ASEAN: Sulphur Market 2024

Sulphur Market Size in ASEAN

The ASEAN sulphur market soared to $X in 2022, increasing by 52% against the previous year. The total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +74.9% against 2017 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Sulphur Production in ASEAN

In value terms, sulphur production expanded notably to $X in 2022 estimated in export price. In general, production, however, recorded a pronounced setback. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Sulphur Exports

Exports in ASEAN

In 2022, approx. X tons of sulphur were exported in ASEAN; falling by -24.3% against 2021 figures. In general, exports, however, recorded a modest increase. The most prominent rate of growth was recorded in 2021 with an increase of 126%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, sulphur exports surged to $X in 2022. Over the period under review, exports, however, recorded a mild increase. The most prominent rate of growth was recorded in 2021 with an increase of 105%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Singapore (X tons) and Malaysia (X tons) prevails in exports structure, together mixing up 93% of total exports. It was distantly followed by the Philippines (X tons), achieving a 4.8% share of total exports. Vietnam (X tons) held a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Vietnam (with a CAGR of +9.2%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) emerged as the largest sulphur supplier in ASEAN, comprising 63% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 24% share of total exports. It was followed by Vietnam, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Singapore totaled +1.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-0.9% per year) and Vietnam (+47.2% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, picking up by 74% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 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 Vietnam ($X per ton), while the Philippines ($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 (+34.8%), while the other leaders experienced mixed trends in the export price figures.

Sulphur Imports

Imports in ASEAN

In 2022, the amount of sulphur imported in ASEAN surged to X tons, increasing by 52% on the year before. Over the period under review, imports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2015 with an increase of 63%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, sulphur imports skyrocketed to $X in 2022. In general, imports enjoyed a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia prevails in imports structure, accounting for X tons, which was near 80% of total imports in 2022. Vietnam (X tons) took the second position in the ranking, followed by Malaysia (X tons). All these countries together took approx. 11% share of total imports. Thailand (X tons), Myanmar (X tons) and the Philippines (X tons) took a little share of total imports.

Imports into Indonesia increased at an average annual rate of +18.5% from 2012 to 2022. At the same time, Myanmar (+45.3%) and Malaysia (+14.0%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +45.3% from 2012-2022. By contrast, Vietnam (-2.4%), Thailand (-2.5%) and the Philippines (-5.0%) illustrated a downward trend over the same period. Indonesia (+34 p.p.) and Myanmar (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while the Philippines, Thailand and Vietnam saw its share reduced by -8%, -11.2% and -17.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported sulphur in ASEAN, comprising 79% of total imports. The second position in the ranking was taken by Thailand ($X), with a 6% share of total imports. It was followed by Vietnam, with a 4.9% share.

In Indonesia, sulphur imports increased at an average annual rate of +18.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+2.1% per year) and Vietnam (-2.2% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, surging by 75% against the previous year. Overall, the import price showed a relatively flat trend pattern. As a result, import price attained 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 the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+8.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform