Eastern Asia: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Eastern Asia

In 2021, the East Asian nitric and sulphonitric acids market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2021 and is likely to see steady growth in the immediate term.

Production of Nitric Acid And Sulphonitric Acids in Eastern Asia

In value terms, nitric and sulphonitric acids production expanded notably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 26%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports in Eastern Asia

In 2021, nitric and sulphonitric acids exports in Eastern Asia rose modestly to X tons, increasing by 3.6% against the previous year's figure. Overall, exports recorded a remarkable increase. The growth pace was the most rapid in 2017 when exports increased by 45%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, nitric and sulphonitric acids exports expanded modestly 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 growth pace was the most rapid in 2017 when exports increased by 14% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

South Korea prevails in exports structure, resulting at X tons, which was approx. 90% of total exports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), comprising a 6% share of total exports. China (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to nitric and sulphonitric acids exports from South Korea stood at +10.1%. At the same time, Taiwan (Chinese) (+16.8%) and China (+9.0%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +16.8% from 2012-2021. While the share of Taiwan (Chinese) (+2.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) remains the largest nitric and sulphonitric acids supplier in Eastern Asia, comprising 77% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 9.4% share of total exports.

In South Korea, nitric and sulphonitric acids exports increased at an average annual rate of +3.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+5.1% per year) and China (+5.3% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, standing approx. at the previous year. Overall, the export price, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2015 when the export price increased by 9.6%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-3.5%), while the other leaders experienced a decline in the export price figures.

Imports of Nitric Acid And Sulphonitric Acids

Imports in Eastern Asia

In 2021, approx. X tons of nitric acid and sulphonitric acids were imported in Eastern Asia; with an increase of 54% against the year before. Over the period under review, imports enjoyed a remarkable increase. The growth pace was the most rapid in 2013 when imports increased by 62%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, nitric and sulphonitric acids imports surged to $X in 2021. In general, imports continue to indicate buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan represented the largest importer of nitric acid and sulphonitric acids in Eastern Asia, with the volume of imports resulting at X tons, which was approx. 60% of total imports in 2021. China (X tons) held a 35% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (4.7%).

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +30.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest nitric and sulphonitric acids importing markets in Eastern Asia were Japan ($X), China ($X) and Taiwan (Chinese) ($X), together accounting for 98% of total imports.

Japan, with a CAGR of +21.4%, saw 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 mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the import price, however, showed a abrupt downturn. The pace of growth was the most pronounced in 2014 when the import price increased by 13% against the previous year. The level of import peaked 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 Taiwan (Chinese) ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-1.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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