Nitrites Market

The article provides a comprehensive analysis of the global nitrites market, including consumption trends, market volume, and value projections up to 2030. It covers data on consumption, production, imports, and exports of nitrites, highlighting key countries and growth rates in the industry. Detailed information on market performance, trend patterns, and fluctuations over the years is also presented.

Market Forecast

Driven by increasing demand for nitrites worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.2% for the period from 2022 to 2030, which is projected to bring the market volume to 224K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market value to $244M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Nitrites

In 2022, consumption of nitrites increased by 23% to 203K tons for the first time since 2018, thus ending a three-year declining trend. In general, consumption showed a modest increase. Global consumption peaked at 206K tons in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

The global nitrites market value surged to $181M in 2022, picking up by 40% against 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). The market value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern 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.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Russia (38K tons), Zambia (26K tons) and Nigeria (23K tons), with a combined 42% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +123.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest nitrites markets worldwide were Nigeria ($23M), Russia ($23M) and Zambia ($22M), with a combined 38% share of the global market.

Nigeria, with a CAGR of +128.1%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of nitrites per capita consumption was registered in Zambia (1,321 kg per 1000 persons), followed by the Netherlands (482 kg per 1000 persons), Russia (261 kg per 1000 persons) and Taiwan (Chinese) (160 kg per 1000 persons), while the world average per capita consumption of nitrites was estimated at 26 kg per 1000 persons.

In Zambia, nitrites per capita consumption expanded at an average annual rate of +56.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Netherlands (-3.8% per year) and Russia (-1.2% per year).

Production

World Production of Nitrites

Global nitrites production expanded slightly to 132K tons in 2022, picking up by 2.8% on the year before. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 8.9%. Over the period under review, global production hit record highs at 139K tons in 2016; however, from 2017 to 2022, production failed to regain momentum.

In value terms, nitrites production reached $83M in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 22% against the previous year. Over the period under review, global production hit record highs at $101M in 2016; however, from 2017 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (56K tons), Russia (45K tons) and the United States (9.8K tons), with a combined 84% share of global production. India, Saudi Arabia, Kuwait and Equatorial Guinea lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Equatorial Guinea (with a CAGR of +10.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Nitrites

In 2022, overseas purchases of nitrites increased by 22% to 160K tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global imports reached the peak figure at 177K tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, nitrites imports surged to $170M in 2022. In general, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +96.4% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Zambia (26K tons) and Nigeria (23K tons) were the largest importers of nitritesacross the globe, together finishing at approx. 30% of total imports. It was distantly followed by India (11K tons), the Netherlands (10K tons), Japan (9.1K tons) and South Korea (7.5K tons), together mixing up a 23% share of total imports. The following importers - the United States (7K tons), Brazil (6.4K tons), Canada (6.2K tons), France (4.4K tons), the UK (4K tons), Taiwan (Chinese) (3.8K tons) and Indonesia (3.2K tons) - together made up 22% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Nigeria (with a CAGR of +123.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Nigeria ($27M), Zambia ($19M) and the Netherlands ($10M) were the countries with the highest levels of imports in 2022, together comprising 33% of global imports.

Nigeria, with a CAGR of +131.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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 nitrites import price amounted to $1,057 per ton, picking up by 28% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($1,516 per ton), while Zambia ($727 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+9.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Nitrites

In 2022, global nitrites exports contracted to 89K tons, declining by -6.4% against 2021. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 42% against the previous year. The global exports peaked at 97K tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, nitrites exports expanded markedly to $80M in 2022. The total export value increased at an average annual rate of +4.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 28%. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports By Country

In 2022, China (40K tons) represented the largest exporter of nitrites, making up 45% of total exports. The United States (16K tons) held the second position in the ranking, followed by India (16K tons) and Russia (7.8K tons). All these countries together held near 44% share of total exports. The following exporters - the Netherlands (1.7K tons) and Equatorial Guinea (1.4K tons) - each amounted to a 3.5% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to nitrites exports from China stood at -2.5%. At the same time, India (+10.5%), the Netherlands (+8.1%), Russia (+7.0%) and the United States (+5.6%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +10.5% from 2012-2022. Equatorial Guinea experienced a relatively flat trend pattern. From 2012 to 2022, the share of India, the United States, Russia and Equatorial Guinea increased by +10, +6.8, +3.9 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($30M), India ($18M) and the United States ($10M) constituted the countries with the highest levels of exports in 2022, with a combined 73% share of global exports.

In terms of the main exporting countries, India, with a CAGR of +14.4%, saw 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 nitrites export price amounted to $894 per ton, jumping by 21% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The pace of growth appeared the most rapid in 2016 an increase of 28% against the previous year. The global export price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Russia ($1,312 per ton), while the United States ($631 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+5.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform