ASEAN: Nitrogen Market 2024

Nitrogen Market Size in ASEAN

The ASEAN nitrogen market expanded sharply to $X in 2021, increasing by 11% against the previous year. The total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -8.2% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Nitrogen Production in ASEAN

In value terms, nitrogen production expanded notably to $X in 2021 estimated in export price. The total production indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.3% against 2019 indices. The pace of growth appeared the most rapid in 2014 with an increase of 34% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Nitrogen Exports

Exports in ASEAN

After two years of decline, overseas shipments of nitrogen increased by 6.8% to X cubic meters in 2021. Over the period under review, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2018 when exports increased by 18%. The volume of export peaked at X cubic meters in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, nitrogen exports surged to $X in 2021. In general, exports, however, recorded a noticeable setback. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Singapore was the major exporting country with an export of around X cubic meters, which reached 78% of total exports. It was distantly followed by Malaysia (X cubic meters) and Thailand (X cubic meters), together constituting an 18% share of total exports. The following exporters - Vietnam (X cubic meters) and Myanmar (X cubic meters) - each reached a 4.4% share of total exports.

Exports from Singapore decreased at an average annual rate of -9.9% from 2012 to 2021. At the same time, Vietnam (+86.8%), Myanmar (+59.5%), Thailand (+46.5%) and Malaysia (+21.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +86.8% from 2012-2021. From 2012 to 2021, the share of Malaysia, Thailand, Vietnam and Myanmar increased by +12, +5, +2.5 and +1.9 percentage points, respectively.

In value terms, Singapore ($X) remains the largest nitrogen supplier in ASEAN, comprising 71% of total exports. The second position in the ranking was taken by Thailand ($X), with a 14% share of total exports. It was followed by Malaysia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Singapore stood at -5.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+32.8% per year) and Malaysia (-1.4% per year).

Export Prices by Country

The export price in ASEAN stood at $X per cubic meter in 2021, increasing by 14% against the previous year. Over the last nine-year period, it increased at an average annual rate of +4.0%. The pace of growth was the most pronounced in 2014 an increase of 20%. Over the period under review, the export prices hit record highs in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per cubic meter), while Myanmar ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (+37.5%), while the other leaders experienced mixed trends in the export price figures.

Nitrogen Imports

Imports in ASEAN

In 2021, purchases abroad of nitrogen was finally on the rise to reach X cubic meters after three years of decline. In general, imports, however, showed a deep reduction. Over the period under review, imports hit record highs at X cubic meters in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, nitrogen imports surged to $X in 2021. Overall, imports, however, continue to indicate a abrupt downturn. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Singapore (X cubic meters) and Malaysia (X cubic meters) dominates imports structure, together generating 86% of total imports. It was distantly followed by Brunei Darussalam (X cubic meters), comprising a 9.3% share of total imports. Cambodia (X cubic meters) took a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Cambodia (with a CAGR of +77.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest nitrogen importing markets in ASEAN were Singapore ($X), Malaysia ($X) and Brunei Darussalam ($X), with a combined 80% share of total imports. Cambodia lagged somewhat behind, comprising a further 5.8%.

Cambodia, with a CAGR of +62.2%, recorded the highest growth rate of the value of imports, among the main importing countries 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 ASEAN stood at $X per cubic meter in 2021, with a decrease of -7.9% against the previous year. In general, the import price continues to indicate a perceptible shrinkage. The growth pace was the most rapid in 2019 an increase of 8%. Over the period under review, import prices hit record highs at $X per cubic meter in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cambodia ($X per cubic meter), while Malaysia ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brunei Darussalam (+5.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform