Asia-Pacific: Nitrites Market 2024

Nitrites Market Size in Asia-Pacific

In 2021, the Asia-Pacific nitrites market increased by 4.8% to $X, rising for the second consecutive year after three years of decline. The total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +25.3% against 2019 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-Pacific

In value terms, nitrites production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of 35%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Nitrites Exports

Exports in Asia-Pacific

In 2021, overseas shipments of nitrites increased by 27% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 57% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, nitrites exports surged to $X in 2021. The total export value increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, China (X tons) represented the main exporter of nitrites, achieving 67% of total exports. It was distantly followed by India (X tons), constituting a 30% share of total exports.

Exports from China decreased at an average annual rate of -3.2% from 2012 to 2021. At the same time, India (+13.2%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +13.2% from 2012-2021. From 2012 to 2021, the share of India increased by +21 percentage points.

In value terms, China ($X) remains the largest nitrites supplier in Asia-Pacific, comprising 65% of total exports. The second position in the ranking was held by India ($X), with a 32% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China was relatively modest.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, with an increase of 19% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2016 an increase of 45% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while China stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.5%).

Nitrites Imports

Imports in Asia-Pacific

In 2021, after two years of decline, there was significant growth in overseas purchases of nitrites, when their volume increased by 30% to X tons. Over the period under review, imports saw a relatively flat trend pattern. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, nitrites imports surged to $X in 2021. The total import value increased at an average annual rate of +2.5% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, India (X tons) and South Korea (X tons) were the major importers of nitrites in Asia-Pacific, together constituting 54% of total imports. Japan (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (11%), Indonesia (5.4%) and Thailand (5.1%). Australia (X tons) took a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +4.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), South Korea ($X) and Japan ($X) constituted the countries with the highest levels of imports in 2021, with a combined 67% share of total imports. These countries were followed by Taiwan (Chinese), Indonesia, Thailand and Australia, which together accounted for a further 25%.

In terms of the main importing countries, Australia, with a CAGR of +5.3%, 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-Pacific amounted to $X per ton, surging by 23% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Australia ($X per ton) and Indonesia ($X per ton), while India ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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