Republic of Korea: Market for Salts of Inorganic Acids or Peroxoacids (Excluding Azides and Double or Complex Silicates) 2024

Market Size for Salts of Inorganic Acids or Peroxoacids (Excluding Azides and Double or Complex Silicates) in Republic of Korea

After two years of decline, the South Korean market for salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) increased by X% to $X in 2022. In general, consumption, however, continues to indicate a mild setback. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Production of Salts of Inorganic Acids or Peroxoacids (Excluding Azides and Double or Complex Silicates) in Republic of Korea

In value terms, production of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) dropped slightly to $X in 2022 estimated in export price. Overall, the total production indicated slight growth from 2012 to 2022: its value 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, production increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, production of reached the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Exports of Salts of Inorganic Acids or Peroxoacids (Excluding Azides and Double or Complex Silicates)

Exports from Republic of Korea

In 2022, the amount of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) exported from South Korea dropped to X tons, declining by X% on 2021 figures. Over the period under review, exports, however, posted a prominent increase. The pace of growth was the most pronounced in 2014 when exports increased by X%. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, exports of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) reduced notably to $X in 2022. Overall, exports, however, saw a resilient increase. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for exports of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) from South Korea, with a X% share of total exports. Moreover, exports of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) to China exceeded the volume sent to the second major destination, Vietnam (X tons), more than tenfold. The third position in this ranking was taken by Malaysia (X tons), with a X% share.

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

In value terms, China ($X) remains the key foreign market for salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Vietnam ($X), with a X% share of total exports. It was followed by Turkey, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Turkey (X% per year).

Export Prices by Country

The average export price for salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) stood at $X per ton in 2022, declining by X% against the previous year. In general, the export price continues to indicate a noticeable slump. The pace of growth was the most pronounced in 2013 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat 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 the Philippines ($X per ton), while the average price for exports to Malaysia ($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 (X%), while the prices for the other major destinations experienced a decline.

Imports of Salts of Inorganic Acids or Peroxoacids (Excluding Azides and Double or Complex Silicates)

Imports into Republic of Korea

In 2022, purchases abroad of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) decreased by X% to X tons, falling for the seventh consecutive year after two years of growth. Overall, imports saw a deep downturn. The most prominent rate of growth was recorded in 2015 when imports increased by X%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) soared to $X in 2022. In general, imports recorded a precipitous decline. Over the period under review, imports of attained the maximum at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Japan (X tons), China (X tons) and Germany (X tons) were the main suppliers of imports of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) to South Korea, together comprising X% of total imports. Croatia, the United States and the Philippines lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Croatia (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, the largest salts of inorganic acids or peroxoacids suppliers to South Korea were Japan ($X), China ($X) and Croatia ($X), with a combined X% share of total imports.

Croatia, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average import price for salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) amounted to $X per ton, with an increase of X% against the previous year. In general, the import price, however, continues to indicate a deep contraction. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Croatia ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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