Eastern Asia: Nitrites Market 2024

Nitrites Market Size in Eastern Asia

In 2021, after two years of growth, there was decline in the East Asian nitrites market, when its value decreased by -1.6% to $X. In general, consumption, however, showed strong growth. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Nitrites Production in Eastern Asia

In value terms, nitrites production shrank to $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 35% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Nitrites Exports

Exports in Eastern Asia

In 2021, overseas shipments of nitrites increased by 39% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, showed a noticeable setback. The pace of growth appeared the most rapid in 2017 with an increase of 71% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, nitrites exports skyrocketed to $X in 2021. Overall, exports saw a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

China dominates exports structure, accounting for X tons, which was approx. 98% of total exports in 2021. Hong Kong SAR (X tons) held a minor share of total exports.

Exports from China decreased at an average annual rate of -3.2% from 2012 to 2021. At the same time, Hong Kong SAR (+41.1%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +41.1% from 2012-2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest nitrites supplier in Eastern Asia, comprising 97% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 1.6% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China was relatively modest.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, increasing by 31% against the previous year. Export price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, nitrites export price increased by +34.8% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the export price increased by 59%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.5%).

Nitrites Imports

Imports in Eastern Asia

In 2021, the amount of nitrites imported in Eastern Asia skyrocketed to X tons, rising by 21% compared with the year before. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, nitrites imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

South Korea represented the key importer of nitrites in Eastern Asia, with the volume of imports recording X tons, which was near 48% of total imports in 2021. Japan (X tons) took the second position in the ranking, distantly followed by Taiwan (Chinese) (X tons). All these countries together held near 51% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Japan (with a CAGR of +4.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Japan ($X) and Taiwan (Chinese) ($X) were the countries with the highest levels of imports in 2021, with a combined 98% share of total imports.

In terms of the main importing countries, South Korea, with a CAGR of +5.2%, saw 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 Eastern Asia amounted to $X per ton, with an increase of 23% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, 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 2021, the most notable rate of growth in terms of prices was attained by South Korea (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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