Hong Kong SAR, China: Market for Nitric Acid And Sulphonitric Acids 2022

Market Size for Nitric Acid And Sulphonitric Acids in Hong Kong SAR, China

The Hong Kong nitric and sulphonitric acids market expanded significantly to $X in 2021, surging by X% 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). In general, consumption saw a perceptible setback. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Hong Kong SAR, China

In 2021, overseas shipments of nitric acid and sulphonitric acids were finally on the rise to reach X tons for the first time since 2015, thus ending a five-year declining trend. Overall, exports, however, recorded a noticeable descent. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, nitric and sulphonitric acids exports soared to $X in 2021. Over the period under review, exports, however, recorded a prominent increase. The pace of growth was the most pronounced in 2015 with an increase of X%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

South Korea (X tons) was the main destination for nitric and sulphonitric acids exports from Hong Kong SAR, accounting for a X% share of total exports. Moreover, nitric and sulphonitric acids exports to South Korea exceeded the volume sent to the second major destination, China (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to South Korea totaled +X%.

In value terms, South Korea ($X) emerged as the key foreign market for nitric and sulphonitric acids exports from Hong Kong SAR, comprising X% of total exports. The second position in the ranking was occupied by China ($X), with a X% share of total exports.

From 2012 to 2021, the average annual growth rate of value to South Korea stood at +X%.

Export Prices by Country

In 2021, the average nitric and sulphonitric acids export price amounted to $X per ton, falling by -X% against the previous year. In general, the export price, however, showed a resilient increase. The growth pace was the most rapid in 2015 an increase of X%. The export price peaked at $X per ton in 2020, and then contracted notably in the following year.

Prices varied noticeably by the country of destination: the country with the highest price was China ($X per ton), while the average price for exports to South Korea stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+X%).

Imports of Nitric Acid And Sulphonitric Acids

Imports into Hong Kong SAR, China

In 2021, imports of nitric acid and sulphonitric acids into Hong Kong SAR dropped slightly to X tons, remaining relatively unchanged against 2020. In general, imports saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of X%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, nitric and sulphonitric acids imports soared to $X in 2021. Over the period under review, imports saw a slight curtailment. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

South Korea (X tons), Thailand (X tons) and China (X tons) were the main suppliers of nitric and sulphonitric acids imports to Hong Kong SAR, with a combined X% share of total imports. These countries were followed by Malaysia and Taiwan (Chinese), which together accounted for a further X 2012 to 2021, the biggest increases were in Taiwan (Chinese) (with a CAGR of +X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, South Korea ($X), Thailand ($X) and China ($X) appeared to be the largest nitric and sulphonitric acids suppliers to Hong Kong SAR, with a combined X% share of total imports. Taiwan (Chinese) and Malaysia lagged somewhat behind, together accounting for a further X the main suppliers, Taiwan (Chinese), with a CAGR of +X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average nitric and sulphonitric acids import price stood at $X per ton in 2021, growing by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the country of origin: the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform