South-Eastern Asia: Sulphuric Acid Market 2024

Sulphuric Acid Market Size in South-Eastern Asia

In 2022, the Southeast Asian sulphuric acid market increased by 16% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Sulphuric Acid Production in South-Eastern Asia

In value terms, sulphuric acid production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by 25% against the previous year. Over the period under review, production attained the peak level at $X in 2019; afterwards, it flattened through to 2022.

Sulphuric Acid Exports

Exports in South-Eastern Asia

Sulphuric acid exports skyrocketed to X tons in 2022, picking up by 45% on 2021. Over the period under review, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2017 when exports increased by 209%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, sulphuric acid exports surged to $X in 2022. Overall, exports enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 150%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

The Philippines (X tons) and Thailand (X tons) prevails in exports structure, together making up 94% of total exports. Malaysia (X tons) and Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +28.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest sulphuric acid supplying countries in South-Eastern Asia were Thailand ($X), the Philippines ($X) and Malaysia ($X), together accounting for 86% of total exports.

In terms of the main exporting countries, the Philippines, with a CAGR of +36.7%, 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

In 2022, the export price in South-Eastern Asia amounted to $X per ton, surging by 4.1% against the previous year. In general, the export price, however, saw a perceptible decline. The most prominent rate of growth was recorded in 2015 an increase of 45% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the Philippines ($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 (+6.5%), while the other leaders experienced mixed trends in the export price figures.

Sulphuric Acid Imports

Imports in South-Eastern Asia

In 2022, sulphuric acid imports in South-Eastern Asia surged to X tons, picking up by 88% on the year before. In general, imports recorded a strong increase. The most prominent rate of growth was recorded in 2021 when imports increased by 151% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, sulphuric acid imports skyrocketed to $X in 2022. Overall, imports continue to indicate a measured expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 150%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

The Philippines was the key importer of sulphuric acid and oleum in South-Eastern Asia, with the volume of imports reaching X tons, which was approx. 59% of total imports in 2022. Thailand (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (12%) and Vietnam (5.2%). Malaysia (X tons) and Lao People's Democratic Republic (X tons) held a little share of total imports.

Imports into the Philippines increased at an average annual rate of +14.9% from 2012 to 2022. At the same time, Thailand (+19.2%), Malaysia (+11.6%), Vietnam (+9.0%), Lao People's Democratic Republic (+8.1%) and Indonesia (+1.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +19.2% from 2012-2022. The Philippines (+16 p.p.) and Thailand (+7.4 p.p.) significantly strengthened its position in terms of the total imports, while Indonesia saw its share reduced by -17.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Philippines ($X) constitutes the largest market for imported sulphuric acid and oleum in South-Eastern Asia, comprising 56% of total imports. The second position in the ranking was held by Thailand ($X), with a 20% share of total imports. It was followed by Indonesia, with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Philippines stood at +2.8%. In the other countries, the average annual rates were as follows: Thailand (+17.9% per year) and Indonesia (+0.6% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, rising by 4.5% against the previous year. Over the period under review, the import price, however, saw a deep contraction. The most prominent rate of growth was recorded in 2020 an increase of 28%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Lao People's Democratic Republic ($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 (-1.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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