Turkey: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Turkey

In 2021, after three years of decline, there was significant growth in the Turkish nitric and sulphonitric acids market, when its value increased by 16% to $X. The market value increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Production of Nitric Acid And Sulphonitric Acids in Turkey

In value terms, nitric and sulphonitric acids production soared to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 26% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Turkey

Nitric and sulphonitric acids exports from Turkey amounted to X tons in 2021, picking up by 4.9% against 2020 figures. In general, exports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 171% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitric and sulphonitric acids exports surged to $X in 2021. Overall, exports recorded a prominent increase. The pace of growth was the most pronounced in 2013 with an increase of 192% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Azerbaijan (X tons), Libya (X tons) and Iraq (X tons) were the main destinations of nitric and sulphonitric acids exports from Turkey, together comprising 73% of total exports. Turkmenistan, the United Arab Emirates, Uzbekistan, Cyprus, Liberia, Albania, Georgia and Serbia lagged somewhat behind, together accounting for a further 45%.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +125.3%), 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 Turkey were Azerbaijan ($X), Libya ($X) and Iraq ($X), with a combined 56% share of total exports. These countries were followed by Turkmenistan, the United Arab Emirates, Uzbekistan, Liberia, Cyprus, Albania, Georgia and Serbia, which together accounted for a further 33%.

The United Arab Emirates, with a CAGR of +122.1%, recorded the highest growth rate of 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 2021, the average nitric and sulphonitric acids export price amounted to $X per ton, surging by 35% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. 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 Albania ($X per ton), while the average price for exports to Serbia ($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 Greece (+20.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nitric Acid And Sulphonitric Acids

Imports into Turkey

In 2021, supplies from abroad of nitric acid and sulphonitric acids decreased by -6.2% to X tons, falling for the third consecutive year after two years of growth. Overall, imports showed a abrupt downturn. The pace of growth was the most pronounced in 2017 when imports increased by 27%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, nitric and sulphonitric acids imports skyrocketed to $X in 2021. In general, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2020 when imports increased by 52% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

China (X tons), Germany (X tons) and Spain (X tons) were the main suppliers of nitric and sulphonitric acids imports to Turkey.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +248.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Germany ($X) and Spain ($X) constituted the largest nitric and sulphonitric acids suppliers to Turkey, together accounting for 94% of total imports.

China, with a CAGR of +262.9%, 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, surging by 60% against the previous year. Overall, the import price posted a prominent increase. The most prominent rate of growth was recorded in 2020 when the average import price increased by 148%. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in the near future.

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 China ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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