Eastern Asia: Sulphuric Acid Market 2023

Sulphuric Acid Market Size in Eastern Asia

The East Asian sulphuric acid market declined modestly to $X in 2022, waning by -4.6% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 8.5% against the previous year. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Sulphuric Acid Production in Eastern Asia

In value terms, sulphuric acid production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2017 with an increase of 9.6%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Sulphuric Acid Exports

Exports in Eastern Asia

Sulphuric acid exports soared to X tons in 2022, with an increase of 89% against the previous year. In general, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 210%. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, sulphuric acid exports soared to $X in 2022. Overall, exports posted a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 266% against the previous year. The level of export peaked in 2022 and is likely to continue growth in years to come.

Exports by Country

In 2022, Japan (X tons) was the major exporter of sulphuric acid and oleum, achieving 62% of total exports. South Korea (X tons) held a 26% share (based on physical terms) of total exports, which put it in second place, followed by China (12%).

From 2012 to 2022, average annual rates of growth with regard to sulphuric acid exports from Japan stood at +15.3%. At the same time, China (+48.1%) and South Korea (+2.2%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +48.1% from 2012-2022. From 2012 to 2022, the share of Japan and China increased by +20 and +11 percentage points, respectively.

In value terms, the largest sulphuric acid supplying countries in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), together comprising 92% of total exports.

China, with a CAGR of +54.1%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, with a decrease of -8.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The pace of growth was the most pronounced in 2017 when the export price increased by 21% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then contracted in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.0%), while the other leaders experienced mixed trends in the export price figures.

Sulphuric Acid Imports

Imports in Eastern Asia

In 2022, sulphuric acid imports in Eastern Asia contracted significantly to X tons, waning by -24.2% on 2021 figures. Overall, imports continue to indicate a abrupt descent. The growth pace was the most rapid in 2021 with an increase of 33% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, sulphuric acid imports dropped significantly to $X in 2022. In general, imports recorded a pronounced descent. The growth pace was the most rapid in 2021 when imports increased by 44%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

China was the major importing country with an import of about X tons, which amounted to 73% of total imports. It was distantly followed by Taiwan (Chinese) (X tons), creating a 26% share of total imports.

Imports into China decreased at an average annual rate of -13.1% from 2012 to 2022. Taiwan (Chinese) (-3.8%) illustrated a downward trend over the same period. While the share of Taiwan (Chinese) (+15 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of China (-15.6 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported sulphuric acid and oleum in Eastern Asia, comprising 80% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual growth rate of value in China totaled -3.3%.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, increasing by 6.5% against the previous year. Over the period under review, the import price recorded a prominent expansion. The pace of growth was the most pronounced in 2019 an increase of 24% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+11.1%).

Source: IndexBox Platform

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