Eastern Asia: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Eastern Asia

The East Asian potassium sulphate (SOP) market skyrocketed to $X in 2022, with an increase of 100% against the previous year. Over the period under review, consumption recorded a slight expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Potassium Sulphate (Sop) Production in Eastern Asia

In value terms, potassium sulphate (SOP) production contracted to $X in 2022 estimated in export price. Over the period under review, production posted buoyant growth. The most prominent rate of growth was recorded in 2019 when the production volume increased by 155%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Potassium Sulphate (Sop) Exports

Exports in Eastern Asia

In 2022, shipments abroad of potassium sulphate (SOP) decreased by -34.8% to X tons, falling for the second year in a row after four years of growth. In general, exports, however, posted resilient growth. The pace of growth was the most pronounced in 2019 with an increase of 152%. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, potassium sulphate (SOP) exports contracted dramatically to $X in 2022. Over the period under review, exports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 170% 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

Taiwan (Chinese) was the key exporter of potassium sulphate (SOP) in Eastern Asia, with the volume of exports accounting for X tons, which was approx. 66% of total exports in 2022. It was distantly followed by China (X tons) and South Korea (X tons), together creating a 32% share 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, China (+55.1%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +55.1% from 2012-2022. By contrast, South Korea (-6.1%) illustrated a downward trend over the same period. While the share of China (+27 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-13.2 p.p.) and Taiwan (Chinese) (-14.4 p.p.) displayed negative dynamics.

In value terms, Taiwan (Chinese) ($X), China ($X) and South Korea ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 99% share of total exports.

China, with a CAGR of +55.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, rising by 9% against the previous year. In general, the export price, however, saw a slight decrease. 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 attained the maximum 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 mixed trends in the export price figures.

Potassium Sulphate (Sop) Imports

Imports in Eastern Asia

In 2022, overseas purchases of potassium sulphate (SOP) decreased by -8.7% to X tons, falling for the second year in a row after two years of growth. In general, imports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2017 with an increase of 38% against the previous year. 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 surged to $X in 2022. Over the period under review, imports continue to indicate a perceptible setback. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X tons) was the key importer of potassium sulphate (SOP), making up 60% of total imports. China (X tons) ranks second in terms of the total imports with a 30% share, followed by South Korea (9%).

Imports into Japan decreased at an average annual rate of -2.4% from 2012 to 2022. At the same time, South Korea (+16.3%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +16.3% from 2012-2022. By contrast, China (-13.6%) illustrated a downward trend over the same period. Japan (+24 p.p.) and South Korea (+8.1 p.p.) significantly strengthened its position in terms of the total imports, while China saw its share reduced by -31.9% from 2012 to 2022, respectively.

In value terms, Japan ($X) constitutes the largest market for imported potassium sulphate (SOP) in Eastern Asia, comprising 67% of total imports. The second position in the ranking was held by China ($X), with a 22% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Japan stood at +1.3%. The remaining importing countries recorded the following average annual rates of imports growth: China (-12.0% per year) and South Korea (+19.0% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by 68% against the previous year. Import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.0% 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 +100.8% 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 ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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