Middle East: Silver Nitrate Market 2024

Silver Nitrate Market Size in the Middle East

In 2021, the Middle Eastern silver nitrate market increased by 3.5% to $X, rising for the second consecutive year after two years of decline. Overall, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Silver Nitrate Production in the Middle East

In value terms, silver nitrate production reduced to $X in 2021 estimated in export price. Over the period under review, production enjoyed a significant expansion. The pace of growth appeared the most rapid in 2015 when the production volume increased by 114,502%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Silver Nitrate Exports

Exports in the Middle East

In 2021, shipments abroad of silver nitrate was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports posted a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, silver nitrate exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a mild reduction. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Turkey dominates exports structure, accounting for X tons, which was approx. 93% of total exports in 2021. It was distantly followed by the United Arab Emirates (X kg), generating a 5.8% share of total exports.

Exports from Turkey increased at an average annual rate of +16.5% from 2012 to 2021. 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 the Middle East, with a CAGR of +45.7% from 2012-2021. From 2012 to 2021, the share of Turkey and the United Arab Emirates increased by +5.9 and +5.1 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

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

In Turkey, silver nitrate exports decreased by an average annual rate of -2.0% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, rising by 49% against the previous year. In general, the export price, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2018 an increase of 204%. The level of export peaked at $X per ton in 2013; however, from 2014 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 Turkey ($X per ton), while the United Arab Emirates amounted to $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 the Middle East

Silver nitrate imports surged to X tons in 2021, jumping by 100% against 2020. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 256% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, silver nitrate imports soared to $X in 2021. In general, imports recorded a mild increase. The growth pace was the most rapid in 2016 when imports increased by 403%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Saudi Arabia represented the largest importer of silver nitrate in the Middle East, with the volume of imports recording X tons, which was near 63% of total imports in 2021. Turkey (X tons) ranks second in terms of the total imports with a 25% share, followed by the United Arab Emirates (4.6%). Qatar (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%) and Turkey (+3.3%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in the Middle East, 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 +5.4, +3.6 and +2.7 percentage points, respectively.

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, with a combined 94% share of total imports.

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

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, which is down by -41.7% against the previous year. Over the period under review, the import price, however, saw mild growth. The pace of growth appeared the most rapid in 2015 when the import price increased by 55%. The level of import peaked at $X per ton in 2020, and then shrank rapidly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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

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