South Korea Caustic Soda Market to Grow at a CAGR of 3.30% During 2024-2032, Aided by Expansion of South Korea's Industrial Sector

The South Korea market for caustic soda is primarily driven by the significant expansion of the industrial sector. Notably, the paper and pulp industry is experiencing a substantial upswing due to the increasing demand for sustainable packaging solutions, such as paper-based alternatives to plastic. This necessitates the use of caustic soda in the wood pulping process.

In a similar vein, the soap and detergent industry is benefiting from the increased focus on hygiene among the South Korean population. This trend aligns with the grease-cutting and saponification properties of caustic soda, a key ingredient in many cleaning products.

The critical role of caustic soda in the South Korean textile industry, a major contributor to the nation's economy, further strengthens the South Korea caustic soda market expansion. Caustic soda acts as an essential agent in scouring, mercerising, and dyeing processes, guaranteeing textiles achieve their intended texture, finish, and vibrant colours.

LG Chem Ltd (KRX: 051910), a leading South Korean petrochemical company, is planning a temporary suspension of operations at its caustic soda production line located in Yeosu, South Korea. This scheduled shutdown, slated for February 20, 2024, is part of a routine maintenance programme. With an annual production capacity of 320,000 tons of caustic soda, the impacted line represents a significant portion of LG Chem's total annual capacity of 728,000 tons.

South Korean caustic soda leader, Hanwha Solutions, is currently equipped with an annual production capacity of 840,000 tons. The company has committed an investment of 338 billion won to expand its Yeosu plant by 270,000 tons, bringing its total production capacity to a projected 1.11 million tons by 2025.

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Market Breakup by Production Process and End Use:

• On the basis of the production process, the market is divided into membrane cell and diaphragm cell, among others.

• The market can be segmented based on end use into battery (ESS), pulp and paper, organic chemical, inorganic chemical, soap and detergent, alumina, water treatment, and textile, among others.

Key Findings of the Report:

• The expanding use of caustic soda in numerous petrochemical processes, particularly for the production of vinyl chloride and ethylene dichloride monomers, is contributing to the South Korea caustic soda market expansion.

• Caustic soda demand in South Korea has exhibited a recent decline. This trend can be attributed, at least in part, to a decrease in domestic demand from the alumina sector. This decrease is likely a response to the growing volatility within the overall market.

• The incorporation of advanced digital technologies, including data analytics and sophisticated monitoring systems, has demonstrably enhanced caustic soda production facilities. These advancements have led to significant improvements in both process control and overall efficiency. This translates to a more streamlined operation, optimised resource utilisation, and ultimately, a more robust and cost-effective production environment.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea caustic soda market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the production processes and end uses of caustic soda in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, value chain analysis, trade data analysis, price analysis, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea caustic soda market are Hanwha Solutions Co., Ltd., LG Chem, Ltd., Dow Chemical Korea Ltd, LOTTE Fine Chemical, and Tokuyama Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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