Global Nitrites Market: Increasing Demand Drives Market Volume to 240K Tons and Value to $232M by 2030

IndexBox has just published a new report: World - Nitrites - Market Analysis, Forecast, Size, Trends And Insights.

The nitrites market is set to experience significant growth from 2024 to 2030, with a forecasted CAGR of +3.6% in volume and +5.5% in value. This upward trend is fueled by rising demand worldwide, indicating a lucrative opportunity for businesses in the industry.

Market Forecast

Driven by increasing demand for nitrites worldwide, the market is expected to continue an upward consumption trend over the next six-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.6% for the period from 2024 to 2030, which is projected to bring the market volume to 240K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.5% for the period from 2024 to 2030, which is projected to bring the market value to $232M (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Nitrites

Global nitrites consumption reduced to 194K tons in 2024, falling by -8.2% on the previous year. The total consumption volume increased at an average annual rate of +1.0% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption hit record highs at 211K tons in 2023, and then fell in the following year.

The global nitrites market revenue declined to $168M in 2024, with a decrease of -7.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.4% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at $182M in 2023, and then reduced in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were Russia (39K tons), Zambia (29K tons) and China (17K tons), with a combined 44% share of global consumption.

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Zambia (with a CAGR of +34.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Russia ($36M), Zambia ($19M) and Germany ($13M) were the countries with the highest levels of market value in 2024, with a combined 40% share of the global market.

Among the main consuming countries, Zambia, with a CAGR of +32.3%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of nitrites per capita consumption in 2024 were Zambia (1,406 kg per 1000 persons), the Netherlands (966 kg per 1000 persons) and Russia (270 kg per 1000 persons).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Zambia (with a CAGR of +30.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Nitrites

In 2024, production of nitrites decreased by -1.4% to 192K tons for the first time since 2021, thus ending a two-year rising trend. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 6.6% against the previous year. Over the period under review, global production attained the peak volume at 194K tons in 2023, and then reduced in the following year.

In value terms, nitrites production amounted to $150M in 2024 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 14% against the previous year. Over the period under review, global production attained the maximum level at $155M in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2024 were Germany (63K tons), China (58K tons) and Russia (43K tons), with a combined 85% share of global production. India, the United States and Saudi Arabia lagged somewhat behind, together accounting for a further 13%.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by India (with a CAGR of +5.9%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Nitrites

Global nitrites imports reduced modestly to 145K tons in 2024, waning by -2% on 2023. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 28%. Over the period under review, global imports reached the maximum at 177K tons in 2018; however, from 2019 to 2024, imports stood at a somewhat lower figure.

In value terms, nitrites imports dropped to $137M in 2024. In general, total imports indicated a noticeable increase from 2013 to 2024: its value increased at an average annual rate of +3.0% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 38% against the previous year. Global imports peaked at $146M in 2023, and then shrank in the following year.

Imports By Country

In 2024, Zambia (29K tons), distantly followed by the Netherlands (18K tons), India (12K tons), the United States (11K tons), South Korea (6.8K tons) and Japan (6.7K tons) represented the key importers of nitrites, together creating 58% of total imports. Canada (6.4K tons), Brazil (4.9K tons), the UK (3.3K tons) and Taiwan (Chinese) (2.9K tons) took a little share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Zambia (with a CAGR of +34.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Zambia ($19M), the United States ($12M) and the Netherlands ($7.8M) were the countries with the highest levels of imports in 2024, with a combined 28% share of global imports.

Zambia, with a CAGR of +32.0%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average nitrites import price stood at $945 per ton in 2024, waning by -3.8% against the previous year. Over the period from 2013 to 2024, it increased at an average annual rate of +3.2%. The pace of growth was the most pronounced in 2022 when the average import price increased by 24%. Over the period under review, average import prices reached the maximum at $982 per ton in 2023, and then fell modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Canada ($1,108 per ton), while the Netherlands ($438 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the UK (+9.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Nitrites

In 2024, approx. 143K tons of nitrites were exported worldwide; with an increase of 8.9% compared with 2023 figures. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 26% against the previous year. The global exports peaked at 162K tons in 2018; however, from 2019 to 2024, the exports remained at a lower figure.

In value terms, nitrites exports rose to $116M in 2024. The total export value increased at an average annual rate of +1.8% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 28% against the previous year. Over the period under review, the global exports hit record highs at $130M in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

Exports By Country

Germany (51K tons) and China (41K tons) represented roughly 64% of total exports in 2024. It was distantly followed by India (21K tons) and the United States (12K tons), together creating a 23% share of total exports. Saudi Arabia (5.1K tons) and Russia (3.9K tons) held a little share of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by India (with a CAGR of +8.5%), while the other global leaders experienced mixed trends in the exports figures.

In value terms, Germany ($49M) remains the largest nitrites supplier worldwide, comprising 42% of global exports. The second position in the ranking was taken by China ($22M), with a 19% share of global exports. It was followed by India, with a 16% share.

From 2013 to 2024, the average annual rate of growth in terms of value in Germany amounted to +1.7%. In the other countries, the average annual rates were as follows: China (-0.8% per year) and India (+9.8% per year).

Export Prices By Country

The average nitrites export price stood at $812 per ton in 2024, which is down by -6.7% against the previous year. Over the last eleven years, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2021 an increase of 31%. Over the period under review, the average export prices attained the peak figure at $904 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Russia ($1,307 per ton), while Saudi Arabia ($140 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Russia (+4.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform