Eastern Asia: Ammonia Market 2024

Ammonia Market Size in Eastern Asia

The East Asian ammonia market declined to $X in 2022, with a decrease of -3.8% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Ammonia Production in Eastern Asia

In value terms, ammonia production contracted to $X in 2022 estimated in export price. Over the period under review, production posted a resilient expansion. The pace of growth appeared the most rapid in 2018 when the production volume increased by 150% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Ammonia Exports

Exports in Eastern Asia

In 2022, the amount of anhydrous ammonia exported in Eastern Asia surged to X tons, jumping by 42% compared with the previous year's figure. Over the period under review, exports, however, showed a abrupt setback. The growth pace was the most rapid in 2019 when exports increased by 54% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, ammonia exports surged to $X in 2022. Overall, exports, however, showed a deep contraction. The pace of growth was the most pronounced in 2019 when exports increased by 62% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea was the main exporting country with an export of around X tons, which finished at 81% of total exports. It was distantly followed by China (X tons), committing a 13% share of total exports. Taiwan (Chinese) (X tons) held a little share of total exports.

Exports from South Korea decreased at an average annual rate of -14.5% from 2012 to 2022. Taiwan (Chinese) (-11.6%) and China (-12.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +2.4 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) remains the largest ammonia supplier in Eastern Asia, comprising 54% of total exports. The second position in the ranking was held by China ($X), with a 22% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in South Korea stood at -14.4%. The remaining exporting countries recorded the following average annual rates of exports growth: China (-2.7% per year) and Taiwan (Chinese) (-12.8% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, with a decrease of -12.9% against the previous year. Export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ammonia export price increased by +17.4% against 2020 indices. The growth pace was the most rapid in 2016 when the export price increased by 118% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+11.0%), while the other leaders experienced mixed trends in the export price figures.

Ammonia Imports

Imports in Eastern Asia

In 2022, the amount of anhydrous ammonia imported in Eastern Asia shrank sharply to X tons, dropping by -25.8% on the previous year. Total imports indicated a measured expansion from 2012 to 2022: its volume 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. The pace of growth appeared the most rapid in 2019 when imports increased by 33% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then declined sharply in the following year.

In value terms, ammonia imports reduced remarkably to $X in 2022. Total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% 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 +58.3% against 2018 indices. The pace of growth was the most pronounced in 2021 when imports increased by 90%. As a result, imports attained the peak of $X, and then shrank sharply in the following year.

Imports by Country

South Korea represented the major importer of anhydrous ammonia in Eastern Asia, with the volume of imports finishing at X tons, which was approx. 52% of total imports in 2022. Taiwan (Chinese) (X tons) held the second position in the ranking, distantly followed by China (X tons) and Japan (X tons). All these countries together held approx. 48% share of total imports.

South Korea was also the fastest-growing in terms of the anhydrous ammonia imports, with a CAGR of +6.1% from 2012 to 2022. At the same time, Japan (+1.0%) displayed positive paces of growth. Taiwan (Chinese) and China experienced a relatively flat trend pattern. From 2012 to 2022, the share of South Korea increased by +15 percentage points.

In value terms, South Korea ($X) constitutes the largest market for imported anhydrous ammonia in Eastern Asia, comprising 42% of total imports. The second position in the ranking was held by Japan ($X), with a 20% share of total imports. It was followed by Taiwan (Chinese), with a 20% share.

In South Korea, ammonia imports increased at an average annual rate of +4.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+5.0% per year) and Taiwan (Chinese) (-4.4% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, rising by 6.6% against the previous year. Over the period under review, the import price, however, recorded a mild contraction. The pace of growth was the most pronounced in 2021 when the import price increased by 79% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 ($X per ton), while South Korea ($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 (+3.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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