Forecast: Import of Lithium Oxide and Hydroxide to South Korea

The import volume of Lithium Oxide and Hydroxide to South Korea has shown significant growth from 1.0763 Million Kilograms in 2013 to 15.032 Million Kilograms in 2023. This represents a general upward trend with some fluctuations. In recent years, the import volume increased by 5.83% year-on-year from 2022 to 2023. The Compound Annual Growth Rate (CAGR) over the past five years stands at 4.02%. Forecasts predict a steady increase reaching 19.398 Million Kilograms by 2028, indicating a 21.32% overall growth compared to 2023 with a forecasted 5-year CAGR of 3.94%.

• The import volume has seen dramatic growth from 2013 to 2018, with significant year-on-year increases peaking in 2018 at 74.97%.
• The period from 2019 to 2020 experienced a slight decline but rebounded in 2021 with a notable 35.24% increase.
• From 2022 onwards, the growth rate has stabilized, with a marginal increase year on year, indicating a maturing market.
• Future growth is forecasted to continue its steady climb, although at a moderated pace.

Future trends to watch for include potential impacts of global lithium supply constraints, advancements in battery technology, and shifts in South Korea's green energy policies which could influence import volumes and create new opportunities and challenges in the market.