United Kingdom: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in the UK

The UK potassium sulphate (SOP) market soared to $X in 2022, increasing by 29% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Potassium sulphate (SOP) consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Potassium Sulphate (Sop) Production in the UK

In value terms, potassium sulphate (SOP) production rose modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.7% against 2020 indices. The pace of growth appeared the most rapid in 2016 with an increase of 7.1% against the previous year. Over the period under review, production reached the peak level at $X in 2020; afterwards, it flattened through to 2022.

Potassium Sulphate (Sop) Exports

Exports from the UK

Potassium sulphate (SOP) exports from the UK expanded markedly to X tons in 2022, surging by 11% compared with 2021 figures. Over the period under review, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 327% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) exports surged to $X in 2022. Overall, exports saw significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 135% against the previous year. The exports peaked in 2022 and are likely to continue growth in years to come.

Exports by Country

France (X tons) was the main destination for potassium sulphate (SOP) exports from the UK, with a 50% share of total exports. Moreover, potassium sulphate (SOP) exports to France exceeded the volume sent to the second major destination, the Netherlands (X tons), twofold. The third position in this ranking was taken by Italy (X tons), with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to France stood at +207.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+318.4% per year) and Italy (+197.8% per year).

In value terms, the largest markets for potassium sulphate (SOP) exported from the UK were France ($X), the Netherlands ($X) and Italy ($X), together accounting for 75% of total exports. Ireland and Spain lagged somewhat behind, together accounting for a further 9.8%.

Spain, with a CAGR of +313.2%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average potassium sulphate (SOP) export price amounted to $X per ton, with an increase of 34% against the previous year. Overall, the export price, however, continues to indicate a deep downturn. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ireland ($X per ton), while the average price for exports to Italy ($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 Ireland (+7.7%), while the prices for the other major destinations experienced a decline.

Potassium Sulphate (Sop) Imports

Imports into the UK

In 2022, the amount of potassium sulphate (SOP) imported into the UK soared to X tons, jumping by 26% on 2021. Over the period under review, total imports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -37.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 92% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, potassium sulphate (SOP) imports skyrocketed to $X in 2022. In general, total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -9.8% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 92%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of potassium sulphate (SOP) to the UK, with a 67% share of total imports. Moreover, potassium sulphate (SOP) imports from Belgium exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. Germany (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium amounted to +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+45.1% per year) and Germany (-8.9% per year).

In value terms, Belgium ($X) constituted the largest supplier of potassium sulphate (SOP) to the UK, comprising 58% of total imports. The second position in the ranking was held by Germany ($X), with a 17% share of total imports. It was followed by the Netherlands, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium totaled +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-4.3% per year) and the Netherlands (+48.8% per year).

Import Prices by Country

In 2022, the average potassium sulphate (SOP) import price amounted to $X per ton, remaining stable against the previous year. In general, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.6% 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 +64.5% against 2017 indices. The most prominent rate of growth was recorded in 2021 an increase of 46%. As a result, import price attained the peak level of $X per ton, and then shrank in the following year.

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 Germany ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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