Colombia: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Colombia

The Colombian nitric and sulphonitric acids market expanded rapidly to $X in 2021, surging by 9.2% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Nitric Acid And Sulphonitric Acids in Colombia

In value terms, nitric and sulphonitric acids production rose notably to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Colombia

In 2021, overseas shipments of nitric acid and sulphonitric acids were finally on the rise to reach X tons after three years of decline. Overall, exports, however, continue to indicate a relatively flat trend pattern. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitric and sulphonitric acids exports skyrocketed to $X in 2021. In general, exports saw a relatively flat trend pattern. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Peru (X tons) was the main destination for nitric and sulphonitric acids exports from Colombia, with a 79% share of total exports. Moreover, nitric and sulphonitric acids exports to Peru exceeded the volume sent to the second major destination, Costa Rica (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume to Peru was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+9.6% per year) and Chile (0.0% per year).

In value terms, Peru ($X) emerged as the key foreign market for nitric acid and sulphonitric acids exports from Colombia, comprising 78% of total exports. The second position in the ranking was held by Costa Rica ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Peru was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+10.6% per year) and Chile (0.0% per year).

Export Prices by Country

The average nitric and sulphonitric acids export price stood at $X per ton in 2021, rising by 10% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average export price increased by 11%. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to continue growth in years to come.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (+20.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nitric Acid And Sulphonitric Acids

Imports into Colombia

In 2021, purchases abroad of nitric acid and sulphonitric acids decreased by -65.3% to X tons, falling for the third consecutive year after three years of growth. Overall, imports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2017 with an increase of 1,786%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, nitric and sulphonitric acids imports fell to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 326%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Germany (X tons) was the main supplier of nitric and sulphonitric acids to Colombia, accounting for a 92% share of total imports. Moreover, nitric and sulphonitric acids imports from Germany exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from Germany totaled +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.4% per year) and Spain (-24.4% per year).

In value terms, Germany ($X) constituted the largest supplier of nitric acid and sulphonitric acids to Colombia, comprising 92% of total imports. The second position in the ranking was held by the United States ($X), with a 5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany stood at +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-5.0% per year) and Spain (-27.3% per year).

Import Prices by Country

The average nitric and sulphonitric acids import price stood at $X per ton in 2021, jumping by 173% against the previous year. Overall, the import price, however, saw a abrupt shrinkage. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Venezuela (+12.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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