Kuwait: Sulphuric Acid Market 2024

Sulphuric Acid Market Size in Kuwait

The Kuwaiti sulphuric acid market was estimated at $X in 2022, approximately mirroring the previous year. Overall, the total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.4% against 2020 indices. Sulphuric acid consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Sulphuric Acid Production in Kuwait

In value terms, sulphuric acid production stood at $X in 2022 estimated in export price. In general, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 -0.8% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 49% against the previous year. Sulphuric acid production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Sulphuric Acid Exports

Exports from Kuwait

In 2022, overseas shipments of sulphuric acid and oleum increased by 3.1% to X tons for the first time since 2015, thus ending a six-year declining trend. Over the period under review, exports, however, faced a precipitous curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 386%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, sulphuric acid exports dropped to $X in 2022. Overall, exports, however, faced a sharp shrinkage. The pace of growth appeared the most rapid in 2014 when exports increased by 409% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Denmark (X tons) was the main destination for sulphuric acid exports from Kuwait, accounting for a 89% share of total exports. Moreover, sulphuric acid exports to Denmark exceeded the volume sent to the second major destination, Pakistan (X kg), ninefold. The third position in this ranking was held by Iraq (X kg), with a 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Denmark totaled -23.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (-33.8% per year) and Iraq (-51.0% per year).

In value terms, Denmark ($X) remains the key foreign market for sulphuric acid and oleum exports from Kuwait, comprising 93% of total exports. The second position in the ranking was taken by Pakistan ($X), with a 6.3% share of total exports. It was followed by Iraq, with a 0.3% share.

From 2012 to 2022, the average annual growth rate of value to Denmark amounted to -23.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (-32.6% per year) and Iraq (-45.4% per year).

Export Prices by Country

In 2022, the average sulphuric acid export price amounted to $X per ton, with a decrease of -4.4% against the previous year. Overall, export price indicated a measured expansion from 2012 to 2022: its price 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, sulphuric acid export price increased by +130.1% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 68% against the previous year. The export price peaked at $X per ton in 2021, and then declined in the following year.

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 Iraq ($X per ton), while the average price for exports to Pakistan ($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 Iraq (+11.4%), while the prices for the other major destinations experienced more modest paces of growth.

Sulphuric Acid Imports

Imports into Kuwait

In 2022, after eight years of decline, there was growth in supplies from abroad of sulphuric acid and oleum, when their volume increased by 3.9% to X tons. Overall, imports, however, faced a deep downturn. The pace of growth appeared the most rapid in 2013 with an increase of 373%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, sulphuric acid imports expanded modestly to $X in 2022. In general, imports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2013 with an increase of 162% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Saudi Arabia (X tons) was the main sulphuric acid supplier to Kuwait, accounting for a 96% share of total imports. It was followed by the United Arab Emirates (X tons), with a 1.6% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Saudi Arabia stood at -10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-23.2% per year) and China (+1.7% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of sulphuric acid and oleum to Kuwait, comprising 95% of total imports. The second position in the ranking was taken by China ($X), with a 1.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Saudi Arabia stood at -5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.7% per year) and the United Arab Emirates (-31.3% per year).

Import Prices by Country

In 2022, the average sulphuric acid import price amounted to $X per ton, therefore, remained relatively stable against the previous year. Overall, the import price recorded a slight shrinkage. The pace of growth was the most pronounced in 2014 an increase of 21%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Saudi Arabia ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+5.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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