Spain: Potassium Nitrate Market 2024

Potassium Nitrate Market Size in Spain

For the third year in a row, the Spanish potassium nitrate market recorded growth in sales value, which increased by 39% to $X in 2022. Overall, consumption showed a slight expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Potassium Nitrate Production in Spain

In value terms, potassium nitrate production fell to $X in 2022 estimated in export price. In general, production, however, saw resilient growth. The pace of growth appeared the most rapid in 2013 when the production volume increased by 130%. Over the period under review, production hit record highs at $X in 2021, and then declined in the following year.

Potassium Nitrate Exports

Exports from Spain

Potassium nitrate exports from Spain reduced dramatically to X tons in 2022, with a decrease of -18.1% against the previous year's figure. Overall, exports, however, continue to indicate notable growth. The most prominent rate of growth was recorded in 2017 when exports increased by 177% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, potassium nitrate exports surged to $X in 2022. In general, exports, however, recorded a measured increase. The growth pace was the most rapid in 2017 with an increase of 174%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Turkey (X tons) was the main destination for potassium nitrate exports from Spain, with a 48% share of total exports. Moreover, potassium nitrate exports to Turkey exceeded the volume sent to the second major destination, Italy (X tons), twofold. The third position in this ranking was taken by Portugal (X tons), with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey amounted to +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+20.5% per year) and Portugal (-0.6% per year).

In value terms, the largest markets for potassium nitrate exported from Spain were Turkey ($X), Italy ($X) and Portugal ($X), with a combined 85% share of total exports.

Italy, with a CAGR of +13.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average potassium nitrate export price amounted to $X per ton, with an increase of 54% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Portugal ($X per ton) and Morocco ($X per ton), while the average price for exports to Turkey ($X per ton) and Italy ($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 Portugal (+3.6%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Nitrate Imports

Imports into Spain

In 2022, the amount of potassium nitrates imported into Spain fell modestly to X tons, remaining relatively unchanged against the previous year's figure. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 22%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, potassium nitrate imports surged to $X in 2022. In general, total imports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.4% 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 +60.2% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Chile (X tons) constituted the largest supplier of potassium nitrate to Spain, accounting for a 47% share of total imports. Moreover, potassium nitrate imports from Chile exceeded the figures recorded by the second-largest supplier, Israel (X tons), twofold. The third position in this ranking was taken by Jordan (X tons), with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Chile amounted to +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Israel (-7.2% per year) and Jordan (+2.8% per year).

In value terms, the largest potassium nitrate suppliers to Spain were Chile ($X), Israel ($X) and Jordan ($X), with a combined 88% share of total imports. Denmark and Belgium lagged somewhat behind, together accounting for a further 9.6%.

In terms of the main suppliers, Denmark, with a CAGR of +15.6%, 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 more modest paces of growth.

Import Prices by Country

The average potassium nitrate import price stood at $X per ton in 2022, jumping by 56% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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