China: Nitrogen Market 2024

Nitrogen Market Size in China

After nine years of growth, the Chinese nitrogen market decreased by -2.3% to $X in 2021. Overall, consumption enjoyed a strong expansion. Nitrogen consumption peaked at $X in 2020, and then dropped slightly in the following year.

Nitrogen Production in China

In value terms, nitrogen production declined to $X in 2021 estimated in export price. Over the period under review, production showed a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 31% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then reduced modestly in the following year.

Nitrogen Exports

Exports from China

In 2021, shipments abroad of nitrogen decreased by -7% to X cubic meters, falling for the fourth consecutive year after three years of growth. Overall, exports recorded a pronounced descent. The pace of growth appeared the most rapid in 2016 when exports increased by 416% against the previous year. The exports peaked at X cubic meters in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitrogen exports soared to $X in 2021. In general, exports, however, enjoyed prominent growth. The pace of growth appeared the most rapid in 2017 with an increase of 1,170% 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

The United States (X cubic meters) was the main destination for nitrogen exports from China, accounting for a 2.5% share of total exports. Moreover, nitrogen exports to the United States exceeded the volume sent to the second major destination, Australia (X cubic meters), fourfold. The third position in this ranking was taken by Japan (X cubic meters), with a 0.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +108.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+16.0% per year) and Japan (+146.0% per year).

In value terms, the largest markets for nitrogen exported from China were Japan ($X), the United States ($X) and Vietnam ($X), with a combined 43% share of total exports.

Japan, with a CAGR of +179.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average nitrogen export price amounted to $X per cubic meter, jumping by 87% against the previous year. Over the period under review, the export price posted a significant expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by 148% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per cubic meter), while the average price for exports to Ghana ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+192.2%), while the prices for the other major destinations experienced more modest paces of growth.

Nitrogen Imports

Imports into China

Nitrogen imports into China skyrocketed to X cubic meters in 2021, jumping by 100% on the previous year. Over the period under review, imports, however, continue to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2016 with an increase of 274%. Over the period under review, imports reached the peak figure at X cubic meters in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, nitrogen imports soared to $X in 2021. In general, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 114% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, the United States (X cubic meters) constituted the largest nitrogen supplier to China, accounting for a 12% share of total imports. Moreover, nitrogen imports from the United States exceeded the figures recorded by the second-largest supplier, South Korea (X cubic meters), fourfold. The third position in this ranking was held by Japan (X cubic meters), with a 1.4% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to -10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-1.7% per year) and Japan (-23.5% per year).

In value terms, the United States ($X) constituted the largest supplier of nitrogen to China, comprising 80% of total imports. The second position in the ranking was held by France ($X), with a 1.3% share of total imports. It was followed by South Korea, with a 0.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+12.6% per year) and South Korea (+17.0% per year).

Import Prices by Country

In 2021, the average nitrogen import price amounted to $X per cubic meter, reducing by -19.5% against the previous year. Over the period under review, the import price, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2020 an increase of 1,388%. As a result, import price attained the peak level of $X per cubic meter, and then declined remarkably in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per cubic meter), while the price for South Korea ($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 Australia (+449.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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