South Africa: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in South Africa

The South African phosphoric acid market dropped significantly to $X in 2022, which is down by -46.9% against the previous year. In general, consumption faced a abrupt decrease. Phosphoric acid consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Phosphoric Acid Production in South Africa

In value terms, phosphoric acid production reduced slightly to $X in 2022 estimated in export price. Overall, production saw a abrupt slump. The most prominent rate of growth was recorded in 2018 with an increase of 31%. Phosphoric acid production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Phosphoric Acid Exports

Exports from South Africa

In 2022, phosphoric acid exports from South Africa surged to X tons, picking up by 17% against 2021. Over the period under review, exports, however, showed a abrupt descent. The pace of growth was the most pronounced in 2016 with an increase of 77% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, phosphoric acid exports skyrocketed to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for phosphoric acid exports from South Africa, accounting for a 54% share of total exports. Moreover, phosphoric acid exports to India exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The third position in this ranking was taken by Bangladesh (X tons), with a 9.8% share.

From 2012 to 2022, the average annual growth rate of volume to India stood at -6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+5.8% per year) and Bangladesh (+6.7% per year).

In value terms, India ($X) remains the key foreign market for phosphoric acid and polyphosphoric acids exports from South Africa, comprising 49% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 21% share of total exports. It was followed by Democratic Republic of the Congo, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to India totaled -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+12.0% per year) and Democratic Republic of the Congo (+97.2% per year).

Export Prices by Country

In 2022, the average phosphoric acid export price amounted to $X per ton, with an increase of 122% against the previous year. Overall, the export price posted a buoyant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Democratic Republic of the Congo ($X per ton), while the average price for exports to Bangladesh ($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 Bangladesh (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Phosphoric Acid Imports

Imports into South Africa

In 2022, supplies from abroad of phosphoric acid and polyphosphoric acids decreased by -41.2% to X tons, falling for the second year in a row after three years of growth. In general, imports, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2015 with an increase of 270% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, phosphoric acid imports skyrocketed to $X in 2022. Over the period under review, imports, however, posted a remarkable increase. The pace of growth was the most pronounced in 2015 with an increase of 213%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Jordan (X tons), China (X tons) and Finland (X tons) were the main suppliers of phosphoric acid imports to South Africa, together comprising 97% of total imports.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +0.3%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest phosphoric acid suppliers to South Africa were China ($X), Jordan ($X) and Finland ($X), with a combined 96% share of total imports. Israel and Morocco lagged somewhat behind, together accounting for a further 2.1%.

In terms of the main suppliers, Israel, with a CAGR of +30.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average phosphoric acid import price amounted to $X per ton, increasing by 166% against the previous year. Over the period under review, the import price saw moderate growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 China ($X per ton), while the price for Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+97.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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