Asia-Pacific: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Asia-Pacific

In 2023, the Asia-Pacific potassium sulphate (SOP) market decreased by X% to $X for the first time since 2018, thus ending a four-year rising trend. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then shrank significantly in the following year.

Potassium Sulphate (Sop) Production in Asia-Pacific

In value terms, potassium sulphate (SOP) production declined slightly to $X in 2023 estimated in export price. In general, production, however, showed a strong increase. The most prominent rate of growth was recorded in 2019 with an increase of X%. The level of production peaked at $X in 2020; however, from 2021 to 2023, production remained at a lower figure.

Potassium Sulphate (Sop) Exports

Exports in Asia-Pacific

In 2023, overseas shipments of potassium sulphate (SOP) were finally on the rise to reach X tons after two years of decline. Overall, exports showed a strong expansion. The pace of growth appeared the most rapid in 2019 with an increase of X%. The volume of export peaked at X tons in 2020; however, from 2021 to 2023, the exports failed to regain momentum.

In value terms, potassium sulphate (SOP) exports declined to $X in 2023. Over the period under review, exports recorded prominent growth. The growth pace was the most rapid in 2019 when exports increased by X%. As a result, the exports reached the peak of $X. From 2020 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

In 2023, Taiwan (Chinese) (X tons) was the major exporter of potassium sulphate (SOP), making up X% of total exports. It was distantly followed by China (X tons), generating a X% share of total exports. South Korea (X tons), Indonesia (X tons), Singapore (X tons), India (X tons) and Australia (X tons) held a relatively small share of total exports.

From 2012 to 2023, the biggest increases were recorded for Singapore (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X) remains the largest potassium sulphate (SOP) supplier in Asia-Pacific, comprising X% of total exports. The second position in the ranking was taken by China ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Taiwan (Chinese) stood at X%. In the other countries, the average annual rates were as follows: China (X% per year) and South Korea (X% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined rapidly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the other leaders experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports in Asia-Pacific

In 2023, supplies from abroad of potassium sulphate (SOP) decreased by X% to X tons for the first time since 2018, thus ending a four-year rising trend. Overall, imports continue to indicate a noticeable setback. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, potassium sulphate (SOP) imports contracted remarkably to $X in 2023. Over the period under review, imports saw a noticeable decline. The pace of growth appeared the most rapid in 2022 when imports increased by X%. As a result, imports reached the peak of $X, and then contracted dramatically in the following year.

Imports by Country

In 2023, Australia (X tons), distantly followed by India (X tons), Japan (X tons), China (X tons), Pakistan (X tons) and South Korea (X tons) represented the key importers of potassium sulphate (SOP), together mixing up X% of total imports. The following importers - Vietnam (X tons), Malaysia (X tons) and Thailand (X tons) - each amounted to an X% share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by South Korea (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest potassium sulphate (SOP) importing markets in Asia-Pacific were Australia ($X), Japan ($X) and India ($X), together accounting for X% of total imports. China, Pakistan, South Korea, Vietnam, Thailand and Malaysia lagged somewhat behind, together comprising a further X%.

South Korea, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of 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

In 2023, the import price in Asia-Pacific amounted to $X per ton, dropping by X% against the previous year. Import price indicated a mild increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, potassium sulphate (SOP) import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2022 when the import price increased by X%. As a result, import price reached the peak level of $X per ton, and then contracted in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Pakistan (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform