Asia: Nitrogen Market 2024

Nitrogen Market Size in Asia

The Asian nitrogen market amounted to $X in 2021, growing by 6.7% against the previous year. The market value increased at an average annual rate of +4.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Nitrogen Production in Asia

In value terms, nitrogen production expanded markedly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 25% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Nitrogen Exports

Exports in Asia

In 2021, overseas shipments of nitrogen decreased by -1.4% to X cubic meters, falling for the fourth year in a row after three years of growth. Overall, exports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2017 with an increase of 32%. Over the period under review, the exports attained the maximum at X cubic meters in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitrogen exports totaled $X in 2021. Over the period under review, exports recorded a pronounced slump. The pace of growth was the most pronounced in 2017 with an increase of 66%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Singapore was the key exporting country with an export of around X cubic meters, which finished at 44% of total exports. Kuwait (X cubic meters) took a 22% share (based on physical terms) of total exports, which put it in second place, followed by the United Arab Emirates (8.8%) and Malaysia (7.3%). The following exporters - Turkey (X cubic meters), Israel (X cubic meters) and Thailand (X cubic meters) - together made up 9.6% of total exports.

From 2012 to 2021, average annual rates of growth with regard to nitrogen exports from Singapore stood at -9.9%. At the same time, Israel (+77.8%), Thailand (+46.5%), Malaysia (+21.5%), Turkey (+11.1%) and the United Arab Emirates (+6.8%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in Asia, with a CAGR of +77.8% from 2012-2021. By contrast, Kuwait (-4.9%) illustrated a downward trend over the same period. Malaysia (+6.5 p.p.), the United Arab Emirates (+5.8 p.p.), Israel (+3.1 p.p.), Thailand (+2.8 p.p.) and Turkey (+2.7 p.p.) significantly strengthened its position in terms of the total exports, while Singapore saw its share reduced by -26.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest nitrogen supplier in Asia, comprising 37% of total exports. The second position in the ranking was held by Kuwait ($X), with a 12% share of total exports. It was followed by Thailand, with a 7.4% share.

In Singapore, nitrogen exports contracted by an average annual rate of -5.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Kuwait (-9.6% per year) and Thailand (+32.8% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per cubic meter, picking up by 7.5% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.8%. The pace of growth was the most pronounced in 2014 an increase of 30% against the previous year. The level of export peaked at $X per cubic meter in 2017; however, from 2018 to 2021, the export prices stood 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 Thailand ($X per cubic meter), while Kuwait ($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 Singapore (+4.5%), while the other leaders experienced mixed trends in the export price figures.

Nitrogen Imports

Imports in Asia

In 2021, supplies from abroad of nitrogen was finally on the rise to reach X cubic meters after three years of decline. Over the period under review, imports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2017 with an increase of 102% against the previous year. The volume of import peaked at X cubic meters in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, nitrogen imports skyrocketed to $X in 2021. In general, imports, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2017 with an increase of 49%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Singapore (X cubic meters) and Malaysia (X cubic meters) represented the major importers of nitrogen in Asia, together amounting to approx. 60% of total imports. Saudi Arabia (X cubic meters) ranks next in terms of the total imports with an 11% share, followed by Israel (6.7%) and Brunei Darussalam (6.5%). The following importers - Hong Kong SAR (X cubic meters) and the United Arab Emirates (X cubic meters) - together made up 5.9% of total imports.

From 2012 to 2021, the biggest increases were recorded for Israel (with a CAGR of +37.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest nitrogen importing markets in Asia were Singapore ($X), Malaysia ($X) and Saudi Arabia ($X), together accounting for 44% of total imports. These countries were followed by Brunei Darussalam, Israel, the United Arab Emirates and Hong Kong SAR, which together accounted for a further 12%.

Among the main importing countries, Israel, with a CAGR of +18.5%, saw the highest rates of growth with regard to 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 cubic meter, with a decrease of -14% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 30%. As a result, import price attained the peak level of $X per cubic meter. From 2020 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per cubic meter), while Hong Kong SAR ($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 more modest paces of growth.

Source: IndexBox Platform

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