Korean Specialty Gas Market Performance
As of now, major South Korean electronic specialty gas companies have released their 2024 financial results. Last year, the Korean specialty gas industry showed a clear divergence: some companies achieved growth through strategic adjustments or technological advantages, while most small to medium-sized manufacturers and companies undergoing transformation experienced declining performance and profitability challenges.
2024 Performance Overview of Korean Specialty Gas Manufacturers
SK Specialty, a growing player, reported sales of KRW 657.2 billion (approx. USD 476 million) last year, marking only a 3.1% year-on-year increase. However, its operating profit and net profit for the period reached just KRW 116.8 billion (approx. USD 84.6 million) and KRW 35.4 billion (approx. USD 25.6 million), respectively, representing declines of 16.8% and 58.0% compared to the previous year.
In contrast, Resonac Korea, the Korean subsidiary of Japanese specialty gas manufacturer Showa Denko, saw its sales surge from KRW 296.5 billion (approx. USD 215 million) in 2023 to KRW 541.4 billion (approx. USD 392 million) last year, achieving a significant positive growth of 82.6%.
Wonik Materials, South Korea's second-largest semiconductor specialty gas manufacturer, reported sales of KRW 289.4 billion (approx. USD 210 million) last year, a 23.1% decrease from KRW 337.61 billion (approx. USD 245 million) in the prior year. However, its operating profit and net profit both achieved robust growth, reaching KRW 52.4 billion (approx. USD 38 million) and KRW 30.1 billion (approx. USD 21.8 million), respectively, up 128.7% and 77.6% year-on-year.
PKC (formerly Baekkwang Industrial), which began significant investments in secondary battery materials last year, recorded sales of KRW 239.4 billion (approx. USD 173 million), but its operating profit and net profit for the period significantly declined.
Among semiconductor specialty gas manufacturers, Integris had the most impressive performance last year. The company's sales reached KRW 221.5 billion (approx. USD 160 million), a 15.9% increase year-on-year, with operating profit and net profit also growing by 36.8% and 145.0%, respectively.
Furthermore, most mid-sized specialty gas manufacturers such as Kanto Denka Korea, KC Industrial, and TEMC generally showed declining performance last year compared to the previous year. Additionally, the majority of small and medium-sized specialty gas manufacturers, including BGF Eco Specialty, Daedeok Gas, FRD, Chemgas Korea, MS Materials, and Hong In Chemical, also reported poor results.
