Morocco: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Morocco

The Moroccan nitric and sulphonitric acids market fell to $X in 2021, reducing by -5.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -8.4% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Morocco

After four years of growth, overseas shipments of nitric acid and sulphonitric acids decreased by -28.4% to X tons in 2021. In general, exports, however, posted a resilient increase. The pace of growth appeared the most rapid in 2013 when exports increased by 194% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020, and then plummeted in the following year.

In value terms, nitric and sulphonitric acids exports shrank sharply to $X in 2021. Overall, exports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 194% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020, and then shrank rapidly in the following year.

Exports by Country

Mauritania (X tons) was the main destination for nitric and sulphonitric acids exports from Morocco, accounting for a 92% share of total exports. Moreover, nitric and sulphonitric acids exports to Mauritania exceeded the volume sent to the second major destination, Senegal (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Mauritania stood at +103.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Senegal (-20.5% per year) and Gabon (+40.4% per year).

In value terms, Mauritania ($X) remains the key foreign market for nitric acid and sulphonitric acids exports from Morocco, comprising 93% of total exports. The second position in the ranking was taken by Senegal ($X), with a 5.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Mauritania amounted to +91.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Senegal (-17.1% per year) and Gabon (+15.5% per year).

Export Prices by Country

In 2021, the average nitric and sulphonitric acids export price amounted to $X per ton, with an increase of 9.4% against the previous year. Over the period under review, the export price continues to indicate moderate growth. The growth pace was the most rapid in 2016 when the average export price increased by 85%. Over the period under review, the average export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Senegal (+4.3%), while the prices for the other major destinations experienced a decline.

Imports of Nitric Acid And Sulphonitric Acids

Imports into Morocco

Nitric and sulphonitric acids imports into Morocco fell to X tons in 2021, declining by -10.4% compared with the previous year's figure. Over the period under review, imports, however, recorded notable growth. The pace of growth was the most pronounced in 2018 when imports increased by 51% against the previous year. Imports peaked at X tons in 2020, and then reduced in the following year.

In value terms, nitric and sulphonitric acids imports shrank to $X in 2021. Overall, total imports indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -9.9% against 2018 indices. The pace of growth appeared the most rapid in 2018 with an increase of 59% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Portugal (X tons), Belgium (X tons) and the Netherlands (X tons) were the main suppliers of nitric and sulphonitric acids imports to Morocco, together comprising 95% of total imports. These countries were followed by China, which accounted for a further 4.5%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +12.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Portugal ($X), Belgium ($X) and China ($X) were the largest nitric and sulphonitric acids suppliers to Morocco, together accounting for 92% of total imports.

China, with a CAGR of +14.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average nitric and sulphonitric acids import price stood at $X per ton in 2021, rising by 6% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible downturn. The growth pace was the most rapid in 2013 when the average import price increased by 16% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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