Eastern Asia: Nitrogen Market 2024

Nitrogen Market Size in Eastern Asia

The East Asian nitrogen market rose markedly to $X in 2021, growing by 6.9% against the previous year. The market value increased at an average annual rate of +4.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Nitrogen Production in Eastern Asia

In value terms, nitrogen production rose notably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 26%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Nitrogen Exports

Exports in Eastern Asia

In 2021, overseas shipments of nitrogen were finally on the rise to reach X cubic meters for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports showed a temperate expansion. The most prominent rate of growth was recorded in 2017 with an increase of 361%. As a result, the exports reached the peak of X cubic meters. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, nitrogen exports skyrocketed to $X in 2021. In general, exports recorded a buoyant expansion. The pace of growth was the most pronounced in 2017 when exports increased by 455%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The shipments of the three major exporters of nitrogen, namely Japan, China and Taiwan (Chinese), represented more than two-thirds of total export. It was distantly followed by Hong Kong SAR (X cubic meters), generating a 12% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +78.5%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest nitrogen supplying countries in Eastern Asia were China ($X), Taiwan (Chinese) ($X) and Japan ($X), together comprising 95% of total exports.

Taiwan (Chinese), with a CAGR of +28.3%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per cubic meter, dropping by -23.1% against the previous year. Over the period under review, the export price, however, saw strong growth. The pace of growth was the most pronounced in 2014 when the export price increased by 147% against the previous year. The level of export peaked at $X per cubic meter in 2020, and then contracted rapidly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was China ($X per cubic meter), while Hong Kong SAR ($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 China (+20.0%), while the other leaders experienced a decline in the export price figures.

Nitrogen Imports

Imports in Eastern Asia

In 2021, overseas purchases of nitrogen were finally on the rise to reach X cubic meters for the first time since 2017, thus ending a three-year declining trend. Overall, imports recorded a strong expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 1,326% against the previous year. As a result, imports attained the peak of X cubic meters. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, nitrogen imports skyrocketed to $X in 2021. In general, imports posted a resilient increase. The growth pace was the most rapid in 2017 when imports increased by 307%. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Hong Kong SAR dominates imports structure, reaching X cubic meters, which was near 90% of total imports in 2021. It was distantly followed by China (X cubic meters), generating a 4.9% share of total imports. The following importers - Taiwan (Chinese) (X cubic meters) and South Korea (X cubic meters) - each resulted at a 4.1% share of total imports.

Imports into Hong Kong SAR increased at an average annual rate of +6.5% from 2012 to 2021. At the same time, South Korea (+48.1%) and Taiwan (Chinese) (+11.5%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +48.1% from 2012-2021. By contrast, China (-3.8%) illustrated a downward trend over the same period. While the share of Hong Kong SAR (+3.4 p.p.) and South Korea (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of China (-6.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Taiwan (Chinese) ($X) and Hong Kong SAR ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 96% share of total imports.

China, with a CAGR of +18.9%, recorded the highest growth rate of the value of imports, in terms of the main importing countries 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 cubic meter, rising by 30% against the previous year. Over the period under review, the import price posted a temperate increase. The most prominent rate of growth was recorded in 2019 when the import price increased by 174%. Over the period under review, import prices reached the peak figure in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per cubic meter), while Hong Kong SAR ($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 China (+23.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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