Saudi Arabia: Sulphuric Acid Market 2024

Sulphuric Acid Market Size in Saudi Arabia

After three years of growth, the Saudi sulphuric acid market decreased by -32% to $X in 2022. Overall, the total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 +27.9% against 2018 indices. As a result, consumption attained the peak level of $X, and then fell markedly in the following year.

Sulphuric Acid Production in Saudi Arabia

In value terms, sulphuric acid production declined to $X in 2022 estimated in export price. In general, the total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.9% 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 -5.8% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 45% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Sulphuric Acid Exports

Exports from Saudi Arabia

In 2022, after two years of decline, there was significant growth in overseas shipments of sulphuric acid and oleum, when their volume increased by 27% to X tons. Overall, exports, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2017 when exports increased by 144%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sulphuric acid exports soared to $X in 2022. In general, exports, however, showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 110%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Kuwait (X tons) was the main destination for sulphuric acid exports from Saudi Arabia, accounting for a 68% share of total exports. Moreover, sulphuric acid exports to Kuwait exceeded the volume sent to the second major destination, Sudan (X tons), fivefold. Bahrain (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Kuwait stood at +22.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sudan (-4.5% per year) and Bahrain (-15.8% per year).

In value terms, Kuwait ($X) remains the key foreign market for sulphuric acid and oleum exports from Saudi Arabia, comprising 70% of total exports. The second position in the ranking was held by Bahrain ($X), with a 13% share of total exports. It was followed by Sudan, with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Kuwait totaled +32.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (-11.0% per year) and Sudan (-1.5% per year).

Export Prices by Country

The average sulphuric acid export price stood at $X per ton in 2022, growing by 11% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 32%. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Jordan ($X per ton), while the average price for exports to Sudan ($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 Yemen (+31.1%), while the prices for the other major destinations experienced more modest paces of growth.

Sulphuric Acid Imports

Imports into Saudi Arabia

In 2021, imports of sulphuric acid and oleum into Saudi Arabia amounted to X tons, approximately equating the previous year. In general, imports posted a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 319% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, sulphuric acid imports totaled $X in 2021. Overall, imports showed a significant increase. The pace of growth appeared the most rapid in 2014 when imports increased by 95% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest sulphuric acid supplier to Saudi Arabia, with a 55% share of total imports. Moreover, sulphuric acid imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. The Philippines (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 China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (0.0% per year) and the Philippines (0.0% per year).

In value terms, China ($X) constituted the largest supplier of sulphuric acid and oleum to Saudi Arabia, comprising 60% of total imports. The second position in the ranking was taken by India ($X), with a 19% share of total imports. It was followed by the Philippines, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (0.0% per year) and the Philippines (0.0% per year).

Import Prices by Country

In 2021, the average sulphuric acid import price amounted to $X per ton, flattening at the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 597%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (0.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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