Greece: Nitrogen Market 2024

Nitrogen Market Size in Greece

In 2022, the Greek nitrogen market increased by X% to $X, rising for the eighth year in a row after two years of decline. Overall, consumption enjoyed a prominent expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Nitrogen Production in Greece

In value terms, nitrogen production soared to $X in 2022 estimated in export price. Over the period under review, production recorded a tangible increase. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Nitrogen Exports

Exports from Greece

In 2022, exports of nitrogen from Greece soared to X cubic meters, increasing by X% compared with the year before. Over the period under review, exports continue to indicate a strong increase. The growth pace was the most rapid in 2013 when exports increased by X%. The exports peaked at X cubic meters in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, nitrogen exports surged to $X in 2022. In general, exports recorded a prominent expansion. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

North Macedonia (X cubic meters) was the main destination for nitrogen exports from Greece, with a X% share of total exports. Moreover, nitrogen exports to North Macedonia exceeded the volume sent to the second major destination, Bulgaria (X cubic meters), sixfold. The third position in this ranking was taken by Cyprus (X cubic meters), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to North Macedonia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (X% per year) and Cyprus (X% per year).

In value terms, North Macedonia ($X) remains the key foreign market for nitrogen exports from Greece, comprising X% of total exports. The second position in the ranking was held by Cyprus ($X), with a X% share of total exports. It was followed by Malta, with an X% share.

From 2012 to 2022, the average annual growth rate of value to North Macedonia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (X% per year) and Malta (X% per year).

Export Prices by Country

In 2022, the average nitrogen export price amounted to $X per cubic meter, dropping by X% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per cubic meter. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Malta ($X per cubic meter), while the average price for exports to Bulgaria ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Romania (X%), while the prices for the other major destinations experienced mixed trend patterns.

Nitrogen Imports

Imports into Greece

In 2022, approx. X cubic meters of nitrogen were imported into Greece; dropping by X% compared with the previous year's figure. Overall, imports, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2019 when imports increased by X%. As a result, imports reached the peak of X cubic meters. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, nitrogen imports fell modestly to $X in 2022. Over the period under review, imports, however, posted resilient growth. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then shrank slightly in the following year.

Imports by Country

North Macedonia (X cubic meters), Bulgaria (X cubic meters) and Serbia (X cubic meters) were the main suppliers of nitrogen imports to Greece, together comprising X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Serbia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, North Macedonia ($X), Bulgaria ($X) and Serbia ($X) constituted the largest nitrogen suppliers to Greece, together comprising X% of total imports.

Serbia, with a CAGR of X%, saw 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 2022, the average nitrogen import price amounted to $X per cubic meter, approximately mirroring the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average import price increased by X%. As a result, import price attained the peak level of $X per cubic meter. From 2014 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Bulgaria ($X per cubic meter), while the price for Serbia ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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