Asia-Pacific: Nitrates Market 2024

Nitrates Market Size in Asia-Pacific

In 2021, after two years of decline, there was significant growth in the Asia-Pacific nitrates market, when its value increased by 15% to $X. Overall, consumption, however, saw a remarkable increase. 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-Pacific

In value terms, nitrates production stood at $X in 2021 estimated in export price. Overall, production posted resilient growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 45% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Nitrates Exports

Exports in Asia-Pacific

In 2021, exports of nitrates (excluding those of potassium) in Asia-Pacific expanded significantly to X tons, surging by 14% on the previous year. Total exports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +64.8% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 20% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, nitrates exports soared to $X in 2021. The total export value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, reaching X tons, which was approx. 85% of total exports in 2021. It was distantly followed by Malaysia (X tons), committing a 7.3% share of total exports. The following exporters - Australia (X tons), South Korea (X tons) and India (X tons) - each recorded a 5% share 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, Australia (+92.6%), Malaysia (+20.1%) and South Korea (+17.1%) displayed positive paces of growth. Moreover, Australia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +92.6% from 2012-2021. India experienced a relatively flat trend pattern. From 2012 to 2021, the share of Malaysia and Australia increased by +4.8 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest nitrates supplier in Asia-Pacific, comprising 74% of total exports. The second position in the ranking was held by Malaysia ($X), with a 6.1% share of total exports. It was followed by Australia, with a 5.4% share.

In China, nitrates exports expanded at an average annual rate of +1.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Malaysia (+17.3% per year) and Australia (+70.3% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, rising by 11% against the previous year. Over the period under review, the export price, however, recorded a perceptible slump. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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 Australia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+4.8%), while the other leaders experienced a decline in the export price figures.

Nitrates Imports

Imports in Asia-Pacific

In 2021, purchases abroad of nitrates (excluding those of potassium) increased by 7.5% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 12%. The volume of import peaked in 2021 and is likely to continue growth in years to come.

In value terms, nitrates imports skyrocketed to $X in 2021. In general, imports recorded a relatively flat trend pattern. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of nitrates imports in 2021 were Australia (X tons), Malaysia (X tons), Japan (X tons) and South Korea (X tons), together reaching 78% of total import. It was distantly followed by Cambodia (X tons), committing a 5.8% share of total imports. Indonesia (X tons) and Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +8.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest nitrates importing markets in Asia-Pacific were Japan ($X), South Korea ($X) and Australia ($X), with a combined 58% share of total imports. Malaysia, Indonesia, Cambodia and Hong Kong SAR lagged somewhat behind, together accounting for a further 18%.

In terms of the main importing countries, Cambodia, with a CAGR of +10.0%, 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-Pacific amounted to $X per ton, surging by 12% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 23% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Malaysia ($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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