Greece: Nitrogen Market 2024

Nitrogen Market Size in Greece

In 2021, the Greek nitrogen market increased by 12% to $X, rising for the seventh consecutive year after two years of decline. Over the period under review, the total consumption indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +75.3% against 2014 indices. Nitrogen consumption peaked in 2021 and is expected to retain growth in the immediate term.

Nitrogen Production in Greece

In value terms, nitrogen production soared to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a pronounced curtailment. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Nitrogen Exports

Exports from Greece

In 2021, approx. X cubic meters of nitrogen were exported from Greece; which is down by -53.7% on the year before. Overall, exports showed a noticeable descent. The most prominent rate of growth was recorded in 2013 when exports increased by 153%. The exports peaked at X cubic meters in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, nitrogen exports fell remarkably to $X in 2021. Over the period under review, exports, however, saw a buoyant expansion. The pace of growth was the most pronounced in 2017 with an increase of 113% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020, and then contracted sharply in the following year.

Exports by Country

North Macedonia (X cubic meters), Serbia (X cubic meters) and Bulgaria (X cubic meters) were the main destinations of nitrogen exports from Greece, together accounting for 96% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by North Macedonia (with a CAGR of +60.5%), while the other leaders experienced mixed trend patterns.

In value terms, Serbia ($X), North Macedonia ($X) and Bulgaria ($X) were the largest markets for nitrogen exported from Greece worldwide, together accounting for 87% of total exports.

Serbia, with a CAGR of +67.6%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average nitrogen export price amounted to $X per cubic meter, growing by 52% against the previous year. In general, the export price enjoyed a resilient increase. The growth pace was the most rapid in 2014 an increase of 111% against the previous year. The export price peaked in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Romania ($X per cubic meter), while the average price for exports to Bulgaria ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+91.8%), while the prices for the other major destinations experienced more modest paces of growth.

Nitrogen Imports

Imports into Greece

In 2021, nitrogen imports into Greece stood at X cubic meters, flattening at 2020. In general, imports saw a prominent increase. The pace of growth appeared the most rapid in 2019 with an increase of 110%. As a result, imports reached the peak of X cubic meters. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, nitrogen imports stood at $X in 2021. Overall, imports recorded a remarkable increase. The most prominent rate of growth was recorded in 2019 when imports increased by 112% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, North Macedonia (X cubic meters) constituted the largest supplier of nitrogen to Greece, accounting for a 62% share of total imports. Moreover, nitrogen imports from North Macedonia exceeded the figures recorded by the second-largest supplier, Bulgaria (X cubic meters), fourfold. The third position in this ranking was taken by Serbia (X cubic meters), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from North Macedonia amounted to +15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Bulgaria (+4.2% per year) and Serbia (+101.0% per year).

In value terms, North Macedonia ($X) constituted the largest supplier of nitrogen to Greece, comprising 55% of total imports. The second position in the ranking was taken by Bulgaria ($X), with an 18% share of total imports. It was followed by Serbia, with a 16% share.

From 2012 to 2021, the average annual growth rate of value from North Macedonia amounted to +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Bulgaria (+4.6% per year) and Serbia (+96.5% per year).

Import Prices by Country

In 2021, the average nitrogen import price amounted to $X per cubic meter, rising by 7.7% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 42% against the previous year. As a result, import price reached the peak level of $X per cubic meter. From 2014 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Turkey ($X per cubic meter), while the price for North Macedonia ($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 Turkey (+24.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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