GCC: Ammonium Nitrate Market 2024

Ammonium Nitrate Market Size in GCC

In 2021, the GCC ammonium nitrate market decreased by -9.9% to $X for the first time since 2011, thus ending a nine-year rising trend. Overall, consumption, however, posted a strong expansion. Over the period under review, the market attained the maximum level at $X in 2020, and then dropped in the following year.

Ammonium Nitrate Production in GCC

In value terms, ammonium nitrate production dropped to $X in 2021 estimated in export price. In general, production, however, continues to indicate a resilient expansion. The pace of growth was the most pronounced in 2020 when the production volume increased by 18% against the previous year. As a result, production attained the peak level of $X, and then reduced in the following year.

Ammonium Nitrate Exports

Exports in GCC

In 2021, the amount of ammonium nitrate exported in GCC surged to X tons, picking up by 55% on 2020. Total exports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +108.2% against 2017 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, ammonium nitrate exports soared to $X in 2021. Total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +7.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +90.1% against 2012 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Oman (X tons) represented the major exporter of ammonium nitrate, comprising 71% of total exports. It was distantly followed by Saudi Arabia (X tons), constituting a 29% share of total exports.

Oman was also the fastest-growing in terms of the ammonium nitrate exports, with a CAGR of +58.0% from 2012 to 2021. Saudi Arabia (-10.9%) illustrated a downward trend over the same period. While the share of Oman (+70 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-68 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) remains the largest ammonium nitrate supplier in GCC, comprising 80% of total exports. The second position in the ranking was taken by Oman ($X), with a 20% share of total exports.

In Saudi Arabia, ammonium nitrate exports increased at an average annual rate of +5.1% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, waning by -23.9% against the previous year. Export price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, ammonium nitrate export price decreased by -28.4% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the export price increased by 17%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, 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 Saudi Arabia ($X per ton), while Oman totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+18.0%).

Ammonium Nitrate Imports

Imports in GCC

In 2021, overseas purchases of ammonium nitrate were finally on the rise to reach X tons after three years of decline. Total imports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when imports increased by 29%. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, ammonium nitrate imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Saudi Arabia (X tons) represented the largest importer of ammonium nitrate, constituting 61% of total imports. It was distantly followed by the United Arab Emirates (X tons) and Oman (X tons), together creating a 38% share of total imports.

Saudi Arabia was also the fastest-growing in terms of the ammonium nitrate imports, with a CAGR of +4.3% from 2012 to 2021. At the same time, the United Arab Emirates (+4.1%) and Oman (+4.0%) displayed positive paces of growth. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported ammonium nitrate in GCC, comprising 58% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 25% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia was relatively modest. In the other countries, the average annual rates were as follows: the United Arab Emirates (+2.5% per year) and Oman (+4.1% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, with an increase of 21% against the previous year. In general, the import price, however, recorded a pronounced downturn. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Oman ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform