South-Eastern Asia: Nitrogen Market 2024

Nitrogen Market Size in South-Eastern Asia

The Southeast Asian nitrogen market rose significantly to $X in 2021, increasing by 11% against the previous year. The total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -8.2% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Nitrogen Production in South-Eastern Asia

In value terms, nitrogen production expanded significantly to $X in 2021 estimated in export price. The total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.4% 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 -9.2% against 2019 indices. The growth pace was the most rapid in 2014 when the production volume increased by 34%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Nitrogen Exports

Exports in South-Eastern Asia

In 2021, shipments abroad of nitrogen was 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, continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2018 when exports increased by 18% against the previous year. Over the period under review, the exports reached the maximum at X cubic meters in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, nitrogen exports skyrocketed to $X in 2021. Overall, exports, however, showed a perceptible contraction. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Singapore represented the key exporting country with an export of about X cubic meters, which accounted for 78% of total exports. Malaysia (X cubic meters) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (5.1%). The following exporters - Vietnam (X cubic meters) and Myanmar (X cubic meters) - each finished at a 4.4% share of total exports.

Exports from Singapore decreased at an average annual rate of -9.9% from 2012 to 2021. At the same time, Vietnam (+86.8%), Myanmar (+59.5%), Thailand (+46.5%) and Malaysia (+21.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +86.8% from 2012-2021. From 2012 to 2021, the share of Malaysia, Thailand, Vietnam and Myanmar increased by +12, +5, +2.5 and +1.9 percentage points, respectively.

In value terms, Singapore ($X) remains the largest nitrogen supplier in South-Eastern Asia, comprising 71% of total exports. The second position in the ranking was taken by Thailand ($X), with a 14% share of total exports. It was followed by Malaysia, with an 11% share.

In Singapore, nitrogen exports plunged by an average annual rate of -5.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+32.8% per year) and Malaysia (-1.4% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per cubic meter in 2021, rising by 14% against the previous year. Over the last nine years, it increased at an average annual rate of +4.0%. The pace of growth was the most pronounced in 2014 an increase of 20% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per cubic meter), while Myanmar ($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 Myanmar (+37.5%), while the other leaders experienced mixed trends in the export price figures.

Nitrogen Imports

Imports in South-Eastern Asia

In 2021, supplies from abroad of nitrogen was finally on the rise to reach X cubic meters after three years of decline. Over the period under review, imports, however, continue to indicate a abrupt decrease. Over the period under review, imports hit record highs at X cubic meters in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, nitrogen imports surged to $X in 2021. Overall, imports, however, continue to indicate a deep reduction. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Singapore (X cubic meters) and Malaysia (X cubic meters) prevails in imports structure, together committing 86% of total imports. It was distantly followed by Brunei Darussalam (X cubic meters), creating a 9.3% share of total imports. Cambodia (X cubic meters) held a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cambodia (with a CAGR of +77.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Malaysia ($X) and Brunei Darussalam ($X) constituted the countries with the highest levels of imports in 2021, together comprising 80% of total imports. Cambodia lagged somewhat behind, accounting for a further 5.8%.

Cambodia, with a CAGR of +62.2%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per cubic meter in 2021, waning by -7.9% against the previous year. Over the period under review, the import price saw a perceptible decrease. The pace of growth was the most pronounced in 2019 an increase of 8%. Over the period under review, import prices attained the peak figure at $X per cubic meter in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cambodia ($X per cubic meter), while Malaysia ($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 Brunei Darussalam (+5.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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