Asia-Pacific: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Asia-Pacific

The Asia-Pacific nitric and sulphonitric acids market rose slightly to $X in 2021, with an increase of 2.6% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Production of Nitric Acid And Sulphonitric Acids in Asia-Pacific

In value terms, nitric and sulphonitric acids production reduced slightly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 20%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports in Asia-Pacific

In 2021, approx. X tons of nitric acid and sulphonitric acids were exported in Asia-Pacific; surging by 3% against the previous year. Overall, exports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 43%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitric and sulphonitric acids exports rose remarkably to $X in 2021. The total export value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when exports increased by 14% 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 failed to regain momentum.

Exports by Country

South Korea dominates exports structure, accounting for X tons, which was approx. 87% of total exports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), making up a 5.8% share of total exports. The following exporters - China (X tons) and India (X tons) - together made up 5% of total exports.

Exports from South Korea increased at an average annual rate of +10.1% from 2012 to 2021. 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-Pacific, with a CAGR of +16.8% from 2012-2021. South Korea (+3.1 p.p.) and Taiwan (Chinese) (+2.5 p.p.) significantly strengthened its position in terms of the total exports, while India saw its share reduced by -1.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) remains the largest nitric and sulphonitric acids supplier in Asia-Pacific, comprising 69% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an 8.4% share of total exports. It was followed by China, with a 7.8% 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

In 2021, the export price in Asia-Pacific amounted to $X per ton, with an increase of 3% against the previous year. In general, the export price, however, continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 an increase of 12%. 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.

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-Pacific

In 2021, approx. X tons of nitric acid and sulphonitric acids were imported in Asia-Pacific; increasing by 39% against 2020 figures. In general, imports showed a prominent expansion. 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 surged to $X in 2021. Total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan (X tons), Malaysia (X tons) and China (X tons) represented roughly 71% of total imports in 2021. It was distantly followed by Thailand (X tons), making up a 12% share of total imports. The following importers - Vietnam (X tons), Indonesia (X tons) and New Zealand (X tons) - each finished at a 9.5% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Japan (with a CAGR of +30.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Malaysia ($X) and China ($X) were the countries with the highest levels of imports in 2021, together accounting for 58% of total imports.

Japan, with a CAGR of +21.4%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries 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-Pacific stood at $X per ton in 2021, picking up by 8.7% against the previous year. In general, the import price, however, showed a pronounced slump. Over the period under review, import prices reached the maximum 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 Indonesia ($X per ton), while Thailand ($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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