Asia: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Asia

After three years of decline, the Asian nitric and sulphonitric acids market increased by 16% to $X in 2021. The market value increased at an average annual rate of +1.9% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in years to come.

Production of Nitric Acid And Sulphonitric Acids in Asia

In value terms, nitric and sulphonitric acids production expanded remarkably to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 20% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Exports of Nitric Acid And Sulphonitric Acids

Exports in Asia

Nitric and sulphonitric acids exports amounted to X tons in 2021, increasing by 2.6% compared with the previous year's figure. Over the period under review, exports recorded a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 40% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, nitric and sulphonitric acids exports amounted to $X in 2021. In general, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 11%. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

South Korea dominates exports structure, reaching X tons, which was approx. 86% of total exports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), committing a 5.7% share of total exports. The following exporters - China (X tons) and India (X tons) - together made up 5% of total exports.

From 2012 to 2021, average annual rates of growth with regard to nitric and sulphonitric acids exports from South Korea stood at +10.1%. At the same time, Taiwan (Chinese) (+16.8%), China (+9.0%) and India (+1.2%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Asia, with a CAGR of +16.8% from 2012-2021. While the share of South Korea (+10 p.p.) and Taiwan (Chinese) (+2.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) remains the largest nitric and sulphonitric acids supplier in Asia, comprising 66% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an 8.1% share of total exports. It was followed by China, with a 7.6% share.

In South Korea, nitric and sulphonitric acids exports increased at an average annual rate of +3.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+5.1% per year) and China (+5.3% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, picking up by 3.1% against the previous year. Overall, the export price, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2015 an increase of 3.9%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (-0.3%), while the other leaders experienced a decline in the export price figures.

Imports of Nitric Acid And Sulphonitric Acids

Imports in Asia

In 2021, the amount of nitric acid and sulphonitric acids imported in Asia surged to X tons, picking up by 40% compared with 2020. Over the period under review, imports continue to indicate strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, nitric and sulphonitric acids imports soared to $X in 2021. Total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +7.9% over the last nine-year period. 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

The purchases of the three major importers of nitric acid and sulphonitric acids, namely Japan, Malaysia and China, represented more than two-thirds of total import. It was distantly followed by Thailand (X tons), committing a 12% share of total imports. Vietnam (X tons), Indonesia (X tons) and Taiwan (Chinese) (X tons) took a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +30.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Malaysia ($X) and China ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 57% share of total imports.

Among the main importing countries, Japan, with a CAGR of +21.4%, saw the highest rates of growth with regard to 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 Asia stood at $X per ton in 2021, rising by 6.9% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable setback. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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 Taiwan (Chinese) ($X per ton), while Thailand ($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

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