Asia: Nitrites Market 2024

Nitrites Market Size in Asia

In 2021, the Asian nitrites market increased by 4.1% to $X, rising for the third year in a row after two years of decline. The total consumption indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +23.7% against 2018 indices. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Nitrites Production in Asia

In value terms, nitrites production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 with an increase of 31%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Nitrites Exports

Exports in Asia

In 2021, shipments abroad of nitrites was finally on the rise to reach X tons after two years of decline. Overall, exports, however, showed a slight reduction. The most prominent rate of growth was recorded in 2017 with an increase of 52% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, nitrites exports soared to $X in 2021. The total export value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, China (X tons) was the largest exporter of nitrites, making up 66% of total exports. It was distantly followed by India (X tons), constituting a 30% share of total exports. Saudi Arabia (X tons) took a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to nitrites exports from China stood at -3.2%. At the same time, India (+13.2%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia, with a CAGR of +13.2% from 2012-2021. By contrast, Saudi Arabia (-15.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of India increased by +21 percentage points.

In value terms, China ($X) remains the largest nitrites supplier in Asia, comprising 62% of total exports. The second position in the ranking was taken by India ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in China was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: India (+11.4% per year) and Saudi Arabia (-8.4% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, with an increase of 18% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2016 when the export price increased by 41%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.8%), while the other leaders experienced mixed trends in the export price figures.

Nitrites Imports

Imports in Asia

In 2021, overseas purchases of nitrites were finally on the rise to reach X tons after two years of decline. Overall, imports, however, saw a slight decrease. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, nitrites imports soared to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

India (X tons) and South Korea (X tons) represented the main importers of nitrites in 2021, finishing at approx. 29% and 23% of total imports, respectively. Japan (X tons) took the next position in the ranking, followed by Taiwan (Chinese) (X tons), Indonesia (X tons) and Thailand (X tons). All these countries together held near 34% share of total imports. The United Arab Emirates (X tons) held a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +11.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), South Korea ($X) and Japan ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 63% share of total imports. Taiwan (Chinese), Indonesia, Thailand and the United Arab Emirates lagged somewhat behind, together accounting for a further 23%.

Among the main importing countries, the United Arab Emirates, with a CAGR of +15.4%, recorded 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

In 2021, the import price in Asia amounted to $X per ton, increasing by 22% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Indonesia ($X per ton) and Taiwan (Chinese) ($X per ton), while India ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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