Malaysia: Nitrogen Market 2024

Nitrogen Market Size in Malaysia

The Malaysian nitrogen market declined to $X in 2021, which is down by -8.2% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Nitrogen Production in Malaysia

In value terms, nitrogen production contracted to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 24% against the previous year. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Nitrogen Exports

Exports from Malaysia

Nitrogen exports from Malaysia dropped to X cubic meters in 2021, with a decrease of -5.8% compared with the previous year's figure. In general, exports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2015 with an increase of 362%. Over the period under review, the exports attained the maximum at X cubic meters in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, nitrogen exports rose remarkably to $X in 2021. Overall, exports recorded a mild shrinkage. The pace of growth was the most pronounced in 2015 when exports increased by 170% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Singapore (X cubic meters), Brunei Darussalam (X cubic meters) and Thailand (X cubic meters) were the main destinations of nitrogen exports from Malaysia, together comprising 100% of total exports.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +30.8%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Singapore ($X), Brunei Darussalam ($X) and Thailand ($X) constituted the largest markets for nitrogen exported from Malaysia worldwide, together accounting for 100% of total exports.

Among the main countries of destination, Singapore, with a CAGR of +6.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average nitrogen export price stood at $X per cubic meter in 2021, surging by 13% against the previous year. Overall, the export price, however, continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2013 when the average export price increased by 66%. As a result, the export price attained the peak level of $X per cubic meter. From 2014 to 2021, the average export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Brunei Darussalam ($X per cubic meter), while the average price for exports to Singapore ($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 Thailand (-16.7%), while the prices for the other major destinations experienced a decline.

Nitrogen Imports

Imports into Malaysia

In 2021, imports of nitrogen into Malaysia surged to X cubic meters, with an increase of 40% against the previous year's figure. In general, imports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 178% against the previous year. As a result, imports reached the peak of X cubic meters. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, nitrogen imports soared to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 93%. 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

In 2021, Singapore (X cubic meters) constituted the largest nitrogen supplier to Malaysia, with a 56% share of total imports. Moreover, nitrogen imports from Singapore exceeded the figures recorded by the second-largest supplier, the United States (X cubic meters), threefold. The third position in this ranking was held by China (X cubic meters), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore stood at +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+29.1% per year) and China (+23.0% per year).

In value terms, Singapore ($X) constituted the largest supplier of nitrogen to Malaysia, comprising 56% of total imports. The second position in the ranking was held by the United States ($X), with a 19% share of total imports. It was followed by China, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from Singapore stood at -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+9.2% per year) and China (+14.1% per year).

Import Prices by Country

In 2021, the average nitrogen import price amounted to $X per cubic meter, approximately reflecting the previous year. Over the period under review, the import price, however, recorded a deep reduction. The growth pace was the most rapid in 2013 when the average import price increased by 50% against the previous year. As a result, import price reached the peak level of $X per cubic meter. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were the United States ($X per cubic meter) and Japan ($X per cubic meter), while the price for Singapore ($X per cubic meter) and China ($X per cubic meter) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+0.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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