Singapore: Potassium Hydroxide Market 2024

Potassium Hydroxide Market Size in Singapore

In 2022, the Singaporean potassium hydroxide market decreased by -6.7% to $X for the first time since 2017, thus ending a four-year rising trend. In general, the total consumption indicated a temperate increase 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, consumption increased by +39.7% against 2017 indices. Over the period under review, the market hit record highs at $X in 2021, and then fell in the following year.

Potassium Hydroxide Exports

Exports from Singapore

In 2022, exports of potassium hydroxide (caustic potash) from Singapore reduced remarkably to X tons, declining by -28.7% on the previous year's figure. In general, exports, however, posted a temperate expansion. The pace of growth appeared the most rapid in 2016 with an increase of 165%. The exports peaked at X tons in 2021, and then fell rapidly in the following year.

In value terms, potassium hydroxide exports fell remarkably to $X in 2022. Over the period under review, exports, however, recorded a prominent expansion. The growth pace was the most rapid in 2016 when exports increased by 166%. Over the period under review, the exports attained the peak figure at $X in 2021, and then shrank notably in the following year.

Exports by Country

Malaysia (X tons) was the main destination for potassium hydroxide exports from Singapore, with a 80% share of total exports. Moreover, potassium hydroxide exports to Malaysia exceeded the volume sent to the second major destination, South Korea (X tons), tenfold. The third position in this ranking was taken by the Philippines (X tons), with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia totaled +10.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+1.6% per year) and the Philippines (+28.2% per year).

In value terms, Malaysia ($X) remains the key foreign market for potassium hydroxide (caustic potash) exports from Singapore, comprising 77% of total exports. The second position in the ranking was held by South Korea ($X), with a 9% share of total exports. It was followed by the Philippines, with an 8.2% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia totaled +10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+8.8% per year) and the Philippines (+36.0% per year).

Export Prices by Country

In 2022, the average potassium hydroxide export price amounted to $X per ton, increasing by 2.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2020 an increase of 25% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were the Philippines ($X per ton) and South Korea ($X per ton), while the average price for exports to Malaysia ($X per ton) and China ($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 China (+7.5%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Hydroxide Imports

Imports into Singapore

In 2022, supplies from abroad of potassium hydroxide (caustic potash) decreased by -18.1% to X tons for the first time since 2013, thus ending a eight-year rising trend. In general, imports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2015 with an increase of 78% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then declined dramatically in the following year.

In value terms, potassium hydroxide imports amounted to $X in 2022. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 34%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, South Korea (X tons) constituted the largest potassium hydroxide supplier to Singapore, with a 72% share of total imports. Moreover, potassium hydroxide imports from South Korea exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fivefold. The third position in this ranking was held by Germany (X tons), with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea stood at +19.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+4.5% per year) and Germany (+14.8% per year).

In value terms, South Korea ($X) constituted the largest supplier of potassium hydroxide (caustic potash) to Singapore, comprising 60% of total imports. The second position in the ranking was taken by the United States ($X), with a 17% share of total imports. It was followed by Thailand, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from South Korea stood at +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-7.0% per year) and Thailand (+4.2% per year).

Import Prices by Country

The average potassium hydroxide import price stood at $X per ton in 2022, rising by 23% against the previous year. Overall, the import price, however, showed a deep slump. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 United States ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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