U.S.: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in the U.S.

The U.S. nitric and sulphonitric acids market dropped slightly to $X in 2021, shrinking by -1.8% against the previous year. In general, consumption, however, continues to indicate a mild curtailment. As a result, consumption attained 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 the U.S.

In value terms, nitric and sulphonitric acids production contracted slightly to $X in 2021. Over the period under review, production, however, recorded a mild decline. The most prominent rate of growth was recorded in 2017 with an increase of 66% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Exports of Nitric Acid And Sulphonitric Acids

Exports from the U.S.

In 2021, shipments abroad of nitric acid and sulphonitric acids increased by 30% to X tons for the first time since 2016, thus ending a four-year declining trend. Overall, exports, however, recorded a mild shrinkage. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitric and sulphonitric acids exports surged to $X in 2021. In general, exports, however, saw a abrupt contraction. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Canada (X tons), Mexico (X tons) and Suriname (X tons) were the main destinations of nitric and sulphonitric acids exports from the United States, with a combined 92% share of total exports. These countries were followed by Taiwan (Chinese), Ireland, the Netherlands and the UK, which together accounted for a further 3.8%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +24.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for nitric and sulphonitric acids exported from the United States were Canada ($X), Mexico ($X) and Suriname ($X), together accounting for 78% of total exports. These countries were followed by Taiwan (Chinese), Ireland, the Netherlands and the UK, which together accounted for a further 8.6%.

In terms of the main countries of destination, Taiwan (Chinese), with a CAGR of +15.7%, saw the highest growth rate of the value of exports, 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, with a decrease of -6% against the previous year. In general, the export price showed a perceptible setback. The most prominent rate of growth was recorded in 2017 an increase of 34% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Ireland ($X per ton), while the average price for exports to Canada ($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 Suriname (+8.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Nitric Acid And Sulphonitric Acids

Imports into the U.S.

In 2021, supplies from abroad of nitric acid and sulphonitric acids increased by 5.9% to X tons, rising for the second year in a row after six years of decline. In general, imports, however, continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2013 with an increase of 74% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, nitric and sulphonitric acids imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Canada (X tons) was the main nitric and sulphonitric acids supplier to the United States, accounting for a 90% share of total imports. Moreover, nitric and sulphonitric acids imports from Canada exceeded the figures recorded by the second-largest supplier, South Korea (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Canada amounted to -7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-8.6% per year) and Japan (-4.3% per year).

In value terms, Canada ($X) constituted the largest supplier of nitric acid and sulphonitric acids to the United States, comprising 81% of total imports. The second position in the ranking was taken by Japan ($X), with a 10% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Canada totaled +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.5% per year) and South Korea (-8.5% per year).

Import Prices by Country

In 2021, the average nitric and sulphonitric acids import price amounted to $X per ton, rising by 15% against the previous year. In general, the import price continues to indicate a prominent increase. The pace of growth appeared the most rapid in 2016 when the average import price increased by 85%. The import price peaked at $X per ton in 2019; afterwards, it flattened through to 2021.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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