Republic of Korea: Market for Saturated Acyclic Monocarboxylic Acids 2023

Market Size for Saturated Acyclic Monocarboxylic Acids in Republic of Korea

After two years of decline, the South Korean saturated acyclic monocarboxylic acids market increased by 44% to $X in 2021. Overall, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Saturated Acyclic Monocarboxylic Acids in Republic of Korea

In value terms, saturated acyclic monocarboxylic acids production declined to $X in 2021 estimated in export price. In general, production saw a pronounced slump. The pace of growth was the most pronounced in 2020 when the production volume increased by 25% against the previous year. Saturated acyclic monocarboxylic acids production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Saturated Acyclic Monocarboxylic Acids

Exports from Republic of Korea

In 2021, overseas shipments of saturated acyclic monocarboxylic acids increased by 17% to X tons, rising for the third year in a row after two years of decline. In general, total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +69.5% against 2018 indices. The pace of growth was the most pronounced in 2020 with an increase of 43% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, saturated acyclic monocarboxylic acids exports soared to $X in 2021. Overall, exports enjoyed a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for saturated acyclic monocarboxylic acids exports from South Korea, with a 17% share of total exports. Moreover, saturated acyclic monocarboxylic acids exports to Japan exceeded the volume sent to the second major destination, China (X tons), threefold. Belgium (X tons) ranked third in terms of total exports with a 4.9% share.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+12.0% per year) and Belgium (+32.8% per year).

In value terms, the largest markets for saturated acyclic monocarboxylic acids exported from South Korea were Japan ($X), China ($X) and Belgium ($X), with a combined 29% share of total exports.

In terms of the main countries of destination, Belgium, with a CAGR of +47.4%, saw the highest growth rate of 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

The average saturated acyclic monocarboxylic acids export price stood at $X per ton in 2021, rising by 24% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 46% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+11.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Saturated Acyclic Monocarboxylic Acids

Imports into Republic of Korea

In 2021, the amount of saturated acyclic monocarboxylic acids imported into South Korea surged to X tons, jumping by 36% against the previous year's figure. The total import volume increased at an average annual rate of +4.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, saturated acyclic monocarboxylic acids imports surged to $X in 2021. Over the period under review, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest saturated acyclic monocarboxylic acids supplier to South Korea, accounting for a 27% share of total imports. Moreover, saturated acyclic monocarboxylic acids imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fivefold. The third position in this ranking was taken by Japan (X tons), with a 5.1% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+5.7% per year) and Japan (+0.9% per year).

In value terms, China ($X) constituted the largest supplier of saturated acyclic monocarboxylic acids to South Korea, comprising 23% of total imports. The second position in the ranking was taken by Japan ($X), with a 6.7% share of total imports. It was followed by Taiwan (Chinese), with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.3% per year) and Taiwan (Chinese) (+7.7% per year).

Import Prices by Country

The average saturated acyclic monocarboxylic acids import price stood at $X per ton in 2021, surging by 33% against the previous year. Over the last nine years, it increased at an average annual rate of +1.3%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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