Southern Asia: Nitrogen Market 2024

Nitrogen Market Size in Southern Asia

The South Asian nitrogen market stood at $X in 2021, remaining relatively unchanged against the previous year. The total consumption indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +3.1% 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 -1.3% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Nitrogen Production in Southern Asia

In value terms, nitrogen production stood at $X in 2021 estimated in export price. The total production indicated measured 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, production decreased by -1.2% against 2019 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 30%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Nitrogen Exports

Exports in Southern Asia

In 2021, after three years of decline, there was significant growth in overseas shipments of nitrogen, when their volume increased by 73% to X cubic meters. Over the period under review, exports posted a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 215% against the previous year. The volume of export peaked 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. In general, exports posted a significant increase. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

India prevails in exports structure, recording X cubic meters, which was near 96% of total exports in 2021. Sri Lanka (X cubic meters) and Pakistan (X cubic meters) took a relatively small share of total exports.

India was also the fastest-growing in terms of the nitrogen exports, with a CAGR of +33.1% from 2012 to 2021. At the same time, Sri Lanka (+2.1%) displayed positive paces of growth. By contrast, Pakistan (-13.6%) illustrated a downward trend over the same period. While the share of India (+18 p.p.) and Pakistan (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Sri Lanka (-20 p.p.) displayed negative dynamics.

In value terms, India ($X) remains the largest nitrogen supplier in Southern Asia, comprising 98% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with a 1.4% share of total exports.

In India, nitrogen exports increased at an average annual rate of +35.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Sri Lanka (-16.8% per year) and Pakistan (-25.7% per year).

Export Prices by Country

The export price in Southern Asia stood at $X per cubic meter in 2021, increasing by 73% against the previous year. Over the period under review, the export price, however, showed a perceptible downturn. Over the period under review, the export prices hit record highs at $X per cubic meter in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per cubic meter), while Pakistan ($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 India (+1.6%), while the other leaders experienced a decline in the export price figures.

Nitrogen Imports

Imports in Southern Asia

Nitrogen imports surged to X cubic meters in 2021, with an increase of 37% compared with 2020 figures. In general, imports posted resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of 2,086% against the previous year. As a result, imports reached the peak of X cubic meters. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, nitrogen imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 162%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Sri Lanka was the major importer of nitrogen in Southern Asia, with the volume of imports recording X cubic meters, which was approx. 48% of total imports in 2021. It was distantly followed by Pakistan (X cubic meters), Bangladesh (X cubic meters) and India (X cubic meters), together making up a 46% share of total imports. Afghanistan (X cubic meters) held a minor 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 +142.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Sri Lanka ($X) and Bangladesh ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 90% of total imports.

Bangladesh, with a CAGR of +27.7%, recorded the highest rates of growth with regard to the value of imports, in terms of 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

In 2021, the import price in Southern Asia amounted to $X per cubic meter, shrinking by -11.6% against the previous year. In general, the import price recorded a abrupt curtailment. The growth pace was the most rapid in 2017 when the import price increased by 486%. The level of import peaked at $X per cubic meter in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($X per cubic meter), while Pakistan ($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 India (-1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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