Vietnam: Sulphuric Acid Market 2024

Sulphuric Acid Market Size in Vietnam

The Vietnamese sulphuric acid market reduced remarkably to $X in 2022, with a decrease of -25.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a prominent expansion. As a result, consumption reached the peak level of $X, and then shrank significantly in the following year.

Sulphuric Acid Exports

Exports from Vietnam

In 2022, approx. X tons of sulphuric acid and oleum were exported from Vietnam; waning by -45.1% against the year before. Overall, exports recorded a perceptible decline. The pace of growth appeared the most rapid in 2013 with an increase of 128% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, sulphuric acid exports contracted to $X in 2022. Over the period under review, exports saw a perceptible decrease. The pace of growth was the most pronounced in 2017 with an increase of 103% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Philippines (X tons) was the main destination for sulphuric acid exports from Vietnam, with a 84% share of total exports. Moreover, sulphuric acid exports to the Philippines exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X tons), more than tenfold. The third position in this ranking was taken by Cambodia (X tons), with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (-20.8% per year) and Cambodia (-6.7% per year).

In value terms, the Philippines ($X) emerged as the key foreign market for sulphuric acid and oleum exports from Vietnam, comprising 91% of total exports. The second position in the ranking was held by Lao People's Democratic Republic ($X), with a 4.2% share of total exports. It was followed by Cambodia, with a 2.8% share.

From 2012 to 2022, the average annual growth rate of value to the Philippines was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (-20.3% per year) and Cambodia (-5.5% per year).

Export Prices by Country

The average sulphuric acid export price stood at $X per ton in 2022, picking up by 73% against the previous year. Over the period under review, the export price, however, showed a pronounced setback. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to South Korea ($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 Cambodia (+1.4%), while the prices for the other major destinations experienced mixed trend patterns.

Sulphuric Acid Imports

Imports into Vietnam

In 2022, approx. X tons of sulphuric acid and oleum were imported into Vietnam; with a decrease of -24.7% compared with 2021. In general, imports, however, showed a resilient expansion. The growth pace was the most rapid in 2015 with an increase of 105% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, sulphuric acid imports reduced markedly to $X in 2022. Over the period under review, imports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2021 when imports increased by 103%. As a result, imports attained the peak of $X, and then dropped significantly in the following year.

Imports by Country

In 2022, South Korea (X tons) constituted the largest sulphuric acid supplier to Vietnam, accounting for a 70% share of total imports. Moreover, sulphuric acid imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. Japan (X tons) ranked third in terms of total imports with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea stood at +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+16.4% per year) and Japan (-3.5% per year).

In value terms, South Korea ($X) constituted the largest supplier of sulphuric acid and oleum to Vietnam, comprising 66% of total imports. The second position in the ranking was held by China ($X), with a 21% share of total imports. It was followed by Japan, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value from South Korea stood at +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+17.6% per year) and Japan (-3.4% per year).

Import Prices by Country

In 2022, the average sulphuric acid import price amounted to $X per ton, leveling off at the previous year. Over the period under review, the import price continues to indicate a pronounced decrease. The pace of growth was the most pronounced in 2013 when the average import price increased by 26% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Taiwan (Chinese) ($X per ton) and China ($X per ton), while the price for South Korea ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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