Eastern Asia: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in Eastern Asia

The East Asian phosphoric acid market fell slightly to $X in 2022, approximately equating the previous year. In general, consumption recorded a slight decrease. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Phosphoric Acid Production in Eastern Asia

In value terms, phosphoric acid production reached $X in 2022 estimated in export price. Overall, production, however, saw a slight descent. The most prominent rate of growth was recorded in 2018 when the production volume increased by 5.8%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Phosphoric Acid Exports

Exports in Eastern Asia

After three years of decline, shipments abroad of phosphoric acid and polyphosphoric acids increased by 27% to X tons in 2022. The total export volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, phosphoric acid exports soared to $X in 2022. In general, exports saw a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China prevails in exports structure, reaching X tons, which was approx. 90% of total exports in 2022. The following exporters - South Korea (X tons), Taiwan (Chinese) (X tons) and Japan (X tons) - together made up 10% 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, Japan (+7.2%) and Taiwan (Chinese) (+5.4%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +7.2% from 2012-2022. South Korea experienced a relatively flat trend pattern. China (-2 p.p.) significantly weakened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest phosphoric acid supplier in Eastern Asia, comprising 91% of total exports. The second position in the ranking was taken by Japan ($X), with a 4.6% share of total exports. It was followed by Taiwan (Chinese), with a 2.5% share.

In China, phosphoric acid exports expanded at an average annual rate of +7.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (+8.4% per year) and Taiwan (Chinese) (+3.5% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, with an increase of 36% against the previous year. In general, the export price posted strong growth. The most prominent rate of growth was recorded in 2021 an increase of 45%. Over the period under review, the export prices reached the peak figure in 2022 and is likely to see steady growth in the immediate term.

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 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 China (+6.6%), while the other leaders experienced mixed trends in the export price figures.

Phosphoric Acid Imports

Imports in Eastern Asia

In 2022, the amount of phosphoric acid and polyphosphoric acids imported in Eastern Asia shrank slightly to X tons, standing approx. at 2021 figures. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 11% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, phosphoric acid imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

South Korea (X tons) and Taiwan (Chinese) (X tons) represented roughly 72% of total imports in 2022. Japan (X tons) ranks next in terms of the total imports with an 18% share, followed by China (9.1%).

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +2.9%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, South Korea ($X), China ($X) and Japan ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 79% of total imports.

China, with a CAGR of +12.1%, 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 Eastern Asia amounted to $X per ton, jumping by 18% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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