India: Potassium Nitrate Market 2024

Potassium Nitrate Market Size in India

The Indian potassium nitrate market was estimated at $X in 2022, increasing by 3.4% against the previous year. Overall, consumption continues to indicate strong growth. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Potassium Nitrate Production in India

In value terms, potassium nitrate production rose modestly to $X in 2022 estimated in export price. In general, production showed a buoyant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 18% against the previous year. Potassium nitrate production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Potassium Nitrate Exports

Exports from India

In 2022, the amount of potassium nitrates exported from India rose slightly to X tons, increasing by 4.8% compared with 2021. Over the period under review, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 30% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, potassium nitrate exports skyrocketed to $X in 2022. Overall, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +41.9% against 2018 indices. The pace of growth appeared the most rapid in 2014 with an increase of 44% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Thailand (X tons) and Bangladesh (X tons) were the main destinations of potassium nitrate exports from India, together comprising 70% of total exports. Egypt, Indonesia, South Africa, China, South Korea, Turkey, Nigeria and Malaysia lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +147.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for potassium nitrates exports from India, comprising 51% of total exports. The second position in the ranking was held by Thailand ($X), with a 22% share of total exports. It was followed by Egypt, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +17.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+8.0% per year) and Egypt (-1.3% per year).

Export Prices by Country

In 2022, the average potassium nitrate export price amounted to $X per ton, jumping by 15% against the previous year. Overall, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium nitrate export price increased by +20.7% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 60% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; afterwards, it flattened through to 2022.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nigeria (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Nitrate Imports

Imports into India

In 2022, approx. X tons of potassium nitrates were imported into India; rising by 256% on the year before. In general, imports enjoyed a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, potassium nitrate imports surged to $X in 2022. Overall, imports, however, recorded a mild reduction. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the main supplier of potassium nitrate to India, accounting for a 97% share of total imports. It was followed by the Netherlands (X tons), with a 2.2% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +31.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+21.5% per year) and Germany (-35.4% per year).

In value terms, China ($X) constituted the largest supplier of potassium nitrates to India, comprising 93% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 4.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +23.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+7.6% per year) and Germany (-33.8% per year).

Import Prices by Country

In 2022, the average potassium nitrate import price amounted to $X per ton, shrinking by -8.7% against the previous year. In general, the import price faced a abrupt decrease. The growth pace was the most rapid in 2019 an increase of 35% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($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 (+11.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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