Norway: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Norway

In 2022, the Norwegian potassium sulphate (SOP) market decreased by -3.1% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption showed a buoyant expansion. Over the period under review, the market hit record highs at $X in 2021, and then dropped modestly in the following year.

Potassium Sulphate (Sop) Exports

Exports from Norway

Potassium sulphate (SOP) exports from Norway reduced dramatically to X tons in 2022, waning by -23% compared with 2021 figures. In general, exports, however, saw significant growth. The growth pace was the most rapid in 2013 when exports increased by 181%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, potassium sulphate (SOP) exports dropped rapidly to $X in 2022. Over the period under review, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 145% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Poland (X tons) was the main destination for potassium sulphate (SOP) exports from Norway, with a 54% share of total exports. Moreover, potassium sulphate (SOP) exports to Poland exceeded the volume sent to the second major destination, Sweden (X tons), threefold. Ireland (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Poland totaled +29.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+20.8% per year) and Ireland (+6.0% per year).

In value terms, Poland ($X) remains the key foreign market for potassium sulphate (SOP) exports from Norway, comprising 47% of total exports. The second position in the ranking was held by Sweden ($X), with a 23% share of total exports. It was followed by Ireland, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Poland amounted to +30.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+24.9% per year) and Ireland (+11.4% per year).

Export Prices by Country

The average potassium sulphate (SOP) export price stood at $X per ton in 2022, rising by 3% against the previous year. Over the period under review, the export price showed a slight increase. The pace of growth was the most pronounced in 2014 when the average export price increased by 18% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Ireland ($X per ton) and Denmark ($X per ton), while the average price for exports to Poland ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into Norway

In 2022, imports of potassium sulphate (SOP) into Norway was estimated at X tons, remaining stable against the previous year. In general, imports saw prominent growth. The pace of growth appeared the most rapid in 2015 when imports increased by 149% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, potassium sulphate (SOP) imports reduced to $X in 2022. Over the period under review, imports recorded a slight increase. The growth pace was the most rapid in 2015 when imports increased by 188% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Sweden (X tons) constituted the largest potassium sulphate (SOP) supplier to Norway, with a 31% share of total imports. Moreover, potassium sulphate (SOP) imports from Sweden exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Sweden amounted to +16.3%.

In value terms, Sweden ($X) constituted the largest supplier of potassium sulphate (SOP) to Norway, comprising 25% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 2.2% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Sweden totaled +12.4%.

Import Prices by Country

The average potassium sulphate (SOP) import price stood at $X per ton in 2022, reducing by -9.9% against the previous year. Overall, the import price saw a deep reduction. The pace of growth was the most pronounced in 2021 when the average import price increased by 24% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Sweden amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+15.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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