwan (Chinese)	418	36.1	599	489	5.4%
Indonesia	627	603	217	388	-14.8%
Vietnam	370	574	142	291	-7.7%
Philippines	315	192	181	184	-16.4%
Japan	158	207	221	180	4.4%
India	31.4	168	44.9	65.6	27.8%
Others	50.0	6.2	93.8	4.3	-55.9%
Total	5,199	5,621	7,695	6,658	8.6%

Top Export Markets for Industrial Monocarboxylic Fatty Acids from South Korea in 2022:

China (3155.4 tons)
Malaysia (689.3 tons)
Indonesia (422.3 tons)
Taiwan (Chinese) (298.4 tons)
Vietnam (261.7 tons)
Philippines (191.2 tons)
India (125.1 tons)
Japan (81.3 tons)

This report provides an in-depth analysis of the market for industrial monocarboxylic fatty acids 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 20143195 - Industrial monocarboxylic fatty acids distilled (excluding stearic, oleic tall oil)
Prodcom 20143197 - Industrial monocarboxylic fatty acids (excluding stearic, oleic, t all oil, distilled)

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