MENA: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in MENA

In 2021, the MENA's nitric and sulphonitric acids market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption continues to indicate a noticeable shrinkage. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Nitric Acid And Sulphonitric Acids in MENA

In value terms, nitric and sulphonitric acids production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a noticeable shrinkage. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports in MENA

For the third year in a row, MENA recorded growth in shipments abroad of nitric acid and sulphonitric acids, which increased by 4.4% to X tons in 2021. Overall, exports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2017 with an increase of 35%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, nitric and sulphonitric acids exports skyrocketed to $X in 2021. In general, exports, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 52%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Egypt (X tons) was the largest exporter of nitric acid and sulphonitric acids, achieving 38% of total exports. Iran (X tons) ranks second in terms of the total exports with a 20% share, followed by Turkey (17%), Saudi Arabia (13%) and Jordan (8.8%). The United Arab Emirates (X tons) took a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Iran (with a CAGR of +21.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest nitric and sulphonitric acids supplying countries in MENA were Egypt ($X), Saudi Arabia ($X) and Turkey ($X), together accounting for 77% of total exports.

In terms of the main exporting countries, Turkey, with a CAGR of +17.0%, recorded the highest growth rate of 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

In 2021, the export price in MENA amounted to $X per ton, picking up by 25% against the previous year. Overall, the export price, however, saw a abrupt contraction. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-0.5%), while the other leaders experienced a decline in the export price figures.

Imports of Nitric Acid And Sulphonitric Acids

Imports in MENA

In 2021, the amount of nitric acid and sulphonitric acids imported in MENA declined modestly to X tons, remaining relatively unchanged against 2020. The total import volume increased at an average annual rate of +2.2% 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 2018 when imports increased by 16% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020, and then shrank slightly in the following year.

In value terms, nitric and sulphonitric acids imports reached $X in 2021. In general, imports saw a pronounced contraction. The pace of growth appeared the most rapid in 2020 with an increase of 10%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Morocco was the major importing country with an import of around X tons, which resulted at 44% of total imports. Saudi Arabia (X tons) held the second position in the ranking, followed by Israel (X tons), Algeria (X tons) and the United Arab Emirates (X tons). All these countries together held near 38% share of total imports. Yemen (X tons) and Turkey (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to nitric and sulphonitric acids imports into Morocco stood at +3.5%. At the same time, Yemen (+12.7%), Israel (+9.9%), Algeria (+5.6%), Saudi Arabia (+3.9%) and the United Arab Emirates (+1.4%) displayed positive paces of growth. Moreover, Yemen emerged as the fastest-growing importer imported in MENA, with a CAGR of +12.7% from 2012-2021. By contrast, Turkey (-5.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Morocco, Israel, Algeria, Yemen and Saudi Arabia increased by +4.8, +4.3, +2.3, +2.2 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Morocco ($X) constitutes the largest market for imported nitric acid and sulphonitric acids in MENA, comprising 39% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with an 11% share of total imports. It was followed by Israel, with a 9.1% share.

In Morocco, nitric and sulphonitric acids imports increased at an average annual rate of +1.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+1.7% per year) and Israel (+7.7% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, picking up by 2.1% against the previous year. Overall, the import price, however, continues to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2013 when the import price increased by 6.5% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+13.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform