Nigeria: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Nigeria

In 2021, after two years of growth, there was significant decline in the Nigerien nitric and sulphonitric acids market, when its value decreased by -24.9% to $X. Over the period under review, consumption, however, continues to indicate a temperate expansion. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Nigeria

In 2021, the amount of nitric acid and sulphonitric acids exported from Nigeria skyrocketed to X tons, rising by 50% against the year before. Over the period under review, exports showed a buoyant expansion. The pace of growth was the most pronounced in 2013 when exports increased by 137%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, nitric and sulphonitric acids exports soared to $X in 2021. In general, exports saw a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of 128%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Niger (X tons) was the main destination for nitric and sulphonitric acids exports from Nigeria, with a 42% share of total exports. It was followed by Benin (X kg), with a 0.8% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Niger totaled +8.5%.

In value terms, Niger ($X) remains the key foreign market for nitric acid and sulphonitric acids exports from Nigeria, comprising 99.9% of total exports. The second position in the ranking was held by Benin ($X), with less than 0.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Niger stood at +26.2%.

Export Prices by Country

In 2021, the average nitric and sulphonitric acids export price amounted to $X per ton, remaining constant against the previous year. In general, export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, nitric and sulphonitric acids export price decreased by -0.1% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 39%. As a result, the export price reached the peak level of $X per ton; afterwards, it flattened through to 2021.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Niger ($X per ton), while the average price for exports to Benin stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+16.3%).

Imports of Nitric Acid And Sulphonitric Acids

Imports into Nigeria

In 2021, after two years of growth, there was significant decline in overseas purchases of nitric acid and sulphonitric acids, when their volume decreased by -15.6% to X tons. Overall, imports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2014 when imports increased by 291%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, nitric and sulphonitric acids imports fell significantly to $X in 2021. In general, imports, however, showed a noticeable increase. The most prominent rate of growth was recorded in 2014 when imports increased by 162% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Belgium (X tons) constituted the largest supplier of nitric and sulphonitric acids to Nigeria, with a 65% share of total imports. Moreover, nitric and sulphonitric acids imports from Belgium exceeded the figures recorded by the second-largest supplier, South Korea (X tons), fourfold. The third position in this ranking was held by the Netherlands (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Belgium stood at +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+7.4% per year) and the Netherlands (-0.1% per year).

In value terms, Belgium ($X) constituted the largest supplier of nitric acid and sulphonitric acids to Nigeria, comprising 59% of total imports. The second position in the ranking was taken by South Korea ($X), with a 13% share of total imports. It was followed by China, with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Belgium stood at +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-5.0% per year) and China (+17.4% per year).

Import Prices by Country

The average nitric and sulphonitric acids import price stood at $X per ton in 2021, reducing by -6.5% against the previous year. Over the period under review, the import price continues to indicate a noticeable downturn. The growth pace was the most rapid in 2013 an increase of 46%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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