ASEAN: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in ASEAN

The ASEAN nitric and sulphonitric acids market was finally on the rise to reach $X in 2021, after three years of decline. In general, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Nitric Acid And Sulphonitric Acids in ASEAN

In value terms, nitric and sulphonitric acids production soared to $X in 2021 estimated in export price. Overall, production, however, saw a abrupt contraction. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports in ASEAN

In 2021, shipments abroad of nitric acid and sulphonitric acids decreased by -15.9% to X tons, falling for the second year in a row after two years of growth. Total exports indicated a moderate expansion from 2012 to 2021: its volume increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -30.5% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 39%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, nitric and sulphonitric acids exports rose sharply to $X in 2021. Total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -10.7% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 86% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Malaysia was the largest exporting country with an export of around X tons, which resulted at 59% of total exports. Thailand (X tons) took a 33% share (based on physical terms) of total exports, which put it in second place, followed by Singapore (6.9%).

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +13.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest nitric and sulphonitric acids supplying countries in ASEAN were Malaysia ($X), Thailand ($X) and Singapore ($X), together comprising 100% of total exports.

In terms of the main exporting countries, Singapore, with a CAGR of +12.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, jumping by 36% against the previous year. Export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 an increase of 55% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+9.4%), while the other leaders experienced a decline in the export price figures.

Imports of Nitric Acid And Sulphonitric Acids

Imports in ASEAN

In 2021, the amount of nitric acid and sulphonitric acids imported in ASEAN surged to X tons, picking up by 24% against the previous year's figure. Overall, imports saw resilient growth. The pace of growth was the most pronounced in 2016 when imports increased by 28%. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, nitric and sulphonitric acids imports surged to $X in 2021. Total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia was the main importer of nitric acid and sulphonitric acids in ASEAN, with the volume of imports amounting to X tons, which was approx. 50% of total imports in 2021. Thailand (X tons) took a 28% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (8.4%) and Indonesia (8.4%). Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Vietnam (with a CAGR of +16.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) constitutes the largest market for imported nitric acid and sulphonitric acids in ASEAN, comprising 47% of total imports. The second position in the ranking was held by Thailand ($X), with a 17% share of total imports. It was followed by Indonesia, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Malaysia stood at +10.8%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+2.7% per year) and Indonesia (+8.8% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, rising by 14% against the previous year. Overall, the import price, however, recorded a perceptible decline. The growth pace was the most rapid in 2019 an increase of 20% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform