South-Eastern Asia: Potassium Sulphate (Sop) Market 2025

Potassium Sulphate (Sop) Market Size in South-Eastern Asia

In 2022, after three years of growth, there was significant decline in the Southeast Asian potassium sulphate (SOP) market, when its value decreased by -20.4% to $X. In general, consumption showed a noticeable shrinkage. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Potassium Sulphate (Sop) Production in South-Eastern Asia

In value terms, potassium sulphate (SOP) production reduced to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 24%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Potassium Sulphate (Sop) Exports

Exports in South-Eastern Asia

In 2022, exports of potassium sulphate (SOP) in South-Eastern Asia rose markedly to X tons, with an increase of 9.2% on 2021. Over the period under review, exports posted a buoyant increase. The pace of growth was the most pronounced in 2013 when exports increased by 46% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) exports skyrocketed to $X in 2022. In general, exports recorded a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Indonesia (X tons) was the key exporter of potassium sulphate (SOP), generating 63% of total exports. Singapore (X tons) held the second position in the ranking, distantly followed by the Philippines (X tons). All these countries together held approx. 35% share of total exports.

Exports from Indonesia increased at an average annual rate of +8.3% from 2012 to 2022. At the same time, Singapore (+64.3%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +64.3% from 2012-2022. By contrast, the Philippines (-2.7%) illustrated a downward trend over the same period. Singapore (+22 p.p.) and Indonesia (+5.7 p.p.) significantly strengthened its position in terms of the total exports, while the Philippines saw its share reduced by -20.2% from 2012 to 2022, respectively.

In value terms, Indonesia ($X) remains the largest potassium sulphate (SOP) supplier in South-Eastern Asia, comprising 66% of total exports. The second position in the ranking was held by Singapore ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Indonesia amounted to +10.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (+54.9% per year) and the Philippines (+0.6% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, increasing by 60% against the previous year. Export price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium sulphate (SOP) export price increased by +91.5% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Singapore ($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 Philippines (+3.4%), while the other leaders experienced mixed trends in the export price figures.

Potassium Sulphate (Sop) Imports

Imports in South-Eastern Asia

In 2022, supplies from abroad of potassium sulphate (SOP) decreased by -25.8% to X tons for the first time since 2018, thus ending a three-year rising trend. Total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 42%. The volume of import peaked at X tons in 2021, and then dropped significantly in the following year.

In value terms, potassium sulphate (SOP) imports fell sharply to $X in 2022. Total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 36% against the previous year. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Vietnam (X tons) represented the major importer of potassium sulphate (SOP), committing 37% of total imports. Thailand (X tons) ranks second in terms of the total imports with an 18% share, followed by Lao People's Democratic Republic (18%), Malaysia (17%) and Indonesia (7.7%).

Vietnam experienced a relatively flat trend pattern with regard to volume of imports of potassium sulphate (SOP). At the same time, Lao People's Democratic Republic (+51.0%), Malaysia (+19.0%) and Indonesia (+3.6%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +51.0% from 2012-2022. By contrast, Thailand (-2.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Lao People's Democratic Republic and Malaysia increased by +17 and +13 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest potassium sulphate (SOP) importing markets in South-Eastern Asia were Vietnam ($X), Thailand ($X) and Lao People's Democratic Republic ($X), together accounting for 80% of total imports.

Lao People's Democratic Republic, with a CAGR of +52.1%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, with an increase of 11% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 13% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+3.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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