Republic of Korea: Nickel Powder Market 2024

Nickel Powder Market Size in Republic of Korea

The South Korean nickel powder market rose sharply to $X in 2023, with an increase of X% 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). In general, consumption saw a resilient expansion. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market remained at a lower figure.

Nickel Powder Exports

Exports from Republic of Korea

In 2023, nickel powder exports from South Korea declined slightly to X tons, with a decrease of X% against 2022 figures. Over the period under review, exports, however, posted a noticeable increase. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, nickel powder exports skyrocketed to $X in 2023. Overall, exports, however, saw a notable expansion. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for nickel powder exports from South Korea, accounting for a X% share of total exports. Moreover, nickel powder exports to China exceeded the volume sent to the second major destination, Belgium (X tons), more than tenfold.

From 2012 to 2023, the average annual rate of growth in terms of volume to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and the United States (X% per year).

In value terms, China ($X) emerged as the key foreign market for nickel powders and flakes exports from South Korea, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports.

From 2012 to 2023, 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: the United States (X% per year) and Belgium (X% per year).

Export Prices by Country

The average nickel powder export price stood at $X per ton in 2023, surging by X% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2023, 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 more modest paces of growth.

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Nickel Powder Imports

Imports into Republic of Korea

In 2023, approx. X tons of nickel powders and flakes were imported into South Korea; increasing by X% compared with the year before. Overall, imports posted a resilient increase. The growth pace was the most rapid in 2019 when imports increased by X%. Imports peaked at X tons in 2021; however, from 2022 to 2023, imports failed to regain momentum.

In value terms, nickel powder imports amounted to $X in 2023. Over the period under review, imports showed a buoyant expansion. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a lower figure.

Imports by Country

In 2023, Australia (X tons) constituted the largest nickel powder supplier to South Korea, with a X% share of total imports. Moreover, nickel powder imports from Australia exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. The third position in this ranking was held by Canada (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Australia stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Canada (X% per year).

In value terms, Australia ($X), Japan ($X) and China ($X) appeared to be the largest nickel powder suppliers to South Korea, together accounting for X% of total imports. Canada, Finland and the UK lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Finland, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average nickel powder import price amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the import price showed a abrupt curtailment. The pace of growth was the most pronounced in 2022 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was China ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Australia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform