South-Eastern Asia: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in South-Eastern Asia

The Southeast Asian phosphoric acid market expanded rapidly to $X in 2022, growing by 12% against the previous year. Over the period under review, consumption recorded a pronounced setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Phosphoric Acid Production in South-Eastern Asia

In value terms, phosphoric acid production expanded significantly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a pronounced decline. The pace of growth appeared the most rapid in 2020 with an increase of 41%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Phosphoric Acid Exports

Exports in South-Eastern Asia

In 2022, the amount of phosphoric acid and polyphosphoric acids exported in South-Eastern Asia rose modestly to X tons, growing by 4.9% against the previous year. Over the period under review, exports recorded a resilient expansion. The pace of growth appeared the most rapid in 2020 with an increase of 33% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, phosphoric acid exports rose significantly to $X in 2022. Overall, exports posted prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 34%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam prevails in exports structure, recording X tons, which was approx. 93% of total exports in 2022. Malaysia (X tons) and Singapore (X tons) followed a long way behind the leaders.

Vietnam was also the fastest-growing in terms of the phosphoric acid and polyphosphoric acids exports, with a CAGR of +18.0% from 2012 to 2022. Singapore (-1.3%) and Malaysia (-4.4%) illustrated a downward trend over the same period. Vietnam (+58 p.p.) significantly strengthened its position in terms of the total exports, while Singapore and Malaysia saw its share reduced by -2.6% and -8.9% from 2012 to 2022, respectively.

In value terms, Vietnam ($X) remains the largest phosphoric acid supplier in South-Eastern Asia, comprising 87% of total exports. The second position in the ranking was taken by Singapore ($X), with a 6.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Vietnam totaled +19.6%. In the other countries, the average annual rates were as follows: Singapore (-1.3% per year) and Malaysia (-3.5% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, surging by 2% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 2.1%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+1.3%), while the other leaders experienced mixed trends in the export price figures.

Phosphoric Acid Imports

Imports in South-Eastern Asia

Phosphoric acid imports shrank to X tons in 2022, dropping by -13.3% against 2021. Over the period under review, imports recorded a abrupt decline. The growth pace was the most rapid in 2018 with an increase of 25% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, phosphoric acid imports skyrocketed to $X in 2022. In general, imports saw a relatively flat trend pattern. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Thailand was the main importer of phosphoric acid and polyphosphoric acids in South-Eastern Asia, with the volume of imports recording X tons, which was approx. 51% of total imports in 2022. Indonesia (X tons) held a 24% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (8.4%), Vietnam (7.8%) and Singapore (5.9%). The Philippines (X tons) held a minor share of total imports.

Imports into Thailand increased at an average annual rate of +2.8% from 2012 to 2022. At the same time, Vietnam (+12.5%) and Singapore (+1.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +12.5% from 2012-2022. Malaysia experienced a relatively flat trend pattern. By contrast, the Philippines (-2.3%) and Indonesia (-18.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand, Vietnam, Malaysia and Singapore increased by +36, +6.9, +5 and +3.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest phosphoric acid importing markets in South-Eastern Asia were Thailand ($X), Indonesia ($X) and Singapore ($X), together accounting for 89% of total imports. Malaysia, Vietnam and the Philippines lagged somewhat behind, together accounting for a further 11%.

Among the main importing countries, Vietnam, with a CAGR of +11.8%, saw the highest growth rate of 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 import price in South-Eastern Asia amounted to $X per ton, surging by 87% against the previous year. Over the period under review, the import price enjoyed a prominent expansion. As a result, import 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 importers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+15.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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