ASEAN: Potassium Nitrate Market 2024

Potassium Nitrate Market Size in ASEAN

The ASEAN potassium nitrate market rose modestly to $X in 2022, increasing by 2.8% against the previous year. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +17.9% against 2018 indices. The level of consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Potassium Nitrate Production in ASEAN

In value terms, potassium nitrate production fell slightly to $X in 2022 estimated in export price. The total production indicated a pronounced expansion from 2012 to 2022: its value 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, production decreased by -1.9% against 2019 indices. The growth pace was the most rapid in 2016 when the production volume increased by 53% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Potassium Nitrate Exports

Exports in ASEAN

In 2022, approx. X tons of potassium nitrates were exported in ASEAN; waning by -25.9% compared with the previous year's figure. Overall, exports, however, posted prominent growth. The pace of growth appeared the most rapid in 2016 when exports increased by 123%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, potassium nitrate exports soared to $X in 2022. Over the period under review, exports, however, recorded buoyant growth. The growth pace was the most rapid in 2016 with an increase of 113% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand prevails in exports structure, accounting for X tons, which was near 86% of total exports in 2022. Indonesia (X tons) held a 6.2% share (based on physical terms) of total exports, which put it in second place, followed by Singapore (5.2%). Malaysia (X tons) held a little share of total exports.

Exports from Thailand increased at an average annual rate of +8.7% from 2012 to 2022. At the same time, Malaysia (+54.3%), Indonesia (+39.1%) and Singapore (+22.6%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +54.3% from 2012-2022. While the share of Indonesia (+5.6 p.p.), Singapore (+3.4 p.p.) and Malaysia (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-10.9 p.p.) displayed negative dynamics.

In value terms, Thailand ($X) remains the largest potassium nitrate supplier in ASEAN, comprising 84% of total exports. The second position in the ranking was held by Singapore ($X), with a 12% share of total exports. It was followed by Indonesia, with a 3% share.

From 2012 to 2022, the average annual growth rate of value in Thailand stood at +12.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (+28.7% per year) and Indonesia (+37.7% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, surging by 59% against the previous year. Export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium nitrate export price increased by +65.0% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+5.0%), while the other leaders experienced mixed trends in the export price figures.

Potassium Nitrate Imports

Imports in ASEAN

In 2022, approx. X tons of potassium nitrates were imported in ASEAN; reducing by -3.7% against the previous year. Total imports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -10.8% against 2020 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 44%. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, potassium nitrate imports surged to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 51% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Thailand was the major importer of potassium nitrates in ASEAN, with the volume of imports recording X tons, which was near 41% of total imports in 2022. It was distantly followed by Malaysia (X tons), Indonesia (X tons) and Vietnam (X tons), together mixing up a 55% share of total imports. The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Indonesia (with a CAGR of +16.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constitutes the largest market for imported potassium nitrates in ASEAN, comprising 52% of total imports. The second position in the ranking was held by Malaysia ($X), with an 18% share of total imports. It was followed by Indonesia, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+1.1% per year) and Indonesia (+14.7% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, rising by 27% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Philippines ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+1.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform