Iran: Sodium Nitrate Market 2023

Sodium Nitrate Market Size in Iran

In 2022, after two years of growth, there was decline in the Iranian sodium nitrate market, when its value decreased by -2.5% to $X. Overall, consumption, however, saw a noticeable setback. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Sodium Nitrate Production in Iran

In value terms, sodium nitrate production expanded sharply to $X in 2022 estimated in export price. In general, production, however, posted a prominent increase. The growth pace was the most rapid in 2020 when the production volume increased by 27%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Sodium Nitrate Exports

Exports from Iran

In 2022, after six years of growth, there was significant decline in overseas shipments of sodium nitrate, when their volume decreased by -18.5% to X tons. In general, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2018 with an increase of 2,000%. The exports peaked at X tons in 2021, and then shrank remarkably in the following year.

In value terms, sodium nitrate exports contracted sharply to $X in 2022. Overall, exports, however, saw a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 1,353%. The exports peaked at $X in 2021, and then dropped rapidly in the following year.

Exports by Country

Turkey (X tons) was the main destination for sodium nitrate exports from Iran, with a 87% share of total exports. Moreover, sodium nitrate exports to Turkey exceeded the volume sent to the second major destination, India (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey amounted to -24.3%.

In value terms, Turkey ($X) remains the key foreign market for sodium nitrate exports from Iran, comprising 92% of total exports. The second position in the ranking was taken by India ($X), with a 7.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Turkey totaled -26.2%.

Export Prices by Country

The average sodium nitrate export price stood at $X per ton in 2022, dropping by -5.7% against the previous year. Over the period under review, the export price saw a abrupt descent. The most prominent rate of growth was recorded in 2021 when the average export price increased by 17%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, 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 Turkey ($X per ton), while the average price for exports to India stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (-2.4%).

Sodium Nitrate Imports

Imports into Iran

In 2022, overseas purchases of sodium nitrate increased by 12% to X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, imports, however, saw a precipitous decrease. The pace of growth appeared the most rapid in 2013 with an increase of 159%. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, sodium nitrate imports reached $X in 2022. Overall, imports, however, faced a precipitous setback. The most prominent rate of growth was recorded in 2013 with an increase of 183%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Turkey (X tons) and China (X tons) were the main suppliers of sodium nitrate imports to Iran.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +44.4%).

In value terms, China ($X) and Turkey ($X) constituted the largest sodium nitrate suppliers to Iran.

Turkey, with a CAGR of +24.3%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review.

Import Prices by Country

The average sodium nitrate import price stood at $X per ton in 2022, reducing by -2.2% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average import price increased by 50% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Turkey amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+99.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :