Republic of Korea: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Republic of Korea

The South Korean monocarboxylic acid market surged to $X in 2022, rising by X% against the previous year. Over the period under review, consumption, however, saw a strong expansion. Monocarboxylic acid consumption peaked in 2022 and is expected to retain growth in the immediate term.

Monocarboxylic Acid Production in Republic of Korea

In value terms, monocarboxylic acid production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production saw a resilient increase. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

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Monocarboxylic Acid Exports

Exports from Republic of Korea

In 2022, monocarboxylic acid exports from South Korea skyrocketed to X tons, with an increase of X% on the previous year's figure. In general, exports recorded a strong increase. The pace of growth appeared the most rapid in 2013 with an increase of X%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, monocarboxylic acid exports expanded to $X in 2022. Overall, exports continue to indicate a strong increase. The pace of growth was the most pronounced in 2013 when exports increased by X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons), India (X tons) and Thailand (X tons) were the main destinations of monocarboxylic acid exports from South Korea, together comprising X% of total exports. The UK, France, Egypt, Taiwan (Chinese), the United States, Japan and Turkey lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Japan ($X) appeared to be the largest markets for monocarboxylic acid exported from South Korea worldwide, together comprising X% of total exports. The UK, the United States, Thailand, France, Egypt, Taiwan (Chinese) and Turkey lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, France, with a CAGR of X%, saw the highest rates of growth with regard to 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 2022, the average monocarboxylic acid export price amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the export price recorded a mild decrease. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then contracted markedly in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Republic of Korea

In 2022, overseas purchases of acrylic acid and its salts and other monocarboxylic acid increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports saw a tangible increase. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, monocarboxylic acid imports soared to $X in 2022. Over the period under review, imports showed a buoyant increase. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Japan (X tons), China (X tons) and India (X tons) were the main suppliers of monocarboxylic acid imports to South Korea, with a combined X% share of total imports. The United States and Malaysia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to South Korea, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Japan (X% per year).

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, jumping by X% against the previous year. Overall, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform