Spain: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Spain

After seven years of growth, the Spanish potassium sulphate (SOP) market decreased by -22.5% to $X in 2022. In general, the total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Potassium sulphate (SOP) consumption peaked at $X in 2021, and then contracted markedly in the following year.

Potassium Sulphate (Sop) Production in Spain

In value terms, potassium sulphate (SOP) production skyrocketed to $X in 2022 estimated in export price. In general, production, however, continues to indicate buoyant growth. The pace of growth appeared the most rapid in 2013 with an increase of 195%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Potassium Sulphate (Sop) Exports

Exports from Spain

In 2022, approx. X tons of potassium sulphate (SOP) were exported from Spain; with a decrease of -20.9% on the previous year's figure. Over the period under review, exports, however, saw notable growth. The most prominent rate of growth was recorded in 2017 when exports increased by 90%. The exports peaked at X tons in 2021, and then declined remarkably in the following year.

In value terms, potassium sulphate (SOP) exports expanded remarkably to $X in 2022. In general, exports, however, showed resilient growth. The pace of growth was the most pronounced in 2017 when exports increased by 89% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Portugal (X tons) was the main destination for potassium sulphate (SOP) exports from Spain, with a 65% share of total exports. Moreover, potassium sulphate (SOP) exports to Portugal exceeded the volume sent to the second major destination, France (X tons), fourfold. The third position in this ranking was held by Pakistan (X tons), with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Portugal totaled -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+87.4% per year) and Pakistan (+113.6% per year).

In value terms, Portugal ($X) remains the key foreign market for potassium sulphate (SOP) exports from Spain, comprising 61% of total exports. The second position in the ranking was held by France ($X), with a 12% share of total exports. It was followed by Pakistan, with a 2.7% share.

From 2012 to 2022, the average annual growth rate of value to Portugal totaled +5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+68.6% per year) and Pakistan (+78.6% per year).

Export Prices by Country

The average potassium sulphate (SOP) export price stood at $X per ton in 2022, picking up by 43% against the previous year. In general, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +7.4% 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 +61.4% against 2019 indices. As a result, the export price attained 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 Iran ($X per ton), while the average price for exports to France ($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 Portugal (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into Spain

In 2022, overseas purchases of potassium sulphate (SOP) decreased by -40.8% to X tons for the first time since 2015, thus ending a six-year rising trend. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 45%. Imports peaked at X tons in 2021, and then reduced sharply in the following year.

In value terms, potassium sulphate (SOP) imports dropped to $X in 2022. The total import value increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 20%. Over the period under review, imports attained the peak figure at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of potassium sulphate (SOP) to Spain, with a 52% share of total imports. Moreover, potassium sulphate (SOP) imports from Belgium exceeded the figures recorded by the second-largest supplier, Egypt (X tons), fourfold. The third position in this ranking was taken by Germany (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium totaled -3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (+59.2% per year) and Germany (+1.8% per year).

In value terms, Belgium ($X) constituted the largest supplier of potassium sulphate (SOP) to Spain, comprising 51% of total imports. The second position in the ranking was taken by Egypt ($X), with a 16% share of total imports. It was followed by Germany, with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (+69.1% per year) and Germany (+3.7% per year).

Import Prices by Country

In 2022, the average potassium sulphate (SOP) import price amounted to $X per ton, increasing by 54% against the previous year. Overall, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.5% 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) import price increased by +61.2% against 2018 indices. The most prominent rate of growth was recorded in 2015 when the average import price increased by 54% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Austria ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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