India: Nitrogen Market 2024

Nitrogen Market Size in India

The Indian nitrogen market rose modestly to $X in 2021, increasing by 2% against the previous year. Overall, the total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -2.0% against 2019 indices. Nitrogen consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Nitrogen Production in India

In value terms, nitrogen production rose slightly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -2.0% against 2019 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 17% against the previous year. Nitrogen production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Nitrogen Exports

Exports from India

In 2021, shipments abroad of nitrogen increased by 74% to X cubic meters for the first time since 2017, thus ending a three-year declining trend. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 332%. Over the period under review, the exports attained the peak figure at X cubic meters in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, nitrogen exports soared to $X in 2021. Over the period under review, exports showed a significant expansion. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Bangladesh (X cubic meters) was the main destination for nitrogen exports from India, with a 94% share of total exports. It was followed by South Korea (X cubic meters), with a 1.8% share of total exports. France (X cubic meters) ranked third in terms of total exports with a 0.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Bangladesh stood at +36.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+78.1% per year) and France (-40.0% per year).

In value terms, Bangladesh ($X), France ($X) and South Korea ($X) appeared to be the largest markets for nitrogen exported from India worldwide, with a combined 80% share of total exports.

Among the main countries of destination, South Korea, with a CAGR of +51.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average nitrogen export price stood at $X per cubic meter in 2021, surging by 81% against the previous year. Overall, the export price showed a mild expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per cubic meter), while the average price for exports to Bangladesh ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+77.4%), while the prices for the other major destinations experienced more modest paces of growth.

Nitrogen Imports

Imports into India

In 2021, purchases abroad of nitrogen decreased by -0.9% to X cubic meters, falling for the second consecutive year after two years of growth. Overall, imports saw a perceptible decrease. The most prominent rate of growth was recorded in 2018 with an increase of 167% against the previous year. Over the period under review, imports hit record highs at X cubic meters in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, nitrogen imports surged to $X in 2021. In general, imports continue to indicate a noticeable shrinkage. The growth pace was the most rapid in 2019 when imports increased by 93% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, the United States (X cubic meters) constituted the largest nitrogen supplier to India, with a 42% share of total imports. Moreover, nitrogen imports from the United States exceeded the figures recorded by the second-largest supplier, Germany (X cubic meters), threefold. Italy (X cubic meters) ranked third in terms of total imports with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+14.9% per year) and Italy (+833.4% per year).

In value terms, the largest nitrogen suppliers to India were South Korea ($X), the United States ($X) and Germany ($X), together accounting for 85% of total imports. These countries were followed by Italy, Bhutan, the UK and Hong Kong SAR, which together accounted for a further 14%.

In terms of the main suppliers, Italy, with a CAGR of +1,500.2%, recorded 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 average nitrogen import price amounted to $X per cubic meter, picking up by 29% against the previous year. In general, the import price, however, continues to indicate a slight reduction. The pace of growth appeared the most rapid in 2019 an increase of 76% against the previous year. The import price peaked at $X per cubic meter in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per cubic meter), while the price for the UK ($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 Italy (+71.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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