Asia-Pacific: Nitrogen Market 2024

Nitrogen Market Size in Asia-Pacific

The Asia-Pacific nitrogen market totaled $X in 2021, with an increase of 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 attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Nitrogen Production in Asia-Pacific

In value terms, nitrogen production totaled $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 in certain years. The pace of growth was the most pronounced in 2016 when the production volume increased by 25% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Nitrogen Exports

Exports in Asia-Pacific

After three years of decline, shipments abroad of nitrogen increased by 9.7% to X cubic meters in 2021. Overall, exports, however, showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 when exports increased by 30% against the previous year. The volume of export peaked at X cubic meters in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitrogen exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a perceptible reduction. The growth pace was the most rapid in 2017 with an increase of 70% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Singapore was the largest exporting country with an export of around X cubic meters, which accounted for 72% of total exports. Malaysia (X cubic meters) took the second position in the ranking, distantly followed by Thailand (X cubic meters). All these countries together took approx. 17% share of total exports. The following exporters - Vietnam (X cubic meters), Japan (X cubic meters), Myanmar (X cubic meters) and China (X cubic meters) - each recorded a 7.9% share of total exports.

Exports from Singapore decreased at an average annual rate of -9.9% from 2012 to 2021. At the same time, Vietnam (+86.8%), Japan (+78.5%), Myanmar (+59.5%), Thailand (+46.5%) and Malaysia (+21.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +86.8% from 2012-2021. By contrast, China (-2.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Malaysia, Thailand, Vietnam, Japan and Myanmar increased by +11, +4.6, +2.3, +2.1 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest nitrogen supplier in Asia-Pacific, comprising 49% of total exports. The second position in the ranking was held by China ($X), with a 13% share of total exports. It was followed by Thailand, with a 9.8% share.

In Singapore, nitrogen exports declined 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: China (+17.0% per year) and Thailand (+32.8% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per cubic meter in 2021, growing by 14% against the previous year. Over the last nine years, it increased at an average annual rate of +3.9%. The most prominent rate of growth was recorded in 2014 an increase of 32%. The level of export peaked in 2021 and is expected to retain growth in the near future.

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 China ($X per cubic meter), while Myanmar ($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 Myanmar (+37.5%), while the other leaders experienced more modest paces of growth.

Nitrogen Imports

Imports in Asia-Pacific

In 2021, purchases abroad of nitrogen increased by 72% to X cubic meters for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, continue to indicate a abrupt decrease. The pace of growth was the most pronounced in 2017 when imports increased by 119% against the previous year. Over the period under review, imports hit record highs at X cubic meters in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, nitrogen imports soared to $X in 2021. Overall, imports, however, showed a deep downturn. The pace of growth appeared the most rapid in 2017 with an increase of 56% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Singapore (X cubic meters) and Malaysia (X cubic meters) prevails in imports structure, together committing 77% of total imports. Brunei Darussalam (X cubic meters) ranks next in terms of the total imports with an 8.4% share, followed by Hong Kong SAR (5.1%). Cambodia (X cubic meters) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Cambodia (with a CAGR of +77.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Malaysia ($X) and Brunei Darussalam ($X) constituted the countries with the highest levels of imports in 2021, together comprising 53% of total imports. These countries were followed by Cambodia and Hong Kong SAR, which together accounted for a further 6.7%.

In terms of the main importing countries, Cambodia, with a CAGR of +62.2%, 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 cubic meter, shrinking by -12.8% against the previous year. Over the period under review, the import price recorded a mild slump. The growth pace was the most rapid in 2019 when the import price increased by 45%. Over the period under review, import prices hit record highs at $X per cubic meter in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cambodia ($X per cubic meter), while Hong Kong SAR ($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 mixed trends in the import price figures.

Source: IndexBox Platform

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