ASEAN: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in ASEAN

The ASEAN phosphoric acid market expanded notably to $X in 2022, growing by 12% against the previous year. Overall, consumption saw a noticeable downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Phosphoric Acid Production in ASEAN

In value terms, phosphoric acid production expanded rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a perceptible decrease. The pace of growth appeared the most rapid in 2020 with an increase of 41% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Phosphoric Acid Exports

Exports in ASEAN

Phosphoric acid exports stood at X tons in 2022, with an increase of 4.9% compared with 2021. In general, exports recorded resilient growth. The most prominent rate of growth was recorded in 2020 when exports increased by 33%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, phosphoric acid exports rose remarkably to $X in 2022. Overall, exports enjoyed a resilient increase. The growth pace was the most rapid in 2020 with an increase of 34% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam dominates exports structure, resulting at X tons, which was approx. 93% of total exports in 2022. Malaysia (X tons) and Singapore (X tons) held a relatively small share of total exports.

Vietnam was also the fastest-growing in terms of the phosphoric acid and polyphosphoric acids exports, with a CAGR of +18.0% from 2012 to 2022. Singapore (-1.3%) and Malaysia (-4.4%) illustrated a downward trend over the same period. While the share of Vietnam (+58 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Singapore (-2.6 p.p.) and Malaysia (-8.9 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) remains the largest phosphoric acid supplier in ASEAN, comprising 87% of total exports. The second position in the ranking was held by Singapore ($X), with a 6.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Vietnam amounted to +19.6%. In the other countries, the average annual rates were as follows: Singapore (-1.3% per year) and Malaysia (-3.5% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, with an increase of 2% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the export price increased by 2.1%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+1.3%), while the other leaders experienced mixed trends in the export price figures.

Phosphoric Acid Imports

Imports in ASEAN

In 2022, imports of phosphoric acid and polyphosphoric acids in ASEAN contracted to X tons, shrinking by -13.3% against the previous year's figure. In general, imports showed a deep setback. The growth pace was the most rapid in 2018 with an increase of 25%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, phosphoric acid imports soared to $X in 2022. Overall, imports recorded a relatively flat trend pattern. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Thailand was the largest importer of phosphoric acid and polyphosphoric acids in ASEAN, with the volume of imports amounting to X tons, which was approx. 51% of total imports in 2022. It was distantly followed by Indonesia (X tons), Malaysia (X tons), Vietnam (X tons) and Singapore (X tons), together generating a 46% share of total imports. The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to phosphoric acid imports into Thailand stood at +2.8%. At the same time, Vietnam (+12.5%) and Singapore (+1.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +12.5% from 2012-2022. Malaysia experienced a relatively flat trend pattern. By contrast, the Philippines (-2.3%) and Indonesia (-18.9%) illustrated a downward trend over the same period. While the share of Thailand (+36 p.p.), Vietnam (+6.9 p.p.), Malaysia (+5 p.p.) and Singapore (+3.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Indonesia (-53.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest phosphoric acid importing markets in ASEAN were Thailand ($X), Indonesia ($X) and Singapore ($X), together comprising 89% of total imports. Malaysia, Vietnam and the Philippines lagged somewhat behind, together comprising a further 11%.

Among the main importing countries, Vietnam, with a CAGR of +11.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, jumping by 87% against the previous year. Over the period under review, the import price enjoyed a remarkable increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+15.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform