Spain: Nitrogen Market 2024

Nitrogen Market Size in Spain

The Spanish nitrogen market dropped slightly to $X in 2021, stabilizing at the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Nitrogen Production in Spain

In value terms, nitrogen production declined to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 16% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Nitrogen Exports

Exports from Spain

In 2021, overseas shipments of nitrogen were finally on the rise to reach X cubic meters after two years of decline. In general, total exports indicated a tangible increase from 2012 to 2021: its volume increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -24.6% against 2018 indices. The pace of growth appeared the most rapid in 2014 with an increase of 29%. Over the period under review, the exports hit record highs at X cubic meters in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, nitrogen exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 36%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Portugal (X cubic meters) was the main destination for nitrogen exports from Spain, accounting for a 90% share of total exports. Moreover, nitrogen exports to Portugal exceeded the volume sent to the second major destination, France (X cubic meters), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Portugal amounted to +1.1%.

In value terms, Portugal ($X) remains the key foreign market for nitrogen exports from Spain, comprising 74% of total exports. The second position in the ranking was taken by France ($X), with a 15% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Portugal stood at +1.7%.

Export Prices by Country

The average nitrogen export price stood at $X per cubic meter in 2021, with an increase of 14% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 28%. As a result, the export price attained the peak level of $X per cubic meter. From 2014 to 2021, the average 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 France ($X per cubic meter), while the average price for exports to Portugal stood at $X per cubic meter.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+1.1%).

Nitrogen Imports

Imports into Spain

In 2021, the amount of nitrogen imported into Spain fell slightly to X cubic meters, almost unchanged from the previous year. Over the period under review, imports, however, continue to indicate a prominent increase. The growth pace was the most rapid in 2014 with an increase of 98%. As a result, imports reached the peak of X cubic meters. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, nitrogen imports rose rapidly to $X in 2021. In general, imports showed a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 126%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Portugal (X cubic meters), the Czech Republic (X cubic meters) and Belgium (X cubic meters) were the main suppliers of nitrogen imports to Spain, with a combined 74% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Czech Republic (with a CAGR of +193.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Portugal ($X), Belgium ($X) and Germany ($X) were the largest nitrogen suppliers to Spain, with a combined 77% share of total imports. Italy, the Czech Republic, the Netherlands, the UK and France lagged somewhat behind, together accounting for a further 15%.

The Czech Republic, with a CAGR of +161.5%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 nitrogen import price amounted to $X per cubic meter, increasing by 11% against the previous year. Overall, the import price, however, faced a abrupt descent. The pace of growth was the most pronounced in 2014 an increase of 14%. As a result, import price reached the peak level of $X per cubic meter. From 2015 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per cubic meter), while the price for France (less than $X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (-3.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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