Asia: Nitrates Market 2024

Nitrates Market Size in Asia

In 2021, after two years of decline, there was significant growth in the Asian nitrates market, when its value increased by 14% to $X. In general, consumption, however, saw prominent growth. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Nitrates Production in Asia

In value terms, nitrates production rose sharply to $X in 2021 estimated in export price. Over the period under review, production enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 44%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Nitrates Exports

Exports in Asia

In 2021, the amount of nitrates (excluding those of potassium) exported in Asia rose markedly to X tons, surging by 14% on 2020. Total exports indicated a buoyant increase from 2012 to 2021: its volume 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, exports increased by +51.2% against 2016 indices. The most prominent rate of growth was recorded in 2020 with an increase of 18% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to continue growth in the immediate term.

In value terms, nitrates exports surged to $X in 2021. The total export value increased at an average annual rate of +1.6% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China prevails in exports structure, amounting to X tons, which was approx. 83% of total exports in 2021. It was distantly followed by Malaysia (X tons), achieving a 7.1% share of total exports. The following exporters - Iran (X tons) and South Korea (X tons) - together made up 5.3% of total exports.

From 2012 to 2021, average annual rates of growth with regard to nitrates exports from China stood at +6.0%. At the same time, Iran (+87.5%), Malaysia (+20.1%) and South Korea (+17.1%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in Asia, with a CAGR of +87.5% from 2012-2021. From 2012 to 2021, the share of Malaysia and Iran increased by +4.8 and +3.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest nitrates supplier in Asia, comprising 76% of total exports. The second position in the ranking was held by Malaysia ($X), with a 6.2% share of total exports. It was followed by South Korea, with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at +1.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+17.3% per year) and South Korea (+17.0% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, rising by 11% against the previous year. In general, the export price, however, recorded a perceptible contraction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-0.0%), while the other leaders experienced a decline in the export price figures.

Nitrates Imports

Imports in Asia

In 2021, supplies from abroad of nitrates (excluding those of potassium) was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports showed a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, nitrates imports skyrocketed to $X in 2021. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 21% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The purchases of the four major importers of nitrates (excluding those of potassium), namely Malaysia, Japan, South Korea and Turkey, represented more than two-thirds of total import. It was distantly followed by Cambodia (X tons), generating a 6.2% share of total imports. The following importers - Indonesia (X tons), Hong Kong SAR (X tons), Sri Lanka (X tons), Kazakhstan (X tons), Taiwan (Chinese) (X tons), China (X tons) and Vietnam (X tons) - together made up 16% of total imports.

From 2012 to 2021, the biggest increases were recorded for Kazakhstan (with a CAGR of +24.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest nitrates importing markets in Asia were Japan ($X), South Korea ($X) and Malaysia ($X), together accounting for 55% of total imports. China, Turkey, Indonesia, Vietnam, Taiwan (Chinese), Cambodia, Sri Lanka, Hong Kong SAR and Kazakhstan lagged somewhat behind, together accounting for a further 33%.

Among the main importing countries, China, with a CAGR of +20.8%, saw 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 2021, picking up by 6.2% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 24% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+9.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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