Indonesia: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Indonesia

For the third year in a row, the Indonesian potassium sulphate (SOP) market recorded decline in sales value, which decreased by -75.9% to $X in 2022. Overall, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Potassium Sulphate (Sop) Production in Indonesia

In value terms, potassium sulphate (SOP) production fell to $X in 2022 estimated in export price. Over the period under review, production, however, saw a slight contraction. The pace of growth appeared the most rapid in 2021 with an increase of 36% against the previous year. Potassium sulphate (SOP) production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Potassium Sulphate (Sop) Exports

Exports from Indonesia

Potassium sulphate (SOP) exports from Indonesia soared to X tons in 2022, with an increase of 28% against 2021. Over the period under review, exports continue to indicate prominent growth. The growth pace was the most rapid in 2016 when exports increased by 92% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) exports surged to $X in 2022. In general, exports enjoyed prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Australia (X tons), India (X tons) and South Africa (X tons) were the main destinations of potassium sulphate (SOP) exports from Indonesia, with a combined 90% share of total exports. Morocco, Peru and the United Arab Emirates lagged somewhat behind, together comprising a further 8.3%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Peru (with a CAGR of +47.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for potassium sulphate (SOP) exported from Indonesia were Australia ($X), India ($X) and South Africa ($X), together accounting for 91% of total exports. Peru, Morocco and the United Arab Emirates lagged somewhat behind, together comprising a further 7.7%.

Peru, with a CAGR of +62.3%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average potassium sulphate (SOP) export price amounted to $X per ton, surging by 58% against the previous year. Over the period under review, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.2% 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 +86.3% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to India ($X per ton) and the United Arab Emirates ($X per ton), while the average price for exports to Morocco ($X per ton) and South Africa ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+10.4%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into Indonesia

In 2022, purchases abroad of potassium sulphate (SOP) decreased by -44.8% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, continue to indicate a moderate increase. The most prominent rate of growth was recorded in 2017 with an increase of 182%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) imports declined notably to $X in 2022. In general, imports, however, posted a pronounced increase. The pace of growth appeared the most rapid in 2017 when imports increased by 126%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of potassium sulphate (SOP) to Indonesia, with a 55% share of total imports. Moreover, potassium sulphate (SOP) imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +39.8%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-2.7% per year) and Germany (-12.8% per year).

In value terms, China ($X), South Korea ($X) and the Philippines ($X) were the largest potassium sulphate (SOP) suppliers to Indonesia, together accounting for 88% of total imports. Germany and the Netherlands lagged somewhat behind, together accounting for a further 9%.

The Netherlands, with a CAGR of +40.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 potassium sulphate (SOP) import price amounted to $X per ton, surging by 11% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 14%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+12.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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