Eastern Asia: Sulphites Market 2024

Sulphites Market Size in Eastern Asia

The East Asian sulphites market was estimated at $X in 2022, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 8% against the previous year. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Sulphites Production in Eastern Asia

In value terms, sulphites production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2018 with an increase of 12% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Sulphites Exports

Exports in Eastern Asia

In 2022, shipments abroad of sulphites increased by 11% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports showed buoyant growth. The growth pace was the most rapid in 2017 with an increase of 76%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, sulphites exports soared to $X in 2022. In general, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 50% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Exports by Country

China (X tons) represented roughly 99% of total exports in 2022.

China was also the fastest-growing in terms of the sulphites exports, with a CAGR of +10.0% from 2012 to 2022. While the share of China (+3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest sulphites supplier in Eastern Asia.

In China, sulphites exports increased at an average annual rate of +12.8% over the period from 2012-2022.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, with an increase of 11% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2016 an increase of 28% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +2.5% per year.

Sulphites Imports

Imports in Eastern Asia

Sulphites imports surged to X tons in 2022, growing by 49% compared with 2021 figures. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +91.5% against 2015 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, sulphites imports soared to $X in 2022. Over the period under review, imports showed a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

South Korea was the main importing country with an import of about X tons, which accounted for 62% of total imports. It was distantly followed by Taiwan (Chinese) (X tons) and Japan (X tons), together comprising a 32% share of total imports. The following importers - China (X tons) and Hong Kong SAR (X tons) - together made up 6% of total imports.

South Korea was also the fastest-growing in terms of the sulphites imports, with a CAGR of +21.2% from 2012 to 2022. At the same time, China (+5.1%), Japan (+1.5%) and Taiwan (Chinese) (+1.4%) displayed positive paces of growth. By contrast, Hong Kong SAR (-20.3%) illustrated a downward trend over the same period. While the share of South Korea (+46 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-6.6 p.p.), Taiwan (Chinese) (-11 p.p.) and Hong Kong SAR (-26 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) constitutes the largest market for imported sulphites in Eastern Asia, comprising 51% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 20% share of total imports. It was followed by China, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in South Korea amounted to +16.7%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+2.8% per year) and China (+9.1% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, shrinking by -4.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2021 an increase of 12%. As a result, import price attained the peak level of $X per ton, and then reduced slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+13.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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