South Korea Ferric Chloride Market to Grow at a CAGR of 4.5% During 2024-2032, Aided by the Rising Demand for Water Treatment Solutions

The robustly growing South Korean electronics industry, coupled with the growing demand for miniaturised and intricate devices, is a key driver for ferric chloride consumption. This is due to the extensive use of ferric chloride (FeCl3) in the etching process during printed circuit board (PCB) manufacturing. PCBs are fundamental components in various electronic devices, ranging from smartphones and tablets to medical equipment. The increasing demand for these consumer gadgets and advancements in PCB technology are enabling the creation of smaller and more complex circuits, consequently, driving the South Korea ferric chloride market growth.

Ferric chloride finds extensive application in water treatment, primarily in the areas of water purification and wastewater treatment. Furthermore, its unique odour-sequestration properties distinguish it from other water treatment chemicals, contributing to its increased demand. Notably, over 75% of global water treatment needs are addressed through ferric chloride's utilisation in industrial settings, saltwater pre-treatment for desalination processes, and various other applications. This widespread adoption, coupled with South Korea's growing requirement for clean water, serves as a key driver for the market within the region.

Further, driven by environmental considerations, a shift is underway towards more sustainable alternatives to ferric chloride, a widely used industrial coagulant.  Concerns regarding the disposal of ferric chloride-based sludge generated during water treatment have prompted the exploration of eco-friendly options. Poly aluminum chloride (PAC) and ferric sulphate present themselves as viable replacements, offering comparable performance with reduced sludge production and consequently, a lower environmental impact. This has led to a gradual transition by some end-users, towards adopting these greener alternatives.

BASF SE (OTCMKTS: BASFY), a prominent player in the chemical industry, offers ferric chloride. This versatile compound functions as a mild Lewis acid, serving as a catalyst in various chemical reactions. Its applications extend across diverse sectors, including the paper and textile industries, where it plays a crucial role in pigment and colour production.  Furthermore, BASF supplies high-purity ferric chloride solutions specifically tailored for the pharmaceutical industry. These solutions are employed in the manufacturing of iron-based preparations used in the treatment of various diseases.

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Market Breakup by Application:

• On the basis of application, the market is divided into water and wastewater treatment, printed circuit board (PCB), pigment manufacturing, animal nutrient supplement, and asphalt blowing, among others.

Key Findings of the Report:

• South Korea's electronics sector expansion is fostering a steady increase in demand for ferric chloride. Furthermore, the widespread use of steel across various applications, involving pickling and etching processes with ferric chloride, propels the South Korea ferric chloride market expansion.

• South Korea attracted a record-breaking USD 18.8 billion in foreign direct investment (FDI) in 2023, representing a 3.4% increase compared to 2022. Notably, the electronics industry received the largest share of these investments, totalling USD 3 billion. This surge in electronics investment reflects the sector's growing global importance driven by the increased demand witnessed during the pandemic.

• The market is expected to witness further expansion in the forecast period, driven by substantial investments in research and development (R&D) by key players seeking to broaden their product portfolios. This trend is complemented by strategic initiatives undertaken by market participants, encompassing contractual agreements, mergers and acquisitions, increased investments, and collaborative endeavours with other organisations.

Key Offerings of the Report:

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

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for applications of ferric chloride in South Korea.

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

The major players in the South Korea ferric chloride market are BASF SE, Samchun Chemical Co., Ltd, Arkema S.A., and VWR International, LLC., 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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