Portugal: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Portugal

The Portuguese nitric and sulphonitric acids market rose markedly to $X in 2021, surging by 6% against the previous year. Over the period under review, the total consumption indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +126.6% against 2016 indices. Nitric and sulphonitric acids consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Production of Nitric Acid And Sulphonitric Acids in Portugal

In value terms, nitric and sulphonitric acids production surged to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a mild descent. The most prominent rate of growth was recorded in 2018 with an increase of 29% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Portugal

In 2021, exports of nitric acid and sulphonitric acids from Portugal rose notably to X tons, increasing by 5.4% on the year before. In general, exports, however, recorded a noticeable reduction. The growth pace was the most rapid in 2015 when exports increased by 13%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitric and sulphonitric acids exports surged to $X in 2021. Overall, exports, however, recorded a perceptible descent. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Spain (X tons) was the main destination for nitric and sulphonitric acids exports from Portugal, with a 73% share of total exports. Moreover, nitric and sulphonitric acids exports to Spain exceeded the volume sent to the second major destination, Morocco (X tons), fivefold. The UK (X tons) ranked third in terms of total exports with a 9.1% share.

From 2012 to 2021, the average annual growth rate of volume to Spain amounted to -6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Morocco (+11.9% per year) and the UK (0.0% per year).

In value terms, Spain ($X) remains the key foreign market for nitric acid and sulphonitric acids exports from Portugal, comprising 58% of total exports. The second position in the ranking was taken by Morocco ($X), with a 25% share of total exports. It was followed by the UK, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Spain stood at -7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Morocco (+12.5% per year) and the UK (0.0% per year).

Export Prices by Country

The average nitric and sulphonitric acids export price stood at $X per ton in 2021, with an increase of 22% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Morocco ($X per ton), while the average price for exports to Spain ($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 France (+0.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Nitric Acid And Sulphonitric Acids

Imports into Portugal

In 2021, approx. X tons of nitric acid and sulphonitric acids were imported into Portugal; waning by -16.8% against the year before. In general, imports, however, posted a significant increase. The most prominent rate of growth was recorded in 2014 when imports increased by 191%. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, nitric and sulphonitric acids imports skyrocketed to $X in 2021. Overall, imports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2014 when imports increased by 187% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Spain (X tons) was the main supplier of nitric and sulphonitric acids to Portugal, with a 98% share of total imports. It was followed by Italy (X kg), with less than 0.1% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Spain stood at +20.6%.

In value terms, Spain ($X) constituted the largest supplier of nitric acid and sulphonitric acids to Portugal, comprising 94% of total imports. The second position in the ranking was held by Italy ($X), with a 0.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Spain stood at +16.7%.

Import Prices by Country

The average nitric and sulphonitric acids import price stood at $X per ton in 2021, picking up by 39% against the previous year. In general, the import price, however, showed a noticeable downturn. The pace of growth was the most pronounced in 2019 when the average import price increased by 69%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Spain amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (-0.5%).

Source: IndexBox Platform

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