India: Silver Nitrate Market 2024

Silver Nitrate Market Size in India

The Indian silver nitrate market surged to $X in 2021, growing by 86% 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). Over the period under review, consumption, however, continues to indicate a noticeable slump. Silver nitrate consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Silver Nitrate Exports

Exports from India

Silver nitrate exports from India skyrocketed to X tons in 2021, rising by 241% compared with 2020 figures. Overall, exports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2016 when exports increased by 2,095% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, silver nitrate exports surged to $X in 2021. Over the period under review, exports, however, showed a deep reduction. The pace of growth was the most pronounced in 2016 when exports increased by 4,045% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for silver nitrate exports from India, accounting for a 71% share of total exports. Moreover, silver nitrate exports to Vietnam exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), more than tenfold. Thailand (X kg) ranked third in terms of total exports with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam amounted to +91.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+6.3% per year) and Thailand (+15.2% per year).

In value terms, the largest markets for silver nitrate exported from India were Thailand ($X), Vietnam ($X) and the United Arab Emirates ($X), together comprising 42% of total exports.

Among the main countries of destination, Vietnam, with a CAGR of +71.6%, 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 silver nitrate export price stood at $X per ton in 2021, dropping by -56.8% against the previous year. In general, the export price, however, posted a buoyant expansion. The pace of growth appeared the most rapid in 2013 when the average export price increased by 199% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Mauritius ($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 Singapore (+15.1%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Nitrate Imports

Imports into India

In 2021, approx. X tons of silver nitrate were imported into India; picking up by 60% on 2020. Over the period under review, imports continue to indicate significant growth. The growth pace was the most rapid in 2015 when imports increased by 1,306%. Imports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, silver nitrate imports surged to $X in 2021. Overall, imports showed a significant increase. The growth pace was the most rapid in 2015 with an increase of 732%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, France (X tons) constituted the largest silver nitrate supplier to India, accounting for a 65% share of total imports. Moreover, silver nitrate imports from France exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. Belgium (X tons) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from France totaled +101.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+37.8% per year) and Belgium (+33.6% per year).

In value terms, France ($X) constituted the largest supplier of silver nitrate to India, comprising 73% of total imports. The second position in the ranking was held by Germany ($X), with a 22% share of total imports. It was followed by Belgium, with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from France amounted to +104.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+43.5% per year) and Belgium (+38.6% per year).

Import Prices by Country

The average silver nitrate import price stood at $X per ton in 2021, jumping by 32% against the previous year. In general, import price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silver nitrate import price increased by +52.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 52%. As a result, import price attained the peak level of $X per ton. From 2015 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 France ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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