Southern Asia: Nitrates Market 2024

Nitrates Market Size in Southern Asia

The South Asian nitrates market rose slightly to $X in 2021, surging by 3.2% against the previous year. In general, consumption showed a remarkable increase. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Nitrates Production in Southern Asia

In value terms, nitrates production expanded modestly to $X in 2021 estimated in export price. In general, production continues to indicate a resilient expansion. The growth pace was the most rapid in 2019 when the production volume increased by 29% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Nitrates Exports

Exports in Southern Asia

In 2021, shipments abroad of nitrates (excluding those of potassium) increased by 8% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 33% against the previous year. The volume of export peaked in 2021 and is likely to continue growth in the immediate term.

In value terms, nitrates exports skyrocketed to $X in 2021. Total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +129.5% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, India (X tons) was the main exporter of nitrates (excluding those of potassium) in Southern Asia, making up 99.9% of total export.

India experienced a relatively flat trend pattern with regard to volume of exports of nitrates (excluding those of potassium). The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest nitrates supplier in Southern Asia.

In India, nitrates exports increased at an average annual rate of +5.8% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per ton, jumping by 39% against the previous year. Export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, nitrates export price increased by +74.9% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +4.8% per year.

Nitrates Imports

Imports in Southern Asia

In 2021, approx. X tons of nitrates (excluding those of potassium) were imported in Southern Asia; jumping by 15% compared with the previous year. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 137% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, nitrates imports soared to $X in 2021. Total imports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -5.8% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 78%. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

Sri Lanka represented the main importer of nitrates (excluding those of potassium) in Southern Asia, with the volume of imports accounting for X tons, which was near 60% of total imports in 2021. India (X tons) held the second position in the ranking, distantly followed by Pakistan (X tons). All these countries together took near 39% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Sri Lanka (with a CAGR of +7.2%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest nitrates importing markets in Southern Asia were India ($X), Sri Lanka ($X) and Pakistan ($X), together comprising 99% of total imports.

Among the main importing countries, Pakistan, with a CAGR of +6.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2021, rising by 24% against the previous year. Import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when the import price increased by 50% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Pakistan ($X per ton), while Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+5.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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