Hungary: Potassium Nitrate Market 2024

Potassium Nitrate Market Size in Hungary

The Hungarian potassium nitrate market dropped to $X in 2022, declining by -12.5% against the previous year. The market value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Potassium nitrate consumption peaked at $X in 2021, and then dropped in the following year.

Potassium Nitrate Production in Hungary

In value terms, potassium nitrate production contracted to $X in 2022 estimated in export price. Overall, the total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +11.9% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 40% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Potassium Nitrate Exports

Exports from Hungary

In 2022, the amount of potassium nitrates exported from Hungary skyrocketed to X tons, picking up by 42% against the previous year's figure. Over the period under review, exports, however, continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2014 with an increase of 45% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, potassium nitrate exports soared to $X in 2022. In general, exports, however, showed a pronounced slump. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Slovakia (X tons), Romania (X tons) and North Macedonia (X tons) were the main destinations of potassium nitrate exports from Hungary, with a combined 87% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovakia (with a CAGR of +20.5%), while the other leaders experienced more modest paces of growth.

In value terms, Slovakia ($X), North Macedonia ($X) and Romania ($X) appeared to be the largest markets for potassium nitrate exported from Hungary worldwide, with a combined 86% share of total exports.

In terms of the main countries of destination, Slovakia, with a CAGR of +23.2%, 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 potassium nitrate export price stood at $X per ton in 2022, rising by 52% against the previous year. Overall, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium nitrate export price increased by +55.7% against 2018 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Bulgaria ($X per ton) and North Macedonia ($X per ton), while the average price for exports to Slovakia ($X per ton) and Romania ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Serbia (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Nitrate Imports

Imports into Hungary

Potassium nitrate imports into Hungary reduced to X tons in 2022, declining by -14.5% on the previous year. In general, imports saw a mild setback. The pace of growth was the most pronounced in 2020 when imports increased by 68%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, potassium nitrate imports soared to $X in 2022. Overall, total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +87.0% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 58% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Greece (X tons) constituted the largest supplier of potassium nitrate to Hungary, accounting for a 56% share of total imports. Moreover, potassium nitrate imports from Greece exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. Poland (X tons) ranked third in terms of total imports with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume from Greece amounted to +54.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+54.5% per year) and Poland (+21.2% per year).

In value terms, Greece ($X) constituted the largest supplier of potassium nitrates to Hungary, comprising 59% of total imports. The second position in the ranking was held by the Netherlands ($X), with an 18% share of total imports. It was followed by Belgium, with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Greece totaled +58.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+63.7% per year) and Belgium (-15.9% per year).

Import Prices by Country

In 2022, the average potassium nitrate import price amounted to $X per ton, rising by 44% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Greece ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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