Spain: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Spain

The Spanish nitric and sulphonitric acids market soared to $X in 2021, jumping by 75% against the previous year. Over the period under review, the total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Nitric Acid And Sulphonitric Acids in Spain

In value terms, nitric and sulphonitric acids production skyrocketed to $X in 2021 estimated in export price. Overall, production enjoyed a measured expansion. The most prominent rate of growth was recorded in 2015 with an increase of 701%. Nitric and sulphonitric acids production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Spain

For the third consecutive year, Spain recorded decline in shipments abroad of nitric acid and sulphonitric acids, which decreased by -53.2% to X tons in 2021. In general, exports showed a perceptible curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 59%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, nitric and sulphonitric acids exports contracted notably to $X in 2021. Over the period under review, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2013 with an increase of 44% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Algeria (X tons), Portugal (X tons) and France (X tons) were the main destinations of nitric and sulphonitric acids exports from Spain, with a combined 92% share of total exports. Cuba lagged somewhat behind, comprising a further 1.8%.

From 2012 to 2021, the biggest increases were recorded for Cuba (with a CAGR of +27.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for nitric and sulphonitric acids exported from Spain were Algeria ($X), Portugal ($X) and Cuba ($X), together accounting for 76% of total exports.

Among the main countries of destination, Cuba, with a CAGR of +16.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average nitric and sulphonitric acids export price amounted to $X per ton, increasing by 18% against the previous year. Over the period under review, the export price, however, showed a slight slump. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cuba ($X per ton), while the average price for exports to Algeria ($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 Portugal (-0.1%), while the prices for the other major destinations experienced a decline.

Imports of Nitric Acid And Sulphonitric Acids

Imports into Spain

In 2021, purchases abroad of nitric acid and sulphonitric acids increased by 2.8% to X tons, rising for the fifth consecutive year after two years of decline. Overall, imports, however, recorded a mild decline. The most prominent rate of growth was recorded in 2014 with an increase of 5.4%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, nitric and sulphonitric acids imports surged to $X in 2021. Over the period under review, total imports indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.6% 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 +76.5% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Portugal (X tons) constituted the largest nitric and sulphonitric acids supplier to Spain, accounting for a 55% share of total imports. Moreover, nitric and sulphonitric acids imports from Portugal exceeded the figures recorded by the second-largest supplier, France (X tons), twofold. Belgium (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Portugal totaled -7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+16.0% per year) and Belgium (+26.3% per year).

In value terms, the largest nitric and sulphonitric acids suppliers to Spain were Portugal ($X), France ($X) and Belgium ($X), together accounting for 74% of total imports. These countries were followed by Germany and Poland, which together accounted for a further 25%.

Poland, with a CAGR of +358.7%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average nitric and sulphonitric acids import price amounted to $X per ton, rising by 70% against the previous year. Over the period under review, import price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +3.3% 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 import price increased by +70.7% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Poland ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Portugal (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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