GCC: Ammonia Market 2024

Ammonia Market Size in GCC

The GCC ammonia market soared to $X in 2022, growing by 95% against the previous year. The total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Ammonia Production in GCC

In value terms, ammonia production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 44% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Ammonia Exports

Exports in GCC

In 2022, shipments abroad of anhydrous ammonia decreased by -88.4% to X tons, falling for the second consecutive year after three years of growth. In general, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 244%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, ammonia exports dropped remarkably to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 245%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Oman (X tons) and Bahrain (X tons) were the major exporters of anhydrous ammonia in GCC, together accounting for near 76% of total exports. It was distantly followed by the United Arab Emirates (X tons), comprising a 22% share of total exports. Kuwait (X tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Bahrain (with a CAGR of +13.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest ammonia supplying countries in GCC were Bahrain ($X), Oman ($X) and the United Arab Emirates ($X), together accounting for 99% of total exports.

In terms of the main exporting countries, Oman, with a CAGR of +15.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, with an increase of 24% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by 26%. Over the period under review, the export prices reached the peak figure in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+7.9%), while the other leaders experienced mixed trends in the export price figures.

Ammonia Imports

Imports in GCC

In 2022, approx. X tons of anhydrous ammonia were imported in GCC; with a decrease of -48.3% on the previous year's figure. In general, imports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2021 when imports increased by 2,805% against the previous year. As a result, imports attained the peak of X tons, and then shrank sharply in the following year.

In value terms, ammonia imports dropped remarkably to $X in 2022. Overall, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 2,292%. As a result, imports reached the peak of $X, and then shrank dramatically in the following year.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) dominates imports structure, together constituting 97% of total imports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the United Arab Emirates (with a CAGR of +22.0%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X) constituted the countries with the highest levels of imports in 2022, with a combined 96% share of total imports.

In terms of the main importing countries, the United Arab Emirates, with a CAGR of +23.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the import price increased by 27%. Over the period under review, import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.2%).

Source: IndexBox Platform