Asia-Pacific: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Asia-Pacific

The Asia-Pacific potassium sulphate (SOP) market soared to $X in 2022, surging by 57% against the previous year. Overall, consumption continues to indicate a temperate increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Potassium Sulphate (Sop) Production in Asia-Pacific

In value terms, potassium sulphate (SOP) production contracted modestly to $X in 2022 estimated in export price. In general, production continues to indicate a buoyant increase. The growth pace was the most rapid in 2019 when the production volume increased by 121%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Potassium Sulphate (Sop) Exports

Exports in Asia-Pacific

In 2022, overseas shipments of potassium sulphate (SOP) decreased by -31.9% to X tons, falling for the second consecutive year after four years of growth. Overall, exports, however, posted a resilient expansion. The growth pace was the most rapid in 2019 when exports increased by 105%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, potassium sulphate (SOP) exports contracted dramatically to $X in 2022. Over the period under review, exports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 119%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Taiwan (Chinese) was the largest exporting country with an export of about X tons, which accounted for 59% of total exports. China (X tons) took a 25% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (6%). South Korea (X tons) and Singapore (X tons) followed a long way behind the leaders.

Exports from Taiwan (Chinese) increased at an average annual rate of +4.8% from 2012 to 2022. At the same time, Singapore (+64.3%), China (+55.1%) and Indonesia (+8.3%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +64.3% from 2012-2022. By contrast, South Korea (-6.1%) illustrated a downward trend over the same period. China (+24 p.p.) and Singapore (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) and South Korea saw its share reduced by -11% and -11.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest potassium sulphate (SOP) supplying countries in Asia-Pacific were Taiwan (Chinese) ($X), China ($X) and Indonesia ($X), together comprising 86% of total exports.

China, with a CAGR of +55.2%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, increasing by 13% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 20% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.7%), while the other leaders experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports in Asia-Pacific

For the fourth consecutive year, Asia-Pacific recorded growth in overseas purchases of potassium sulphate (SOP), which increased by 1.6% to X tons in 2022. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 49%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, potassium sulphate (SOP) imports soared to $X in 2022. Total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +118.8% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Australia (X tons) was the major importer of potassium sulphate (SOP), creating 32% of total imports. It was distantly followed by Japan (X tons), Pakistan (X tons), India (X tons), China (X tons) and New Zealand (X tons), together constituting a 58% share of total imports. Vietnam (X tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Pakistan (with a CAGR of +13.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest potassium sulphate (SOP) importing markets in Asia-Pacific were Australia ($X), Japan ($X) and India ($X), together accounting for 63% of total imports. Pakistan, China, New Zealand and Vietnam lagged somewhat behind, together comprising a further 28%.

Pakistan, with a CAGR of +19.0%, recorded the highest rates of growth with regard to the value of imports, in terms of 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

In 2022, the import price in Asia-Pacific amounted to $X per ton, growing by 40% against the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium sulphate (SOP) import price increased by +61.8% against 2020 indices. As a result, import price attained 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 Japan ($X per ton), while Vietnam ($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 (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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