"Industrial High-Pressure Gas Shortage"... Complaints About 'Supply and Demand Management' Difficulties
Korea High Pressure Gas Industry Cooperative Federation
Seung-il Shim, President of the Korea High Pressure Gas Industry Cooperative Federation
View original image[Asia Economy Reporter Kim Daeseop] The Korea High-Pressure Gas Industry Cooperative Federation announced on the 7th that the high-pressure gas industry is facing difficulties in supply and demand management due to a shortage of liquid carbon dioxide, which is used across various industries such as semiconductors, automobiles, food, and medical fields.
Raw carbon dioxide is mainly obtained as a byproduct in processes that produce petroleum refining and petrochemical products. According to the federation, at the beginning of this year, the spread of the novel coronavirus infection (COVID-19) led to a sharp drop in international oil prices, followed by a rapid decline in demand for petroleum products. As a result, the operating rates of domestic refining and petrochemical companies fell to around 50%, causing a drastic decrease in the production of raw carbon dioxide and ultimately triggering a supply crisis.
The federation also claimed that due to the spread of COVID-19, the demand for dry ice, a solid form of carbon dioxide, has significantly increased with the rise in fresh food delivery volumes such as dawn delivery, leading to higher prices. Consequently, the shipment volume of liquid carbon dioxide used in the raw carbon dioxide distribution market, including high-pressure gas filling stations, is further decreasing.
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Shim Seung-il, chairman of the Korea High-Pressure Gas Industry Cooperative Federation, stated, "The shortage of industrial high-pressure gas not only severely disrupts factory operations at industrial sites but also has a profound impact on sectors such as food and medical fields." He added, "It is urgent to establish a dedicated window within the Ministry of Trade, Industry and Energy responsible for the promotion and facilitation of the high-pressure gas industry to manage industrial high-pressure gas and its supply and demand."
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