Indonesia: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Indonesia

In 2021, the Indonesian nitric and sulphonitric acids market increased by 75% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate a resilient increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Indonesia

In 2021, after three years of decline, there was significant growth in shipments abroad of nitric acid and sulphonitric acids, when their volume increased by 98% to X kg. In general, exports, however, continue to indicate a abrupt descent. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, nitric and sulphonitric acids exports dropped markedly to $X in 2021. Overall, exports, however, faced a sharp downturn. The pace of growth was the most pronounced in 2013 with an increase of 80%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

South Korea (X kg) was the main destination for nitric and sulphonitric acids exports from Indonesia, with a 36% share of total exports. Moreover, nitric and sulphonitric acids exports to South Korea exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X kg), fourfold.

From 2012 to 2021, the average annual growth rate of volume to South Korea totaled -18.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (-21.4% per year) and Malaysia (-33.1% per year).

In value terms, South Korea ($X) remains the key foreign market for nitric acid and sulphonitric acids exports from Indonesia, comprising 91% of total exports. The second position in the ranking was held by Lao People's Democratic Republic ($X), with a 7.6% share of total exports.

From 2012 to 2021, the average annual growth rate of value to South Korea amounted to -20.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (-58.5% per year) and Malaysia (-36.8% per year).

Export Prices by Country

In 2021, the average nitric and sulphonitric acids export price amounted to $X per ton, shrinking by -58.2% against the previous year. In general, the export price recorded a deep contraction. The most prominent rate of growth was recorded in 2020 an increase of 137%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (-1.7%), while the prices for the other major destinations experienced a decline.

Imports of Nitric Acid And Sulphonitric Acids

Imports into Indonesia

In 2021, purchases abroad of nitric acid and sulphonitric acids was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports continue to indicate a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, nitric and sulphonitric acids imports soared to $X in 2021. In general, imports posted a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, South Korea (X tons) constituted the largest nitric and sulphonitric acids supplier to Indonesia, accounting for a 58% share of total imports. Moreover, nitric and sulphonitric acids imports from South Korea exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. Malaysia (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea totaled +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+9.1% per year) and Malaysia (+14.1% per year).

In value terms, South Korea ($X) constituted the largest supplier of nitric acid and sulphonitric acids to Indonesia, comprising 54% of total imports. The second position in the ranking was taken by India ($X), with a 14% share of total imports. It was followed by Malaysia, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea stood at +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+10.9% per year) and Malaysia (+11.3% per year).

Import Prices by Country

In 2021, the average nitric and sulphonitric acids import price amounted to $X per ton, increasing by 15% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Singapore ($X per ton) and Thailand ($X per ton), while the price for Malaysia ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+1.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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