Sulphates Market

Driven by increasing global demand, the sulphates market is expected to show positive growth trends in both volume and value from 2022 to 2030. In 2022, consumption and production increased, with noticeable fluctuations recorded in certain years. Key exporting countries like China and key importing countries like Brazil and Japan play significant roles in the market. The average export price also showed growth, with potential for continued increase in the near future.

Market Forecast

Driven by increasing demand for sulphates (excluding those of aluminium and barium) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market volume to 44M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.7% for the period from 2022 to 2030, which is projected to bring the market value to $27.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Sulphates (Excluding Those Of Aluminium And Barium)

In 2022, consumption of sulphates (excluding those of aluminium and barium) increased by 3.2% to 33M tons, rising for the second consecutive year after three years of decline. The total consumption volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption attained the maximum volume at 34M tons in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

The global sulphates market size expanded slightly to $17.5B in 2022, growing by 1.5% 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 +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market reached the maximum level at $18.4B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (5.7M tons), Poland (2.9M tons) and the United States (2.1M tons), together accounting for 33% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Poland (with a CAGR of +19.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Mexico ($2.9B), India ($1.6B) and Japan ($1.5B) were the countries with the highest levels of market value in 2022, together accounting for 34% of the global market. Turkey, the United States, China, Russia, Poland, Brazil, Bangladesh, Colombia, Germany and the Czech Republic lagged somewhat behind, together accounting for a further 27%.

Poland, with a CAGR of +16.4%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of sulphates per capita consumption in 2022 were the Czech Republic (87 kg per person), Poland (78 kg per person) and Japan (12 kg per person).

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +19.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Sulphates (Excluding Those Of Aluminium And Barium)

In 2022, global sulphates production reduced slightly to 32M tons, stabilizing at the previous year's figure. The total output volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 16% against the previous year. As a result, production reached the peak volume of 36M tons. From 2018 to 2022, global production growth failed to regain momentum.

In value terms, sulphates production dropped to $16.2B in 2022 estimated in export price. In general, the total production indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.7% against 2020 indices. The growth pace was the most rapid in 2017 when the production volume increased by 16% against the previous year. Global production peaked at $22.2B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (11M tons) constituted the country with the largest volume of sulphates production, accounting for 35% of total volume. Moreover, sulphates production in China exceeded the figures recorded by the second-largest producer, Poland (3M tons), fourfold. The third position in this ranking was held by India (2.5M tons), with an 8% share.

In China, sulphates production expanded at an average annual rate of +3.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Poland (+21.6% per year) and India (+4.1% per year).

Imports

World Imports of Sulphates (Excluding Those Of Aluminium And Barium)

For the eleventh consecutive year, the global market recorded growth in purchases abroad of sulphates (excluding those of aluminium and barium), which increased by 9.4% to 12M tons in 2022. The total import volume increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 11% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, sulphates imports surged to $6B in 2022. Over the period under review, imports recorded strong growth. The pace of growth was the most pronounced in 2021 with an increase of 31% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports By Country

The countries with the highest levels of sulphates imports in 2022 were Brazil (899K tons), Bangladesh (824K tons), Colombia (617K tons), Indonesia (450K tons), Peru (448K tons), the United States (396K tons), the UK (370K tons), South Africa (362K tons), the Philippines (330K tons), Germany (317K tons), Japan (312K tons) and Malaysia (309K tons), together resulting at 46% of total import. Vietnam (301K tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Peru (with a CAGR of +20.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($864M) constitutes the largest market for imported sulphates (excluding those of aluminium and barium) worldwide, comprising 14% of global imports. The second position in the ranking was taken by the United States ($393M), with a 6.6% share of global imports. It was followed by Brazil, with a 4.6% share.

From 2012 to 2022, the average annual growth rate of value in Japan stood at +20.9%. The remaining importing countries recorded the following average annual rates of imports growth: the United States (+4.0% per year) and Brazil (+5.0% per year).

Import Prices By Country

The average sulphates import price stood at $484 per ton in 2022, increasing by 17% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.2%. The pace of growth appeared the most rapid in 2021 an increase of 23% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($2,770 per ton), while Colombia ($132 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+16.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sulphates (Excluding Those Of Aluminium And Barium)

In 2022, approx. 11M tons of sulphates (excluding those of aluminium and barium) were exported worldwide; remaining constant against the year before. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 19%. Over the period under review, the global exports attained the peak figure at 11M tons in 2021, and then reduced modestly in the following year.

In value terms, sulphates exports totaled $5.1B in 2022. Overall, exports, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of 42%. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, China (5.5M tons) was the largest exporter of sulphates (excluding those of aluminium and barium), making up 49% of total exports. Spain (1.4M tons) held the second position in the ranking, followed by Germany (933K tons). All these countries together held approx. 21% share of total exports. India (395K tons), the United States (338K tons), Poland (246K tons), Turkey (191K tons), Slovenia (189K tons) and the Netherlands (181K tons) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to sulphates exports from China stood at +3.1%. At the same time, Slovenia (+31.4%), Turkey (+23.4%), Poland (+16.1%), India (+14.5%), the Netherlands (+10.9%), Germany (+5.0%), Spain (+3.5%) and the United States (+1.8%) displayed positive paces of growth. Moreover, Slovenia emerged as the fastest-growing exporter exported in the world, with a CAGR of +31.4% from 2012-2022. India (+2.3 p.p.), Slovenia (+1.5 p.p.) and Poland (+1.5 p.p.) significantly strengthened its position in terms of the global exports, while China saw its share reduced by -2.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.2B) remains the largest sulphates supplier worldwide, comprising 23% of global exports. The second position in the ranking was taken by Germany ($270M), with a 5.3% share of global exports. It was followed by Spain, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +6.2%. In the other countries, the average annual rates were as follows: Germany (+2.3% per year) and Spain (+6.1% per year).

Export Prices By Country

In 2022, the average sulphates export price amounted to $454 per ton, surging by 13% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sulphates export price increased by +49.0% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 32%. The global export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($855 per ton), while Slovenia ($32 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform