Singapore: Nitrogen Market 2024

Nitrogen Market Size in Singapore

For the fifth consecutive year, the Singaporean nitrogen market recorded growth in sales value, which increased by 20% to $X in 2021. In general, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +9.7% 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 increased by +129.4% against 2012 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Nitrogen Production in Singapore

In value terms, nitrogen production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 29% against the previous year. Nitrogen production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Nitrogen Exports

Exports from Singapore

In 2021, overseas shipments of nitrogen were finally on the rise to reach X cubic meters for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, showed a deep reduction. The pace of growth appeared the most rapid in 2018 when exports increased by 28%. Over the period under review, the exports attained the peak figure at X cubic meters in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitrogen exports skyrocketed to $X in 2021. Overall, exports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2018 when exports increased by 26%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X cubic meters) was the main destination for nitrogen exports from Singapore, with a 56% share of total exports. Moreover, nitrogen exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X cubic meters), threefold. Australia (X cubic meters) ranked third in terms of total exports with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia amounted to -5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-16.4% per year) and Australia (+15.0% per year).

In value terms, Malaysia ($X) remains the key foreign market for nitrogen exports from Singapore, comprising 56% of total exports. The second position in the ranking was held by Indonesia ($X), with a 19% share of total exports. It was followed by Australia, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value to Malaysia totaled -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-12.8% per year) and Australia (+20.5% per year).

Export Prices by Country

The average nitrogen export price stood at $X per cubic meter in 2021, with an increase of 15% against the previous year. Over the last nine years, it increased at an average annual rate of +4.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per cubic meter) and the Philippines ($X per cubic meter), while the average price for exports to Thailand ($X per cubic meter) and Kenya ($X per cubic meter) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Kenya (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Nitrogen Imports

Imports into Singapore

In 2021, overseas purchases of nitrogen increased by 130% to X cubic meters, rising for the second year in a row after two years of decline. In general, imports showed measured growth. Imports peaked at X cubic meters in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, nitrogen imports skyrocketed to $X in 2021. Overall, imports continue to indicate a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X cubic meters) constituted the largest nitrogen supplier to Singapore, accounting for a 57% share of total imports. Moreover, nitrogen imports from the United States exceeded the figures recorded by the second-largest supplier, Malaysia (X cubic meters), threefold. The third position in this ranking was taken by Japan (X cubic meters), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+9.3% per year) and Japan (+3.2% per year).

In value terms, the United States ($X) constituted the largest supplier of nitrogen to Singapore, comprising 57% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 16% share of total imports. It was followed by Japan, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from the United States stood at +11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+14.1% per year) and Japan (+7.8% per year).

Import Prices by Country

The average nitrogen import price stood at $X per cubic meter in 2021, growing by 16% against the previous year. Over the last nine years, it increased at an average annual rate of +4.3%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from the United States ($X per cubic meter) and Malaysia ($X per cubic meter), while the price for Taiwan (Chinese) ($X per cubic meter) and China ($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 (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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