Asia: Sulphuric Acid Market 2024

Sulphuric Acid Market Size in Asia

The Asian sulphuric acid market expanded to $X in 2022, surging by 2.4% against the previous year. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is likely to continue growth in the immediate term.

Sulphuric Acid Production in Asia

In value terms, sulphuric acid production dropped modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 24% against the previous year. Over the period under review, production hit record highs at $X in 2019; afterwards, it flattened through to 2022.

Sulphuric Acid Exports

Exports in Asia

In 2022, the amount of sulphuric acid and oleum exported in Asia skyrocketed to X tons, picking up by 80% compared with 2021. Over the period under review, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 124%. The volume of export peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, sulphuric acid exports soared to $X in 2022. In general, exports posted a buoyant increase. The growth pace was the most rapid in 2018 with an increase of 194% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the near future.

Exports by Country

Japan was the main exporting country with an export of about X tons, which reached 59% of total exports. It was distantly followed by South Korea (X tons) and China (X tons), together comprising a 36% share of total exports. The Philippines (X tons) followed a long way behind the leaders.

Exports from Japan increased at an average annual rate of +15.3% from 2012 to 2022. At the same time, China (+48.1%), the Philippines (+28.4%) and South Korea (+2.2%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia, with a CAGR of +48.1% from 2012-2022. While the share of Japan (+19 p.p.) and China (+11 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-31.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest sulphuric acid supplying countries in Asia were China ($X), Japan ($X) and South Korea ($X), with a combined 79% share of total exports.

China, with a CAGR of +54.1%, saw the highest growth rate of the value of exports, in terms of 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 amounted to $X per ton, which is down by -11.5% against the previous year. Export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sulphuric acid export price decreased by +0.7% against 2019 indices. The most prominent rate of growth was recorded in 2018 an increase of 53% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+6.5%), while the other leaders experienced more modest paces of growth.

Sulphuric Acid Imports

Imports in Asia

In 2022, approx. X tons of sulphuric acid and oleum were imported in Asia; with an increase of 40% compared with the year before. In general, imports continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 99%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, sulphuric acid imports soared to $X in 2022. Over the period under review, imports showed prominent growth. The pace of growth appeared the most rapid in 2021 with an increase of 145% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

The countries with the highest levels of sulphuric acid imports in 2022 were the Philippines (X tons), India (X tons) and Turkey (X tons), together recording 71% of total import. Thailand (X tons) held a 7.5% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (5.9%). The following importers - China (X tons) and Vietnam (X tons) - each reached a 6.1% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Thailand (with a CAGR of +19.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sulphuric acid importing markets in Asia were India ($X), the Philippines ($X) and Turkey ($X), together comprising 68% of total imports. Thailand, China, Indonesia and Vietnam lagged somewhat behind, together comprising a further 19%.

Thailand, with a CAGR of +17.9%, 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

The import price in Asia stood at $X per ton in 2022, increasing by 12% against the previous year. In general, the import price, however, recorded a mild downturn. The pace of growth was the most pronounced in 2021 an increase of 23% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+11.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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