Asia: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Asia

The Asian potassium sulphate (SOP) market soared to $X in 2022, increasing by 41% against the previous year. Overall, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Potassium Sulphate (Sop) Production in Asia

In value terms, potassium sulphate (SOP) production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production saw a prominent increase. The pace of growth appeared the most rapid in 2019 when the production volume increased by 116% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Potassium Sulphate (Sop) Exports

Exports in Asia

In 2022, shipments abroad of potassium sulphate (SOP) decreased by -30.9% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, exports, however, continue to indicate buoyant growth. The growth pace was the most rapid in 2019 when exports increased by 95% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) exports declined remarkably to $X in 2022. In general, exports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2019 with an increase of 102% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Taiwan (Chinese) (X tons) represented the major exporter of potassium sulphate (SOP), achieving 54% of total exports. China (X tons) ranks second in terms of the total exports with a 22% share, followed by Indonesia (5.5%). The following exporters - South Korea (X tons), the United Arab Emirates (X tons), Saudi Arabia (X tons) and Singapore (X tons) - together made up 11% of total exports.

From 2012 to 2022, average annual rates of growth with regard to potassium sulphate (SOP) exports from Taiwan (Chinese) stood at +4.8%. At the same time, Singapore (+64.3%), China (+55.1%), the United Arab Emirates (+11.7%) and Indonesia (+8.3%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in Asia, with a CAGR of +64.3% from 2012-2022. By contrast, Saudi Arabia (-2.2%) and South Korea (-6.1%) illustrated a downward trend over the same period. While the share of China (+22 p.p.) and Singapore (+1.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (-2.9 p.p.), Taiwan (Chinese) (-9.3 p.p.) and South Korea (-10.2 p.p.) displayed negative dynamics. 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 were Taiwan (Chinese) ($X), China ($X) and Indonesia ($X), together accounting for 75% of total exports.

In terms of the main exporting countries, China, with a CAGR of +55.2%, 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

In 2022, the export price in Asia amounted to $X per ton, increasing by 14% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by 22% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a 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 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

For the third year in a row, Asia recorded decline in supplies from abroad of potassium sulphate (SOP), which decreased by -20.8% to X tons in 2022. In general, imports recorded a pronounced reduction. The pace of growth was the most pronounced in 2017 with an increase of 32%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, potassium sulphate (SOP) imports skyrocketed to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 29% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

The countries with the highest levels of potassium sulphate (SOP) imports in 2022 were Japan (X tons), Pakistan (X tons), India (X tons) and China (X tons), together finishing at 62% of total import. Turkey (X tons) held a 6.3% share (based on physical terms) of total imports, which put it in second place, followed by Iran (4.7%). Saudi Arabia (X tons), the United Arab Emirates (X tons), Vietnam (X tons), South Korea (X tons), Thailand (X tons), Lao People's Democratic Republic (X tons) and Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Lao People's Democratic Republic (with a CAGR of +51.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest potassium sulphate (SOP) importing markets in Asia were Japan ($X), India ($X) and Pakistan ($X), together accounting for 57% of total imports. China, Turkey, Iran, South Korea, Saudi Arabia, the United Arab Emirates, Vietnam, Thailand, Lao People's Democratic Republic and Malaysia lagged somewhat behind, together comprising a further 36%.

Lao People's Democratic Republic, with a CAGR of +52.1%, recorded the highest growth rate of 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

In 2022, the import price in Asia amounted to $X per ton, surging by 50% against the previous year. Import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +3.0% 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 +73.4% against 2020 indices. 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 South Korea ($X per ton), while Malaysia ($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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