India: Sulphuric Acid Market 2024

Sulphuric Acid Market Size in India

The Indian sulphuric acid market expanded markedly to $X in 2022, rising by 5.4% against the previous year. Overall, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +14.5% against 2020 indices. Sulphuric acid consumption peaked at $X in 2019; afterwards, it flattened through to 2022.

Sulphuric Acid Production in India

In value terms, sulphuric acid production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 61%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Sulphuric Acid Exports

Exports from India

In 2022, exports of sulphuric acid and oleum from India reduced notably to X tons, with a decrease of -73.7% on 2021. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 1,337% against the previous year. As a result, the exports attained the peak of X tons, and then fell remarkably in the following year.

In value terms, sulphuric acid exports reduced remarkably to $X in 2022. Over the period under review, exports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of 779% against the previous year. As a result, the exports reached the peak of $X, and then contracted sharply in the following year.

Exports by Country

Morocco (X tons) was the main destination for sulphuric acid exports from India, with a 37% share of total exports. Moreover, sulphuric acid exports to Morocco exceeded the volume sent to the second major destination, Saudi Arabia (X tons), twofold. The third position in this ranking was taken by Ghana (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Morocco stood at +14.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+80.6% per year) and Ghana (+65.2% per year).

In value terms, Saudi Arabia ($X) emerged as the key foreign market for sulphuric acid and oleum exports from India, comprising 40% of total exports. The second position in the ranking was taken by Morocco ($X), with an 11% share of total exports. It was followed by Turkey, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Saudi Arabia amounted to +82.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Morocco (+16.7% per year) and Turkey (+28.9% per year).

Export Prices by Country

In 2022, the average sulphuric acid export price amounted to $X per ton, growing by 109% against the previous year. In general, the export price showed strong growth. The most prominent rate of growth was recorded in 2013 an increase of 138% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Morocco ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+43.0%), while the prices for the other major destinations experienced more modest paces of growth.

Sulphuric Acid Imports

Imports into India

In 2022, approx. X tons of sulphuric acid and oleum were imported into India; surging by 7.9% compared with 2021. Over the period under review, imports enjoyed resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 243% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, sulphuric acid imports skyrocketed to $X in 2022. Overall, imports showed a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of 218%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

South Korea (X tons), China (X tons) and Japan (X tons) were the main suppliers of sulphuric acid imports to India, together accounting for 85% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +139.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest sulphuric acid suppliers to India were South Korea ($X), China ($X) and Japan ($X), with a combined 85% share of total imports.

Among the main suppliers, China, with a CAGR of +132.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average sulphuric acid import price amounted to $X per ton, growing by 48% against the previous year. Overall, the import price showed a temperate increase. 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 origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for the Philippines ($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 (+5.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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