Asia-Pacific: Sodium Nitrate Market 2024

Sodium Nitrate Market Size in Asia-Pacific

In 2022, the Asia-Pacific sodium nitrate market increased by 34% to $X, rising for the fourth consecutive year after two years of decline. The total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +78.7% against 2018 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Sodium Nitrate Production in Asia-Pacific

In value terms, sodium nitrate production shrank to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 29%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Sodium Nitrate Exports

Exports in Asia-Pacific

In 2022, after three years of decline, there was significant growth in overseas shipments of sodium nitrate, when their volume increased by 12% to X tons. Over the period under review, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 33%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, sodium nitrate exports surged to $X in 2022. The total export value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China represented the largest exporter of sodium nitrate in Asia-Pacific, with the volume of exports accounting for X tons, which was near 76% of total exports in 2022. South Korea (X tons) took a 12% share (based on physical terms) of total exports, which put it in second place, followed by Taiwan (Chinese) (7.3%). India (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to sodium nitrate exports from China stood at -2.5%. At the same time, India (+37.5%), Taiwan (Chinese) (+26.7%) and South Korea (+17.3%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +37.5% from 2012-2022. While the share of South Korea (+10 p.p.), Taiwan (Chinese) (+6.7 p.p.) and India (+2.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-14 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest sodium nitrate supplier in Asia-Pacific, comprising 71% of total exports. The second position in the ranking was held by South Korea ($X), with a 20% share of total exports. It was followed by Taiwan (Chinese), with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China was relatively modest. In the other countries, the average annual rates were as follows: South Korea (+27.5% per year) and Taiwan (Chinese) (+21.2% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, jumping by 41% against the previous year. Export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sodium nitrate export price increased by +64.2% against 2020 indices. The pace of growth was the most pronounced in 2016 when the export price increased by 52%. Over the period under review, the export prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+8.7%), while the other leaders experienced mixed trends in the export price figures.

Sodium Nitrate Imports

Imports in Asia-Pacific

In 2022, the amount of sodium nitrate imported in Asia-Pacific expanded significantly to X tons, surging by 13% compared with the previous year's figure. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2017 when imports increased by 19% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, sodium nitrate imports skyrocketed to $X in 2022. Total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +82.0% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Japan (X tons), distantly followed by Malaysia (X tons), Pakistan (X tons), Australia (X tons), Vietnam (X tons) and Thailand (X tons) represented the main importers of sodium nitrate, together achieving 82% of total imports. South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Malaysia (with a CAGR of +26.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported sodium nitrate in Asia-Pacific, comprising 48% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 9.3% share of total imports. It was followed by Australia, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan totaled +10.1%. In the other countries, the average annual rates were as follows: Malaysia (+19.3% per year) and Australia (+8.6% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, rising by 38% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Japan (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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