Republic of Korea: Silica Sand Market 2024

Silica Sand Market Size in Republic of Korea

The South Korean silica sand market expanded slightly to $X in 2022, with an increase of 1.9% against the previous year. In general, consumption, however, recorded a mild decrease. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Silica Sand Production in Republic of Korea

In value terms, silica sand production rose slightly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a noticeable setback. The most prominent rate of growth was recorded in 2013 when the production volume increased by 52%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Silica Sand Exports

Exports from Republic of Korea

In 2022, the amount of silica sands (quartz sands or industrial sands) exported from South Korea totaled X tons, stabilizing at the year before. Over the period under review, exports posted resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 87% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, silica sand exports stood at $X in 2022. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 41%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for silica sand exports from South Korea, accounting for a 91% share of total exports. It was followed by the Philippines (X tons), with a 2.6% share of total exports. China (X tons) ranked third in terms of total exports with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan amounted to +9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+78.5% per year) and China (+46.5% per year).

In value terms, Japan ($X) remains the key foreign market for silica sands (quartz sands or industrial sands) exports from South Korea, comprising 57% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 20% share of total exports. It was followed by China, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled +1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+1.8% per year) and China (+29.9% per year).

Export Prices by Country

The average silica sand export price stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the export price saw a deep slump. The pace of growth appeared the most rapid in 2018 when the average export price increased by 2% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, 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 Saudi Arabia ($X per ton), while the average price for exports to Japan ($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 the Philippines (-5.4%), while the prices for the other major destinations experienced a decline.

Silica Sand Imports

Imports into Republic of Korea

In 2022, approx. X tons of silica sands (quartz sands or industrial sands) were imported into South Korea; almost unchanged from 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 12% against the previous year. Imports peaked at X tons in 2012; afterwards, it flattened through to 2022.

In value terms, silica sand imports totaled $X in 2022. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 21%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Australia (X tons) constituted the largest silica sand supplier to South Korea, with a 65% share of total imports. Moreover, silica sand imports from Australia exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), twofold. Malaysia (X tons) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume from Australia stood at +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-5.6% per year) and Malaysia (-6.2% per year).

In value terms, Australia ($X) constituted the largest supplier of silica sands (quartz sands or industrial sands) to South Korea, comprising 63% of total imports. The second position in the ranking was held by Vietnam ($X), with a 22% share of total imports. It was followed by Malaysia, with a 3.2% share.

From 2012 to 2022, the average annual growth rate of value from Australia amounted to +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-4.9% per year) and Malaysia (-7.3% per year).

Import Prices by Country

In 2022, the average silica sand import price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2014 an increase of 20%. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+31.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :