Salts of Inorganic Acids or Peroxoacids Market

The article delves into the forecasted growth of the global market for salts of inorganic acids or peroxoacids from 2022 to 2030. Consumption trends show a flat pattern with occasional peaks, while production, imports, and exports are on the rise. Key countries like China, the United States, and India play a significant role in the market, with China leading in both imports and exports. The average prices and growth rates in different regions are also highlighted in the analysis.

Market Forecast

Driven by increasing demand for salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market volume to 4.5M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.5% for the period from 2022 to 2030, which is projected to bring the market value to $23.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Salts of Inorganic Acids or Peroxoacids (Excluding Azides and Double or Complex Silicates)

In 2022, global consumption of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) dropped to 3.2M tons, reducing by -5.6% on the year before. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak volume of 3.5M tons. From 2016 to 2022, the growth of the global consumption of remained at a somewhat lower figure.

The size of the market for salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) worldwide reduced to $13.2B in 2022, with a decrease of -7.8% 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). The market value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when the market value increased by 9.5%. Global consumption peaked at $14.7B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (588K tons), the United States (558K tons) and India (299K tons), together accounting for 46% of global consumption. Japan, Germany, Russia, Brazil, France, Italy, Turkey, South Korea, Canada and Saudi Arabia lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of silicates), amongst the main consuming countries, was attained by Saudi Arabia (with a CAGR of +9.1%), while silicates) for the other global leaders experienced more modest paces of growth.

In value terms, China ($4.5B) led the market, alone. The second position in the ranking was held by the United States ($2.2B). It was followed by India.

In China, the market of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) expanded at an average annual rate of +5.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+4.2% per year) and India (+5.3% per year).

The countries with the highest levels of salts of inorganic acids or peroxoacids per capita consumption in 2022 were Germany (2 kg per person), Saudi Arabia (1.8 kg per person) and Canada (1.8 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of silicates), amongst the key consuming countries, was attained by Saudi Arabia (with a CAGR of +6.9%), while silicates) for the other global leaders experienced more modest paces of growth.

Production

World Production of Salts of Inorganic Acids or Peroxoacids (Excluding Azides and Double or Complex Silicates)

In 2022, global production of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) shrank slightly to 3.3M tons, reducing by -1.9% against the previous year's figure. The total output volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the production volume increased by 7.8% against the previous year. As a result, production attained the peak volume of 3.4M tons. From 2016 to 2022, global production of growth failed to regain momentum.

In value terms, production of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) contracted to $14.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 11%. Global production peaked at $14.8B in 2018; however, from 2019 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (754K tons), the United States (551K tons) and India (291K tons), together comprising 48% of global production. Japan, Germany, Russia, Brazil, France, South Korea, Italy, Turkey, Canada and Saudi Arabia lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of silicates), amongst the main producing countries, was attained by Saudi Arabia (with a CAGR of +9.8%), while silicates) for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Salts of Inorganic Acids or Peroxoacids (Excluding Azides and Double or Complex Silicates)

In 2022, global imports of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) skyrocketed to 258K tons, rising by 16% against the previous year. In general, total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +96.3% against 2016 indices. The pace of growth appeared the most rapid in 2021 with an increase of 26% against the previous year. Over the period under review, global imports of hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, imports of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) surged to $5.1B in 2022. Over the period under review, imports continue to indicate a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

China represented the major importing country with an import of around 127K tons, which accounted for 49% of total imports. The United States (15K tons) ranks second in terms of the total imports with a 5.7% share, followed by Switzerland (5.2%). France (12K tons), Vietnam (11K tons), India (8.4K tons), Belgium (5.9K tons), Indonesia (5K tons), Japan (4.8K tons) and the UK (4.7K tons) took a minor share of total imports.

Imports into China increased at an average annual rate of +42.0% from 2012 to 2022. At the same time, Vietnam (+43.0%), Indonesia (+19.9%), India (+19.5%), the UK (+8.6%) and France (+8.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in the world, with a CAGR of +43.0% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, the United States (-1.2%), Belgium (-4.3%) and Switzerland (-9.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Vietnam and India increased by +47, +4 and +2.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($4.7B) constitutes the largest market for imported salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) worldwide, comprising 91% of global imports. The second position in the ranking was taken by Vietnam ($43M), with a 0.8% share of global imports. It was followed by the United States, with a 0.7% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +57.9%. In the other countries, the average annual rates were as follows: Vietnam (+44.2% per year) and the United States (-2.4% per year).

Import Prices By Country

In 2022, the average import price for salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) amounted to $19,861 per ton, picking up by 90% against the previous year. In general, the import price continues to indicate a prominent increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($37,005 per ton), while Switzerland ($977 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+11.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Salts of Inorganic Acids or Peroxoacids (Excluding Azides and Double or Complex Silicates)

Global exports of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) skyrocketed to 393K tons in 2022, rising by 68% compared with the previous year's figure. Overall, exports enjoyed a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) soared to $5.5B in 2022. In general, exports showed a significant increase. The growth pace was the most rapid in 2021 with an increase of 158% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

China prevails in silicates) structure, reaching 293K tons, which was near 75% of total exports in 2022. Germany (19K tons) ranks second in terms of the total exports with a 4.8% share, followed by South Korea (4.6%). The Philippines (14K tons), Japan (13K tons) and the United States (8.1K tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to salts of inorganic acids or peroxoacids exports from China stood at +29.9%. At the same time, the Philippines (+52.5%), South Korea (+19.4%), the United States (+5.5%) and Japan (+1.7%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in the world, with a CAGR of +52.5% from 2012-2022. By contrast, Germany (-8.1%) illustrated a downward trend over the same period. While the share of China (+58 p.p.), the Philippines (+3.5 p.p.) and South Korea (+2.2 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the United States (-1.6 p.p.), Japan (-4.9 p.p.) and Germany (-28.9 p.p.) displayed negative dynamics.

In value terms, China ($5.1B) remains the largest salts of inorganic acids or peroxoacids supplier worldwide, comprising 92% of global exports. The second position in the ranking was taken by Germany ($85M), with a 1.5% share of global exports. It was followed by South Korea, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +54.7%. In the other countries, the average annual rates were as follows: Germany (+1.0% per year) and South Korea (+15.7% per year).

Export Prices By Country

In 2022, the average export price for salts of inorganic acids or peroxoacids (excluding azides and double or complex silicates) amounted to $14,001 per ton, picking up by 47% against the previous year. In general, the export price continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 67% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($17,326 per ton), while South Korea ($2,729 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+19.1%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform