Iran: Nitrogen Market 2024

Nitrogen Market Size in Iran

In 2021, the Iranian nitrogen market decreased by -0.6% to $X for the first time since 2011, thus ending a nine-year rising trend. The market value increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 when the market value increased by 8.2%. Nitrogen consumption peaked at $X in 2020, and then fell in the following year.

Nitrogen Production in Iran

In value terms, nitrogen production declined to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 with an increase of 9.8%. As a result, production reached the peak level of $X, and then reduced modestly in the following year.

Nitrogen Exports

Exports from Iran

In 2021, the amount of nitrogen exported from Iran soared to X cubic meters, with an increase of 276% on the previous year. Overall, exports, however, continue to indicate a abrupt slump. Over the period under review, the exports reached the maximum at X cubic meters in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, nitrogen exports soared to $X in 2021. In general, exports, however, showed a abrupt setback. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Iraq (X cubic meters) was the main destination for nitrogen exports from Iran, accounting for a 71% share of total exports. Moreover, nitrogen exports to Iraq exceeded the volume sent to the second major destination, Turkmenistan (X cubic meters), threefold.

From 2012 to 2021, the average annual growth rate of volume to Iraq stood at +15.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkmenistan (-18.0% per year) and Azerbaijan (-44.5% per year).

In value terms, Turkmenistan ($X) remains the key foreign market for nitrogen exports from Iran, comprising 68% of total exports. The second position in the ranking was taken by Iraq ($X), with a 29% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Turkmenistan stood at -8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+17.7% per year) and Azerbaijan (-26.4% per year).

Export Prices by Country

In 2021, the average nitrogen export price amounted to $X per cubic meter, with an increase of 61% against the previous year. Overall, export price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, nitrogen export price increased by +151.0% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Azerbaijan ($X per cubic meter), while the average price for exports to Iraq ($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 Azerbaijan (+32.7%), while the prices for the other major destinations experienced more modest paces of growth.

Nitrogen Imports

Imports into Iran

Nitrogen imports into Iran surged to X cubic meters in 2021, rising by 264% against the previous year's figure. In general, imports recorded a significant expansion. The growth pace was the most rapid in 2013 when imports increased by 794%. Imports peaked at X cubic meters in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, nitrogen imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2013 when imports increased by 299% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The Netherlands (X cubic meters), the United Arab Emirates (X cubic meters) and Bulgaria (X cubic meters) were the main suppliers of nitrogen imports to Iran, together comprising 67% of total imports. These countries were followed by Germany, Turkey, China and Austria, which together accounted for a further 18%.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +82.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of nitrogen to Iran, comprising 35% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports. It was followed by Bulgaria, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from the Netherlands totaled +45.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+46.6% per year) and Bulgaria (0.0% per year).

Import Prices by Country

The average nitrogen import price stood at $X per cubic meter in 2021, dropping by -19.9% against the previous year. In general, the import price showed a pronounced decrease. The pace of growth was the most pronounced in 2017 when the average import price increased by 68% against the previous year. The import price peaked at $X per cubic meter in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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 China ($X per cubic meter), while the price for the United Arab Emirates ($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 China (+3.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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