Asia: Sodium Nitrate Market 2024

Sodium Nitrate Market Size in Asia

The Asian sodium nitrate market soared to $X in 2022, surging by 20% against the previous year. The total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +94.8% against 2018 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Sodium Nitrate Production in Asia

In value terms, sodium nitrate production amounted to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 27% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Sodium Nitrate Exports

Exports in Asia

In 2022, after three years of decline, there was significant growth in overseas shipments of sodium nitrate, when their volume increased by 11% to X tons. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 35%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, sodium nitrate exports skyrocketed to $X in 2022. The total export value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, China (X tons) was the largest exporter of sodium nitrate, achieving 71% of total exports. It was distantly followed by South Korea (X tons) and Taiwan (Chinese) (X tons), together committing an 18% share of total exports. The following exporters - Uzbekistan (X tons), India (X tons) and Iran (X tons) - together made up 9% of total exports.

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, Iran (+47.4%), India (+37.5%), Taiwan (Chinese) (+26.7%), South Korea (+17.3%) and Uzbekistan (+13.9%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in Asia, with a CAGR of +47.4% from 2012-2022. South Korea (+9.2 p.p.), Taiwan (Chinese) (+6.2 p.p.), Uzbekistan (+3.8 p.p.), India (+2.7 p.p.) and Iran (+2.3 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -17.4% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest sodium nitrate supplier in Asia, comprising 66% of total exports. The second position in the ranking was taken by South Korea ($X), with a 19% share of total exports. It was followed by Uzbekistan, with a 3.8% share.

In China, sodium nitrate exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+27.5% per year) and Uzbekistan (+20.3% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, rising by 39% against the previous year. Export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.5% 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 +61.9% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the export price increased by 51%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain 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 more modest paces of growth.

Sodium Nitrate Imports

Imports in Asia

Sodium nitrate imports was estimated at X tons in 2022, increasing by 4.5% compared with the previous year. Total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +4.3% 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 +47.7% against 2018 indices. The growth pace was the most rapid in 2017 with an increase of 33% 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 soared to $X in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +98.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 37% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

Japan (X tons) and the United Arab Emirates (X tons) were the largest importers of sodium nitrate in 2022, reaching near 23% and 22% of total imports, respectively. Malaysia (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Pakistan (8.3%), Turkey (5.7%), Kazakhstan (5.6%) and Vietnam (4.8%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United Arab Emirates (with a CAGR of +56.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported sodium nitrate in Asia, comprising 38% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 14% share of total imports. It was followed by Turkey, with a 7.4% share.

In Japan, sodium nitrate imports expanded at an average annual rate of +10.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+46.1% per year) and Turkey (+15.2% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, surging by 31% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. As a result, import price reached 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 Turkey (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :