ASEAN: Sulphuric Acid Market 2024

Sulphuric Acid Market Size in ASEAN

In 2022, the ASEAN sulphuric acid market increased by 16% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in years to come.

Sulphuric Acid Production in ASEAN

In value terms, sulphuric acid production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when the production volume increased by 25% against the previous year. Over the period under review, production hit record highs at $X in 2019; afterwards, it flattened through to 2022.

Sulphuric Acid Exports

Exports in ASEAN

Sulphuric acid exports skyrocketed to X tons in 2022, with an increase of 45% on the previous year. Over the period under review, exports continue to indicate a significant increase. The growth pace was the most rapid in 2017 when exports increased by 209%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, sulphuric acid exports soared to $X in 2022. Overall, exports showed a prominent expansion. The pace of growth was the most pronounced in 2021 when exports increased by 150% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

The Philippines (X tons) and Thailand (X tons) dominates exports structure, together creating 94% of total exports. Malaysia (X tons) and Singapore (X tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +28.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest sulphuric acid supplying countries in ASEAN were Thailand ($X), the Philippines ($X) and Malaysia ($X), together accounting for 86% of total exports.

Among the main exporting countries, the Philippines, with a CAGR of +36.7%, 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 2022, surging by 4.1% against the previous year. In general, the export price, however, recorded a pronounced setback. The pace of growth was the most pronounced in 2015 an increase of 45%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+6.5%), while the other leaders experienced mixed trends in the export price figures.

Sulphuric Acid Imports

Imports in ASEAN

Sulphuric acid imports soared to X tons in 2022, picking up by 88% on 2021 figures. Over the period under review, imports continue to indicate strong growth. The pace of growth was the most pronounced in 2021 when imports increased by 151%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, sulphuric acid imports surged to $X in 2022. Overall, imports continue to indicate a noticeable expansion. The pace of growth was the most pronounced in 2021 with an increase of 150%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

The Philippines represented the largest importing country with an import of around X tons, which amounted to 59% of total imports. It was distantly followed by Thailand (X tons), Indonesia (X tons) and Vietnam (X tons), together mixing up a 32% share of total imports. The following importers - Malaysia (X tons) and Lao People's Democratic Republic (X tons) - together made up 7.5% of total imports.

Imports into the Philippines increased at an average annual rate of +14.9% from 2012 to 2022. At the same time, Thailand (+19.2%), Malaysia (+11.6%), Vietnam (+9.0%), Lao People's Democratic Republic (+8.1%) and Indonesia (+1.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +19.2% from 2012-2022. The Philippines (+16 p.p.) and Thailand (+7.4 p.p.) significantly strengthened its position in terms of the total imports, while Indonesia saw its share reduced by -17.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Philippines ($X) constitutes the largest market for imported sulphuric acid and oleum in ASEAN, comprising 56% of total imports. The second position in the ranking was taken by Thailand ($X), with a 20% share of total imports. It was followed by Indonesia, with a 7.6% share.

In the Philippines, sulphuric acid imports expanded at an average annual rate of +2.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+17.9% per year) and Indonesia (+0.6% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, growing by 4.5% against the previous year. In general, the import price, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2020 an increase of 28%. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while Lao People's Democratic Republic ($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 (-1.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform