Republic of Korea: Market for Ammonia In Aqueous Solution 2024

Market Size for Ammonia In Aqueous Solution in Republic of Korea

The South Korean ammonia in aqueous solution market totaled $X in 2022, with an increase of X% against the previous year. Overall, consumption recorded buoyant growth. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Production of Ammonia In Aqueous Solution in Republic of Korea

In value terms, ammonia in aqueous solution production totaled $X in 2022 estimated in export price. In general, production continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by X% against the previous year. Ammonia in aqueous solution production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Exports of Ammonia In Aqueous Solution

Exports from Republic of Korea

In 2022, shipments abroad of ammonia in aqueous solution decreased by X% to X tons, falling for the third year in a row after six years of growth. In general, exports, however, recorded a perceptible expansion. The growth pace was the most rapid in 2018 when exports increased by X%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, ammonia in aqueous solution exports rose sharply to $X in 2022. Over the period under review, exports, however, recorded noticeable growth. The most prominent rate of growth was recorded in 2018 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for ammonia in aqueous solution exports from South Korea, with a X% share of total exports. Moreover, ammonia in aqueous solution exports to China exceeded the volume sent to the second major destination, Malaysia (X tons), sixfold. Belgium (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Belgium (X% per year).

In value terms, China ($X) remains the key foreign market for ammonia in aqueous solution exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Malaysia ($X), with a X% share of total exports. It was followed by Belgium, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Belgium (X% per year).

Export Prices by Country

The average ammonia in aqueous solution export price stood at $X per ton in 2022, jumping by X% against the previous year. Overall, the export price, however, continues to indicate a mild descent. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to China ($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 Belgium (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Ammonia In Aqueous Solution

Imports into Republic of Korea

In 2022, approx. X tons of ammonia in aqueous solution were imported into South Korea; increasing by X% compared with the year before. Overall, imports recorded a prominent increase. The pace of growth appeared the most rapid in 2016 with an increase of X%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, ammonia in aqueous solution imports soared to $X in 2022. In general, imports saw a resilient expansion. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Japan (X tons) constituted the largest supplier of ammonia in aqueous solution to South Korea, accounting for a X% share of total imports. Moreover, ammonia in aqueous solution imports from Japan exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was held by China (X tons), with a X% share.

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

In value terms, the largest ammonia in aqueous solution suppliers to South Korea were Japan ($X), the United States ($X) and Germany ($X), with a combined X% share of total imports.

The United States, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 ammonia in aqueous solution import price stood at $X per ton in 2022, waning by X% against the previous year. In general, the import price, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform