Greece: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Greece

The Greek nitric and sulphonitric acids market stood at $X in 2021, picking up by 12% against the previous year. Overall, consumption saw a slight shrinkage. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Nitric Acid And Sulphonitric Acids in Greece

In value terms, nitric and sulphonitric acids production soared to $X in 2021 estimated in export price. In general, production, however, recorded a sharp shrinkage. Nitric and sulphonitric acids production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Greece

In 2021, approx. X tons of nitric acid and sulphonitric acids were exported from Greece; rising by 38% on the year before. In general, exports continue to indicate a resilient expansion. The growth pace was the most rapid in 2013 when exports increased by 200% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitric and sulphonitric acids exports surged to $X in 2021. Overall, exports showed buoyant growth. The pace of growth appeared the most rapid in 2019 with an increase of 192%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

North Macedonia (X tons) was the main destination for nitric and sulphonitric acids exports from Greece, with a 61% share of total exports. Moreover, nitric and sulphonitric acids exports to North Macedonia exceeded the volume sent to the second major destination, Cyprus (X tons), threefold. Albania (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to North Macedonia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (+181.7% per year) and Albania (-7.2% per year).

In value terms, North Macedonia ($X), Romania ($X) and Cyprus ($X) constituted the largest markets for nitric and sulphonitric acids exported from Greece worldwide, with a combined 87% share of total exports.

In terms of the main countries of destination, Cyprus, with a CAGR of +86.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average nitric and sulphonitric acids export price stood at $X per ton in 2021, growing by 65% against the previous year. Over the period under review, the export price showed mild growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to North Macedonia ($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 North Macedonia (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nitric Acid And Sulphonitric Acids

Imports into Greece

In 2021, after two years of growth, there was significant decline in overseas purchases of nitric acid and sulphonitric acids, when their volume decreased by -5.4% to X tons. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 37% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020, and then reduced in the following year.

In value terms, nitric and sulphonitric acids imports surged to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 28%. Imports peaked at $X in 2012; afterwards, it flattened through to 2021.

Imports by Country

Bulgaria (X tons), Hungary (X tons) and the Netherlands (X tons) were the main suppliers of nitric and sulphonitric acids imports to Greece, with a combined 87% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Bulgaria (with a CAGR of +44.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Bulgaria ($X) and Hungary ($X) constituted the largest nitric and sulphonitric acids suppliers to Greece, together accounting for 79% of total imports.

Bulgaria, with a CAGR of +36.6%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average nitric and sulphonitric acids import price amounted to $X per ton, increasing by 35% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hungary (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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