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World - Nitric Acid And Sulphonitric Acids - Market Analysis, Forecast, Size, Trends And Insights
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The article discusses the increasing global demand for nitric acid and sulphonitric acids, with a projected CAGR of +3.2% in consumption volume and +4.8% in market value from 2022 to 2030. China, Australia, and India are the top consumers, while South Korea, Belgium, and Germany are major exporters. Import and export prices and trends are also analyzed, providing a comprehensive overview of the market dynamics.
Market Forecast
Driven by increasing demand for nitric acid and sulphonitric acids worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market volume to 18M tons by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +4.8% for the period from 2022 to 2030, which is projected to bring the market value to $15.2B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Nitric Acid And Sulphonitric Acids
In 2022, consumption of nitric acid and sulphonitric acids increased by 2.3% to 14M tons, rising for the second consecutive year after three years of decline. Overall, consumption showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the consumption volume increased by 5.5%. As a result, consumption attained the peak volume of 14M tons. From 2018 to 2022, the growth of the global consumption failed to regain momentum.
The global nitric and sulphonitric acids market revenue reached $10.5B in 2022, flattening at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a relatively flat trend pattern. Global consumption peaked at $11.4B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.
Consumption By Country
The countries with the highest volumes of consumption in 2022 were China (2.8M tons), Australia (2.2M tons) and India (1.2M tons), with a combined 43% share of global consumption. The United States, Japan, Russia, Brazil, the UK, South Korea, Germany, Turkey, Malaysia and Thailand lagged somewhat behind, together accounting for a further 32%.
From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +7.2%), while consumption for the other global leaders experienced more modest paces of growth.
In value terms, Australia ($4.4B) led the market, alone. The second position in the ranking was taken by China ($1.1B). It was followed by Japan.
From 2012 to 2022, the average annual rate of growth in terms of value in Australia was relatively modest. The remaining consuming countries recorded the following average annual rates of market growth: China (+1.3% per year) and Japan (+2.4% per year).
In 2022, the highest levels of nitric and sulphonitric acids per capita consumption was registered in Australia (84 kg per person), followed by Malaysia (8.2 kg per person), South Korea (6.6 kg per person) and Japan (6 kg per person), while the world average per capita consumption of nitric and sulphonitric acids was estimated at 1.8 kg per person.
From 2012 to 2022, the average annual rate of growth in terms of the nitric and sulphonitric acids per capita consumption in Australia was relatively modest. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Malaysia (+5.8% per year) and South Korea (+1.6% per year).
Production
World Production of Nitric Acid And Sulphonitric Acids
In 2022, production of nitric acid and sulphonitric acids increased by 7.2% to 15M tons, rising for the second consecutive year after three years of decline. The total output volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, production attained the peak volume and is likely to continue growth in the immediate term.
In value terms, nitric and sulphonitric acids production declined modestly to $10B in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 18%. Over the period under review, global production reached the peak level at $11.7B in 2019; however, from 2020 to 2022, production failed to regain momentum.
Production By Country
The countries with the highest volumes of production in 2022 were China (2.7M tons), Australia (2.2M tons) and South Korea (1.3M tons), together accounting for 41% of global production.
From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +9.4%), while production for the other global leaders experienced more modest paces of growth.
Imports
World Imports of Nitric Acid And Sulphonitric Acids
In 2022, global imports of nitric acid and sulphonitric acids rose sharply to 1.9M tons, increasing by 10% on the year before. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.5% 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 +42.1% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 29% against the previous year. Global imports peaked in 2022 and are expected to retain growth in years to come.
In value terms, nitric and sulphonitric acids imports soared to $681M in 2022. In general, imports showed a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.
Imports By Country
In 2022, Germany (336K tons), distantly followed by France (177K tons), China (138K tons), Japan (138K tons), Belgium (134K tons), Thailand (121K tons), the Netherlands (120K tons) and Malaysia (112K tons) represented the largest importers of nitric acid and sulphonitric acids, together generating 67% of total imports. Denmark (56K tons), Spain (53K tons), Vietnam (42K tons), Morocco (33K tons) and India (32K tons) held a minor share of total imports.
From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by India (with a CAGR of +59.9%), while imports for the other global leaders experienced more modest paces of growth.
In value terms, Germany ($99M), France ($67M) and Japan ($54M) appeared to be the countries with the highest levels of imports in 2022, with a combined 32% share of global imports. Belgium, Malaysia, the Netherlands, China, Spain, Thailand, India, Denmark, Vietnam and Morocco lagged somewhat behind, together comprising a further 35%.
Among the main importing countries, India, with a CAGR of +57.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.
Import Prices By Country
In 2022, the average nitric and sulphonitric acids import price amounted to $357 per ton, increasing by 36% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. 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 destination: amid the top importers, the country with the highest price was India ($500 per ton), while Thailand ($145 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+7.5%), while the other global leaders experienced more modest paces of growth.
Exports
World Exports of Nitric Acid And Sulphonitric Acids
In 2022, the amount of nitric acid and sulphonitric acids exported worldwide surged to 2.4M tons, increasing by 55% on 2021 figures. Overall, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +79.8% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
In value terms, nitric and sulphonitric acids exports skyrocketed to $615M in 2022. In general, exports enjoyed a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
Exports By Country
In 2022, South Korea (910K tons), distantly followed by Belgium (574K tons), Germany (304K tons) and Norway (165K tons) were the major exporters of nitric acid and sulphonitric acids, together achieving 82% of total exports. The following exporters - the Czech Republic (61K tons), the Netherlands (60K tons) and Portugal (44K tons) - together made up 6.9% of total exports.
From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +21.3%), while shipments for the other global leaders experienced more modest paces of growth.
In value terms, Belgium ($167M), South Korea ($145M) and Germany ($101M) constituted the countries with the highest levels of exports in 2022, with a combined 67% share of global exports. Norway, Portugal, the Netherlands and the Czech Republic lagged somewhat behind, together accounting for a further 11%.
In terms of the main exporting countries, Norway, with a CAGR of +19.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.
Export Prices By Country
In 2022, the average nitric and sulphonitric acids export price amounted to $257 per ton, increasing by 15% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $281 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Portugal ($392 per ton), while Norway ($137 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+6.6%), while the other global leaders experienced more modest paces of growth.
This report provides an in-depth analysis of the global market for nitric and sulphonitric acids. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 20151050 - Nitric acid, sulphonitric acids
Country coverage:
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
- USA
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
+ the largest producing countries
Data coverage:
- Global market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Global production, split by region and country
- Global trade (exports and imports)
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
In value terms, nitric acids and sulphonitric acids imports totaled $X in 2016. The total import value increased at an average annual rate of +X% from 2007 to 2016; the trend pattern indicated so...
In value terms, nitric acids and sulphonitric acids exports amounted to $X in 2016. The total export value increased at an average annual rate of +X% over the period from 2007 to 2016; the trend ...