Eastern Asia: Sodium Nitrate Market 2024

Sodium Nitrate Market Size in Eastern Asia

In 2022, the East Asian sodium nitrate market increased by 41% to $X, rising for the fourth consecutive year after two years of decline. Overall, consumption enjoyed a prominent increase. Over the period under review, the market attained the peak level in 2022 and is likely to continue growth in the near future.

Sodium Nitrate Production in Eastern Asia

In value terms, sodium nitrate production fell slightly to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 29% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Sodium Nitrate Exports

Exports in Eastern Asia

In 2022, after three years of decline, there was significant growth in overseas shipments of sodium nitrate, when their volume increased by 9% to X tons. Over the period under review, exports, however, saw a mild slump. The most prominent rate of growth was recorded in 2017 with an increase of 34%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, sodium nitrate exports surged to $X in 2022. The total export value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China represented the largest exporter of sodium nitrate in Eastern Asia, with the volume of exports accounting for X tons, which was approx. 79% of total exports in 2022. South Korea (X tons) ranks second in terms of the total exports with a 13% share, followed by Taiwan (Chinese) (7.6%).

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, Taiwan (Chinese) (+26.7%) and South Korea (+17.3%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +26.7% from 2012-2022. From 2012 to 2022, the share of South Korea and Taiwan (Chinese) increased by +11 and +7 percentage points, respectively.

In value terms, China ($X) remains the largest sodium nitrate supplier in Eastern Asia, comprising 74% of total exports. The second position in the ranking was taken by South Korea ($X), with a 21% share of total exports.

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 Taiwan (Chinese) (+21.2% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, with an increase of 43% against the previous year. Export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.8% 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 +66.8% against 2020 indices. The pace of growth was the most pronounced in 2016 when the export price increased by 53% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the near future.

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 mixed trends in the export price figures.

Sodium Nitrate Imports

Imports in Eastern Asia

In 2022, supplies from abroad of sodium nitrate increased by 7.9% to X tons, rising for the third consecutive year after two years of decline. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 37%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, sodium nitrate imports surged to $X in 2022. In general, imports continue to indicate a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Japan (X tons) was the main importer of sodium nitrate, generating 82% of total imports. It was distantly followed by South Korea (X tons) and Taiwan (Chinese) (X tons), together generating an 18% share of total imports.

Japan was also the fastest-growing in terms of the sodium nitrate imports, with a CAGR of +4.1% from 2012 to 2022. At the same time, Taiwan (Chinese) (+1.4%) displayed positive paces of growth. By contrast, South Korea (-8.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Japan increased by +20 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported sodium nitrate in Eastern Asia, comprising 87% of total imports. The second position in the ranking was held by South Korea ($X), with a 9.9% share of total imports.

In Japan, sodium nitrate imports expanded at an average annual rate of +10.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (-5.0% per year) and Taiwan (Chinese) (+0.8% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, surging by 63% against the previous year. Import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sodium nitrate import price increased by +81.7% against 2016 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+5.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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