Asia-Pacific: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in Asia-Pacific

The Asia-Pacific phosphoric acid market reduced rapidly to $X in 2022, with a decrease of -17.3% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then contracted sharply in the following year.

Phosphoric Acid Production in Asia-Pacific

In value terms, phosphoric acid production stood at $X in 2022 estimated in export price. Over the period under review, production, however, saw a slight shrinkage. The growth pace was the most rapid in 2018 with an increase of 5.4%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Phosphoric Acid Exports

Exports in Asia-Pacific

In 2022, shipments abroad of phosphoric acid and polyphosphoric acids was finally on the rise to reach X tons after three years of decline. Overall, exports recorded a relatively flat trend pattern. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, phosphoric acid exports skyrocketed to $X in 2022. Over the period under review, exports posted prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, reaching X tons, which was approx. 83% of total exports in 2022. It was distantly followed by Vietnam (X tons), comprising a 6.1% share of total exports. The following exporters - South Korea (X tons), Taiwan (Chinese) (X tons), Japan (X tons) and India (X tons) - together made up 11% of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of phosphoric acid and polyphosphoric acids. At the same time, Vietnam (+18.0%), Japan (+7.2%) and Taiwan (Chinese) (+5.4%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +18.0% from 2012-2022. South Korea experienced a relatively flat trend pattern. By contrast, India (-17.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Vietnam and China increased by +4.9 and +3.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest phosphoric acid supplier in Asia-Pacific, comprising 85% of total exports. The second position in the ranking was held by Japan ($X), with a 4.4% share of total exports. It was followed by Vietnam, with a 3.7% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +7.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (+8.4% per year) and Vietnam (+19.6% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, growing by 34% against the previous year. Export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, phosphoric acid export price increased by +106.6% against 2016 indices. The most prominent rate of growth was recorded in 2021 an increase of 41% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+16.0%), while the other leaders experienced more modest paces of growth.

Phosphoric Acid Imports

Imports in Asia-Pacific

In 2022, the amount of phosphoric acid and polyphosphoric acids imported in Asia-Pacific shrank notably to X tons, declining by -53.1% on the previous year's figure. In general, imports, however, recorded a modest increase. The pace of growth was the most pronounced in 2021 when imports increased by 146%. As a result, imports reached the peak of X tons, and then fell notably in the following year.

In value terms, phosphoric acid imports soared to $X in 2022. Overall, imports, however, enjoyed a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

India was the key importing country with an import of around X tons, which reached 67% of total imports. It was distantly followed by Pakistan (X tons), comprising a 20% share of total imports. Thailand (X tons), South Korea (X tons), Bangladesh (X tons) and Taiwan (Chinese) (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 India stood at +2.3%. At the same time, Pakistan (+9.0%), Bangladesh (+5.1%) and Thailand (+2.8%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +9.0% from 2012-2022. South Korea experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.6%) illustrated a downward trend over the same period. Pakistan (+9.7 p.p.) and India (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported phosphoric acid and polyphosphoric acids in Asia-Pacific, comprising 71% of total imports. The second position in the ranking was taken by Pakistan ($X), with a 15% share of total imports. It was followed by Thailand, with a 2.9% share.

In India, phosphoric acid imports expanded at an average annual rate of +7.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Pakistan (+9.7% per year) and Thailand (+8.8% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, growing by 228% against the previous year. In general, the import price continues to indicate a notable expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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