EU: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in the EU

In 2022, the EU potassium sulphate (SOP) market increased by 19% to $X, rising for the fifth consecutive year after four years of decline. The total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +69.5% against 2017 indices. Over the period under review, the market reached the maximum level in 2022 and is likely to continue growth in the immediate term.

Potassium Sulphate (Sop) Production in the EU

In value terms, potassium sulphate (SOP) production surged to $X in 2022 estimated in export price. Overall, production saw a buoyant increase. The growth pace was the most rapid in 2019 with an increase of 38%. The level of production peaked in 2022 and is likely to see gradual growth in the immediate term.

Potassium Sulphate (Sop) Exports

Exports in the EU

In 2022, approx. X tons of potassium sulphate (SOP) were exported in the European Union; with a decrease of -6.5% on 2021. Over the period under review, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 59% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, potassium sulphate (SOP) exports soared to $X in 2022. In general, exports, however, posted a noticeable increase. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Sweden represented the main exporting country with an export of around X tons, which recorded 63% of total exports. The Netherlands (X tons) took the second position in the ranking, followed by Finland (X tons) and Austria (X tons). All these countries together took near 26% share of total exports. The following exporters - Italy (X tons) and Spain (X tons) - each reached a 6.2% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to potassium sulphate (SOP) exports from Sweden stood at +7.0%. At the same time, Italy (+11.8%) and Spain (+2.0%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +11.8% from 2012-2022. The Netherlands experienced a relatively flat trend pattern. By contrast, Austria (-1.1%) and Finland (-13.7%) illustrated a downward trend over the same period. Sweden (+31 p.p.) and Italy (+2.3 p.p.) significantly strengthened its position in terms of the total exports, while Finland saw its share reduced by -26.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest potassium sulphate (SOP) supplying countries in the European Union were Sweden ($X), Finland ($X) and the Netherlands ($X), with a combined 81% share of total exports. Austria, Spain and Italy lagged somewhat behind, together comprising a further 14%.

Among the main exporting countries, Italy, with a CAGR of +16.5%, saw the highest rates of growth with regard to the value of exports, 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 the European Union amounted to $X per ton, with an increase of 71% against the previous year. Export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.3% 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) export price increased by +94.0% against 2017 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+16.5%), while the other leaders experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports in the EU

In 2022, potassium sulphate (sop) imports in the European Union declined notably to X tons, falling by -15.7% compared with 2021 figures. Total imports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -24.7% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of 45% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) imports rose rapidly to $X in 2022. The total import value increased at an average annual rate of +2.6% 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 2013 with an increase of 45% against the previous year. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

Belgium was the main importer of potassium sulphate (SOP) in the European Union, with the volume of imports recording X tons, which was approx. 33% of total imports in 2022. France (X tons) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by the Netherlands (14%), Spain (8.3%) and Italy (6.6%). Greece (X tons), Denmark (X tons), Poland (X tons), Portugal (X tons) and Austria (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Belgium (with a CAGR of +10.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest potassium sulphate (SOP) importing markets in the European Union were Belgium ($X), France ($X) and the Netherlands ($X), with a combined 59% share of total imports.

Belgium, with a CAGR of +5.5%, saw 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 the European Union stood at $X per ton in 2022, rising by 32% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. 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 Austria ($X per ton), while Denmark ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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