Latvia: Market for Reaction Initiators, Reaction Accelerators And Catalytic Preparations 2024

Market Size for Reaction Initiators, Reaction Accelerators And Catalytic Preparations in Latvia

In 2022, after two years of growth, there was decline in the Latvian reaction initiators and accelerators market, when its value decreased by -3.5% to $X. Over the period under review, the total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +63.0% against 2019 indices. Reaction initiators and accelerators consumption peaked at $X in 2021, and then reduced slightly in the following year.

Exports of Reaction Initiators, Reaction Accelerators And Catalytic Preparations

Exports from Latvia

In 2022, overseas shipments of reaction initiators, reaction accelerators and catalytic preparations decreased by -33.1% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 295% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021, and then contracted sharply in the following year.

In value terms, reaction initiators and accelerators exports reduced remarkably to $X in 2022. Over the period under review, exports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 265% against the previous year. As a result, the exports reached the peak of $X, and then declined remarkably in the following year.

Exports by Country

Uzbekistan (X tons), Lithuania (X tons) and Ukraine (X tons) were the main destinations of reaction initiators and accelerators exports from Latvia, together comprising 51% 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 Ukraine (with a CAGR of +225.9%), while the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X) remains the key foreign market for reaction initiators, reaction accelerators and catalytic preparations exports from Latvia, comprising 68% of total exports. The second position in the ranking was held by Germany ($X), with a 12% share of total exports. It was followed by Uzbekistan, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania amounted to +41.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+0.2% per year) and Uzbekistan (+11.9% per year).

Export Prices by Country

The average reaction initiators and accelerators export price stood at $X per ton in 2022, increasing by 4.5% against the previous year. Overall, the export price saw slight growth. The growth pace was the most rapid in 2021 an increase of 208% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Slovenia (+95.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Reaction Initiators, Reaction Accelerators And Catalytic Preparations

Imports into Latvia

In 2022, imports of reaction initiators, reaction accelerators and catalytic preparations into Latvia expanded significantly to X tons, surging by 9% against the year before. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 43% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, reaction initiators and accelerators imports declined to $X in 2022. Over the period under review, imports recorded a noticeable expansion. The pace of growth was the most pronounced in 2021 when imports increased by 45%. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

In 2022, Finland (X tons) constituted the largest supplier of reaction initiators and accelerators to Latvia, with a 88% share of total imports. It was followed by Italy (X tons), with a 2.4% share of total imports. Germany (X tons) ranked third in terms of total imports with a 1.8% share.

From 2012 to 2022, the average annual growth rate of volume from Finland was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+57.7% per year) and Germany (+9.8% per year).

In value terms, Finland ($X) constituted the largest supplier of reaction initiators, reaction accelerators and catalytic preparations to Latvia, comprising 46% of total imports. The second position in the ranking was taken by Italy ($X), with a 12% share of total imports. It was followed by Germany, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from Finland stood at -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+53.6% per year) and Germany (+13.9% per year).

Import Prices by Country

The average reaction initiators and accelerators import price stood at $X per ton in 2022, with a decrease of -16.4% against the previous year. Over the period under review, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, reaction initiators and accelerators import price increased by +51.0% against 2017 indices. The most prominent rate of growth was recorded in 2021 an increase of 39% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced sharply in the following year.

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 Germany ($X per ton), while the price for Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+3.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform