Norway: Potassium Nitrate Market 2024

Potassium Nitrate Market Size in Norway

The Norwegian potassium nitrate market rose to $X in 2022, with an increase of 2.7% against the previous year. Over the period under review, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.7% against 2019 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Potassium Nitrate Production in Norway

In value terms, potassium nitrate production reduced to $X in 2022 estimated in export price. Overall, the total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.2% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 72%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Potassium Nitrate Exports

Exports from Norway

In 2022, the amount of potassium nitrates exported from Norway surged to X tons, picking up by 23% against the previous year's figure. Overall, exports, however, showed a deep contraction. The pace of growth appeared the most rapid in 2020 with an increase of 400% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, potassium nitrate exports surged to $X in 2022. In general, exports, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by 372% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Iceland (X tons) was the main destination for potassium nitrate exports from Norway, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Iceland stood at +13.5%.

In value terms, Iceland ($X) emerged as the key foreign market for potassium nitrates exports from Norway.

From 2012 to 2022, the average annual growth rate of value to Iceland stood at +30.8%.

Export Prices by Country

The average potassium nitrate export price stood at $X per ton in 2022, rising by 104% against the previous year. In general, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Iceland.

From 2012 to 2022, the rate of growth in terms of prices for Iceland amounted to +15.2% per year.

Potassium Nitrate Imports

Imports into Norway

In 2022, overseas purchases of potassium nitrates increased by 33% to X tons, rising for the fourth consecutive year after two years of decline. In general, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +95.4% against 2018 indices. The pace of growth appeared the most rapid in 2020 with an increase of 45%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, potassium nitrate imports surged to $X in 2022. Overall, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 197% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Jordan (X tons) constituted the largest potassium nitrate supplier to Norway, with a 72% share of total imports. Moreover, potassium nitrate imports from Jordan exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fourfold. The third position in this ranking was taken by Chile (X tons), with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Jordan totaled +300.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-7.0% per year) and Chile (0.0% per year).

In value terms, Jordan ($X) constituted the largest supplier of potassium nitrates to Norway, comprising 69% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 19% share of total imports. It was followed by Chile, with an 8.4% share.

From 2012 to 2022, the average annual growth rate of value from Jordan totaled +451.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-5.4% per year) and Chile (+2.9% per year).

Import Prices by Country

In 2022, the average potassium nitrate import price amounted to $X per ton, jumping by 44% against the previous year. Overall, the import price saw notable growth. The pace of growth appeared the most rapid in 2020 an increase of 105% against the previous year. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Denmark ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+37.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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