China: Market for Nitric Acid And Sulphonitric Acids 2023

Market Size for Nitric Acid And Sulphonitric Acids in China

The Chinese nitric and sulphonitric acids market rose slightly to $X in 2021, surging by 3.2% against the previous year. The market value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Nitric and sulphonitric acids consumption peaked at $X in 2014; afterwards, it flattened through to 2021.

Production of Nitric Acid And Sulphonitric Acids in China

In value terms, nitric and sulphonitric acids production expanded slightly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 13%. Nitric and sulphonitric acids production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Exports of Nitric Acid And Sulphonitric Acids

Exports from China

In 2021, shipments abroad of nitric acid and sulphonitric acids was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports showed a prominent expansion. The pace of growth appeared the most rapid in 2016 with an increase of 98% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, nitric and sulphonitric acids exports soared to $X in 2021. Overall, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2018 when exports increased by 57%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and Thailand (X tons) were the main destinations of nitric and sulphonitric acids exports from China, together accounting for 64% of total exports. Vietnam, Turkey, Taiwan (Chinese) and Australia lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +149.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for nitric and sulphonitric acids exported from China were Malaysia ($X), Indonesia ($X) and Thailand ($X), together accounting for 58% of total exports. These countries were followed by Vietnam, Taiwan (Chinese), Turkey and Australia, which together accounted for a further 31%.

Turkey, with a CAGR of +207.1%, recorded the highest rates of growth with regard to 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

The average nitric and sulphonitric acids export price stood at $X per ton in 2021, increasing by 8% against the previous year. In general, the export price, however, showed a pronounced decrease. The most prominent rate of growth was recorded in 2017 when the average export price increased by 13% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+23.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nitric Acid And Sulphonitric Acids

Imports into China

In 2021, supplies from abroad of nitric acid and sulphonitric acids decreased by -0.8% to X tons, falling for the second year in a row after four years of growth. Overall, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 128%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, nitric and sulphonitric acids imports dropped to $X in 2021. Over the period under review, imports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2013 with an increase of 85%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, South Korea (X tons) constituted the largest nitric and sulphonitric acids supplier to China, with a 90% share of total imports. Moreover, nitric and sulphonitric acids imports from South Korea exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from South Korea amounted to +13.3%.

In value terms, South Korea ($X) constituted the largest supplier of nitric acid and sulphonitric acids to China, comprising 73% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 17% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea stood at +9.8%.

Import Prices by Country

The average nitric and sulphonitric acids import price stood at $X per ton in 2021, standing approx. at the previous year. Overall, the import price, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2015 when the average import price increased by 12%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for South Korea stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-2.1%).

Source: IndexBox Platform

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