Iran: Sulphuric Acid Market 2024

Sulphuric Acid Market Size in Iran

The Iranian sulphuric acid market reduced to $X in 2022, shrinking by -4.7% against the previous year. In general, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +2.6% 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 +5.3% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Sulphuric Acid Production in Iran

In value terms, sulphuric acid production fell to $X in 2022 estimated in export price. Over the period under review, the total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -18.1% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 72% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Sulphuric Acid Exports

Exports from Iran

In 2022, after two years of growth, there was significant decline in overseas shipments of sulphuric acid and oleum, when their volume decreased by -38.8% to X tons. Overall, exports faced a abrupt slump. The pace of growth was the most pronounced in 2021 when exports increased by 211% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, sulphuric acid exports shrank notably to $X in 2022. Over the period under review, exports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 278%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Turkey (X tons) was the main destination for sulphuric acid exports from Iran, with a 80% share of total exports. Moreover, sulphuric acid exports to Turkey exceeded the volume sent to the second major destination, Azerbaijan (X tons), fivefold. Georgia (X tons) ranked third in terms of total exports with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey totaled -14.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (+30.6% per year) and Georgia (+8.2% per year).

In value terms, Turkey ($X) remains the key foreign market for sulphuric acid and oleum exports from Iran, comprising 82% of total exports. The second position in the ranking was taken by Azerbaijan ($X), with a 13% share of total exports. It was followed by Georgia, with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Turkey stood at -15.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Azerbaijan (+19.3% per year) and Georgia (+6.1% per year).

Export Prices by Country

The average sulphuric acid export price stood at $X per ton in 2022, surging by 3.4% against the previous year. Over the period under review, the export price, however, saw a slight contraction. The pace of growth was the most pronounced in 2021 when the average export price increased by 22% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Armenia ($X per ton) and Turkey ($X per ton), while the average price for exports to Azerbaijan ($X per ton) and Georgia ($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 Armenia (-0.3%), while the prices for the other major destinations experienced a decline.

Sulphuric Acid Imports

Imports into Iran

In 2022, after five years of decline, there was significant growth in overseas purchases of sulphuric acid and oleum, when their volume increased by 162% to X tons. Overall, imports, however, recorded a abrupt descent. The growth pace was the most rapid in 2016 with an increase of 637%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, sulphuric acid imports skyrocketed to $X in 2022. Over the period under review, imports, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2016 with an increase of 521%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Spain (X tons), Italy (X tons) and Germany (X tons) were the main suppliers of sulphuric acid imports to Iran, with a combined 50% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +35.7%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Spain ($X) constituted the largest supplier of sulphuric acid and oleum to Iran, comprising 32% of total imports. The second position in the ranking was held by Italy ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Spain amounted to +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-5.5% per year) and Germany (-32.1% per year).

Import Prices by Country

The average sulphuric acid import price stood at $X per ton in 2022, declining by -25.3% against the previous year. Overall, the import price, however, recorded modest growth. The pace of growth was the most pronounced in 2019 an increase of 156% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then plummeted in the following year.

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 Spain ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+54.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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