Asia: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Asia

In 2023, the Asian potassium sulphate (SOP) market decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. Overall, consumption continues to indicate a pronounced curtailment. As a result, consumption reached the peak level of $X, and then contracted significantly in the following year.

Potassium Sulphate (Sop) Production in Asia

In value terms, potassium sulphate (SOP) production shrank modestly to $X in 2023 estimated in export price. Overall, production, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2023, production remained at a lower figure.

Potassium Sulphate (Sop) Exports

Exports in Asia

In 2023, shipments abroad of potassium sulphate (SOP) increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, exports enjoyed a strong increase. 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 stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) exports contracted to $X in 2023. In general, exports continue to indicate strong growth. The pace of growth was the most pronounced in 2019 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2022, and then reduced in the following year.

Exports by Country

Taiwan (Chinese) was the key exporter of potassium sulphate (SOP) in Asia, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2023. It was distantly followed by China (X tons), creating a X% share of total exports. Saudi Arabia (X tons), South Korea (X tons), Indonesia (X tons), the United Arab Emirates (X tons), Singapore (X tons) and India (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Singapore (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

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

In Taiwan (Chinese), potassium sulphate (SOP) exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: China (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2023, waning by X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton, and then contracted remarkably in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Singapore ($X per ton) was amongst the lowest.

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

Potassium Sulphate (Sop) Imports

Imports in Asia

In 2023, the amount of potassium sulphate (SOP) imported in Asia dropped rapidly to X tons, with a decrease of X% on 2022. In general, imports saw a perceptible shrinkage. The growth pace was the most rapid in 2019 with an increase of X%. The volume of import peaked at X tons in 2012; however, from 2013 to 2023, imports remained at a lower figure.

In value terms, potassium sulphate (SOP) imports contracted remarkably to $X in 2023. Over the period under review, imports showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Iran (X tons), India (X tons), Japan (X tons) and China (X tons) was the major importer of potassium sulphate (SOP) in Asia, committing X% of total import. Turkey (X tons) held the next position in the ranking, followed by Pakistan (X tons) and South Korea (X tons). All these countries together held near X% share of total imports. Vietnam (X tons), the United Arab Emirates (X tons), Malaysia (X tons), Thailand (X tons) and Saudi Arabia (X tons) held a little 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, Japan ($X), India ($X) and Iran ($X) were the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Turkey, China, Pakistan, South Korea, Vietnam, Thailand, the United Arab Emirates, Saudi Arabia and Malaysia lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, South Korea, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2023, 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-year period. 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 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced in the following year.

Prices varied noticeably by country of destination: 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