Scandinavia: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Scandinavia

After three years of decline, the Scandinavia nitric and sulphonitric acids market increased by 2.6% to $X in 2021. In general, consumption recorded a noticeable reduction. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Production of Nitric Acid And Sulphonitric Acids in Scandinavia

In value terms, nitric and sulphonitric acids production reached $X in 2021 estimated in export price. Overall, production, however, continues to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 83%. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Exports of Nitric Acid And Sulphonitric Acids

Exports in Scandinavia

After three years of decline, overseas shipments of nitric acid and sulphonitric acids increased by 37% to X tons in 2021. Overall, exports, however, faced a abrupt setback. The most prominent rate of growth was recorded in 2017 with an increase of 80%. 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 soared to $X in 2021. In general, exports, however, continue to indicate a deep slump. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Norway represented the largest exporter of nitric acid and sulphonitric acids in Scandinavia, with the volume of exports reaching X tons, which was near 50% of total exports in 2021. Finland (X tons) held a 25% share (based on physical terms) of total exports, which put it in second place, followed by Denmark (18%) and Sweden (6.9%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Denmark (with a CAGR of +61.2%), while the other leaders experienced a decline in the exports figures.

In value terms, Norway ($X), Sweden ($X) and Finland ($X) were the countries with the highest levels of exports in 2021, together accounting for 82% of total exports. Denmark lagged somewhat behind, accounting for a further 18%.

Denmark, with a CAGR of +42.1%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2021, with an increase of 28% against the previous year. Export price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +3.1% 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 increased by +80.6% against 2017 indices. The pace of growth appeared the most rapid in 2018 when the export price increased by 33%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sweden ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+4.2%), while the other leaders experienced mixed trends in the export price figures.

Imports of Nitric Acid And Sulphonitric Acids

Imports in Scandinavia

In 2021, purchases abroad of nitric acid and sulphonitric acids decreased by -1.8% to X tons, falling for the third consecutive year after four years of growth. Over the period under review, imports, however, saw a mild increase. The most prominent rate of growth was recorded in 2018 when imports increased by 80%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, nitric and sulphonitric acids imports surged to $X in 2021. Total imports indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 59% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Denmark represented the main importing country with an import of about X tons, which reached 61% of total imports. It was distantly followed by Sweden (X tons), Finland (X tons) and Norway (X tons), together making up a 38% share of total imports.

Imports into Denmark increased at an average annual rate of +4.1% from 2012 to 2021. At the same time, Norway (+26.6%) and Finland (+22.8%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +26.6% from 2012-2021. By contrast, Sweden (-9.1%) illustrated a downward trend over the same period. Denmark (+13 p.p.), Finland (+8.8 p.p.) and Norway (+8.1 p.p.) significantly strengthened its position in terms of the total imports, while Sweden saw its share reduced by -30.2% from 2012 to 2021, respectively.

In value terms, Denmark ($X) constitutes the largest market for imported nitric acid and sulphonitric acids in Scandinavia, comprising 48% of total imports. The second position in the ranking was held by Sweden ($X), with a 22% share of total imports. It was followed by Finland, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Denmark was relatively modest. In the other countries, the average annual rates were as follows: Sweden (-4.0% per year) and Finland (+18.9% per year).

Import Prices by Country

In 2021, the import price in Scandinavia amounted to $X per ton, with an increase of 28% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 30% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Finland ($X per ton), while Denmark ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+5.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform