Singapore: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Singapore

The Singaporean potassium sulphate (SOP) market soared to $X in 2022, picking up by 110% against the previous year. Overall, consumption, however, saw a significant curtailment. Potassium sulphate (SOP) consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Potassium Sulphate (Sop) Production in Singapore

In value terms, potassium sulphate (SOP) production contracted modestly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 50% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Potassium Sulphate (Sop) Exports

Exports from Singapore

In 2022, the amount of potassium sulphate (SOP) exported from Singapore declined to X tons, which is down by -6.1% on the previous year's figure. Overall, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 1,527%. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, potassium sulphate (SOP) exports skyrocketed to $X in 2022. In general, exports, however, recorded significant growth. The pace of growth appeared the most rapid in 2015 when exports increased by 450% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Malaysia (X tons), India (X tons) and Vietnam (X tons) were the main destinations of potassium sulphate (SOP) exports from Singapore, together comprising 76% of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +79.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for potassium sulphate (SOP) exported from Singapore were India ($X), Vietnam ($X) and Japan ($X), together accounting for 77% of total exports.

Among the main countries of destination, India, with a CAGR of +94.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average potassium sulphate (SOP) export price stood at $X per ton in 2022, with an increase of 62% against the previous year. Over the period under review, the export price, however, showed a abrupt downturn. The pace of growth was the most pronounced in 2014 when the average export price increased by 72% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average 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 Thailand ($X per ton), while the average price for exports to Malaysia ($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 Thailand (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into Singapore

In 2022, after two years of growth, there was significant decline in overseas purchases of potassium sulphate (SOP), when their volume decreased by -50.5% to X tons. Over the period under review, imports recorded a abrupt decrease. The growth pace was the most rapid in 2015 with an increase of 394% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, potassium sulphate (SOP) imports declined sharply to $X in 2022. In general, imports saw a abrupt slump. The pace of growth was the most pronounced in 2015 with an increase of 465% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest potassium sulphate (SOP) supplier to Singapore, accounting for a 79% share of total imports. Moreover, potassium sulphate (SOP) imports from the Netherlands exceeded the figures recorded by the second-largest supplier, South Korea (X tons), more than tenfold. Turkey (X tons) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands amounted to +21.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+90.1% per year) and Turkey (0.0% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of potassium sulphate (SOP) to Singapore, comprising 62% of total imports. The second position in the ranking was held by South Korea ($X), with a 13% share of total imports. It was followed by Canada, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled +38.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+110.7% per year) and Canada (+26.4% per year).

Import Prices by Country

The average potassium sulphate (SOP) import price stood at $X per ton in 2022, growing by 67% against the previous year. In general, the import price continues to indicate a tangible expansion. The growth pace was the most rapid in 2014 when the average import price increased by 134%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for China ($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 Czech Republic (+21.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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