MENA: Silver Nitrate Market 2024

Silver Nitrate Market Size in MENA

In 2021, the MENA's silver nitrate market increased by 4% to $X, rising for the second consecutive year after two years of decline. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Silver Nitrate Production in MENA

In value terms, silver nitrate production contracted to $X in 2021 estimated in export price. Overall, production posted significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 114,502%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Silver Nitrate Exports

Exports in MENA

After two years of decline, overseas shipments of silver nitrate increased by 1,539% to X tons in 2021. Over the period under review, exports posted buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, silver nitrate exports surged to $X in 2021. Overall, exports, however, showed a mild downturn. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Turkey prevails in exports structure, recording X tons, which was near 93% of total exports in 2021. It was distantly followed by the United Arab Emirates (X kg), creating a 5.8% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to silver nitrate exports from Turkey stood at +16.5%. At the same time, the United Arab Emirates (+45.7%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in MENA, with a CAGR of +45.7% from 2012-2021. While the share of Turkey (+6 p.p.) and the United Arab Emirates (+5.1 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest silver nitrate supplier in MENA, comprising 95% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 2.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey amounted to -2.0%.

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, rising by 43% against the previous year. Overall, the export price, however, faced a deep downturn. The most prominent rate of growth was recorded in 2018 when the export price increased by 204% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-15.8%).

Silver Nitrate Imports

Imports in MENA

For the third year in a row, MENA recorded growth in purchases abroad of silver nitrate, which increased by 94% to X tons in 2021. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 229%. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, silver nitrate imports surged to $X in 2021. In general, imports posted a mild expansion. The most prominent rate of growth was recorded in 2016 with an increase of 368% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Saudi Arabia represented the main importer of silver nitrate in MENA, with the volume of imports accounting for X tons, which was near 59% of total imports in 2021. It was distantly followed by Turkey (X tons), mixing up a 24% share of total imports. The United Arab Emirates (X tons), Qatar (X tons) and Morocco (X tons) followed a long way behind the leaders.

Saudi Arabia experienced a relatively flat trend pattern with regard to volume of imports of silver nitrate. At the same time, Qatar (+224.4%), the United Arab Emirates (+19.5%), Turkey (+3.3%) and Morocco (+2.6%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in MENA, with a CAGR of +224.4% from 2012-2021. From 2012 to 2021, the share of Turkey, the United Arab Emirates and Qatar increased by +4.8, +3.4 and +2.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X), Saudi Arabia ($X) and the United Arab Emirates ($X) were the countries with the highest levels of imports in 2021, together comprising 91% of total imports.

Turkey, with a CAGR of +15.3%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, with a decrease of -40.1% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 50%. Over the period under review, import prices hit record highs at $X per ton in 2020, and then shrank dramatically in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while Qatar ($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 (+11.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform