Saudi Arabia: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Saudi Arabia

After two years of decline, the Saudi nitric and sulphonitric acids market increased by 2.8% to $X in 2021. Overall, consumption continues to indicate a perceptible decrease. Nitric and sulphonitric acids consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Nitric Acid And Sulphonitric Acids in Saudi Arabia

In value terms, nitric and sulphonitric acids production rose markedly to $X in 2021 estimated in export price. Overall, production saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 98%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Saudi Arabia

In 2021, approx. X tons of nitric acid and sulphonitric acids were exported from Saudi Arabia; with an increase of 53% compared with the previous year. Overall, exports, however, recorded a precipitous shrinkage. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, nitric and sulphonitric acids exports skyrocketed to $X in 2021. In general, exports, however, continue to indicate a sharp downturn. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons), Ethiopia (X tons) and Bahrain (X tons) were the main destinations of nitric and sulphonitric acids exports from Saudi Arabia.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bahrain (with a CAGR of +526.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for nitric acid and sulphonitric acids exports from Saudi Arabia, comprising 67% of total exports. The second position in the ranking was held by Ethiopia ($X), with a 21% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +365.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ethiopia (+2.6% per year) and Bahrain (+395.0% per year).

Export Prices by Country

The average nitric and sulphonitric acids export price stood at $X per ton in 2021, growing by 20% against the previous year. Over the period under review, the export price, however, saw a slight downturn. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 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 the United Arab Emirates ($X per ton), while the average price for exports to Ethiopia ($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 the United Arab Emirates (+36.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Nitric Acid And Sulphonitric Acids

Imports into Saudi Arabia

In 2021, approx. X tons of nitric acid and sulphonitric acids were imported into Saudi Arabia; shrinking by -4.4% against 2020. Overall, total imports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +4.7% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 49% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, nitric and sulphonitric acids imports reduced to $X in 2021. Over the period under review, total imports indicated a modest expansion 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, imports increased by +12.2% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 67%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

South Korea (X tons), India (X tons) and Belgium (X tons) were the main suppliers of nitric and sulphonitric acids imports to Saudi Arabia, together comprising 96% of total imports.

From 2012 to 2014, the biggest increases were recorded for South Korea (with a CAGR of +61.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest nitric and sulphonitric acids suppliers to Saudi Arabia were South Korea ($X), India ($X) and Belgium ($X), together accounting for 91% of total imports.

In terms of the main suppliers, South Korea, with a CAGR of +54.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average nitric and sulphonitric acids import price stood at $X per ton in 2021, waning by -5.7% against the previous year. Over the period under review, the import price saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 14% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from South Korea ($X per ton) and the Netherlands ($X per ton), while the price for Belgium ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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