GCC: Diammonium Phosphate Market 2024

Diammonium Phosphate Market Size in GCC

The GCC diammonium phosphate market dropped significantly to $X in 2022, waning by -33.6% against the previous year. Over the period under review, consumption, however, continues to indicate tangible growth. As a result, consumption reached the peak level of $X, and then declined rapidly in the following year.

Diammonium Phosphate Production in GCC

In value terms, diammonium phosphate production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production saw a noticeable decline. The most prominent rate of growth was recorded in 2018 when the production volume increased by 22%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Diammonium Phosphate Exports

Exports in GCC

After two years of decline, shipments abroad of diammonium phosphate increased by 31% to X tons in 2022. Over the period under review, exports showed a strong increase. The pace of growth appeared the most rapid in 2013 when exports increased by 95% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, diammonium phosphate exports declined to $X in 2022. Total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +9.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +4.4% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of 93% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia (X tons) represented roughly 99% of total exports in 2022.

Saudi Arabia was also the fastest-growing in terms of the diammonium phosphate exports, with a CAGR of +11.3% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) also remains the largest diammonium phosphate supplier in GCC.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia totaled +9.7%.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, declining by -26.6% against the previous year. Over the period under review, the export price showed a mild downturn. The growth pace was the most rapid in 2021 when the export price increased by 76%. As a result, the export price attained the peak level of $X per ton, and then contracted markedly in the following year.

As there is only one major export destination, the average price level is determined by prices for Saudi Arabia.

From 2012 to 2022, the rate of growth in terms of prices for Saudi Arabia amounted to -1.4% per year.

Diammonium Phosphate Imports

Imports in GCC

In 2022, supplies from abroad of diammonium phosphate was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports enjoyed resilient growth. The pace of growth was the most pronounced in 2016 with an increase of 826%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, diammonium phosphate imports expanded sharply to $X in 2022. Over the period under review, imports showed a tangible increase. The most prominent rate of growth was recorded in 2016 with an increase of 833%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the main importing country with an import of around X tons, which accounted for 82% of total imports. It was distantly followed by Qatar (X tons), mixing up a 15% share of total imports. Oman (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to diammonium phosphate imports into the United Arab Emirates stood at +9.2%. At the same time, Qatar (+59.5%) and Oman (+15.6%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +59.5% from 2012-2022. While the share of Qatar (+15 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United Arab Emirates (-14.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported diammonium phosphate in GCC, comprising 66% of total imports. The second position in the ranking was held by Qatar ($X), with a 31% share of total imports.

In the United Arab Emirates, diammonium phosphate imports increased at an average annual rate of +6.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+82.8% per year) and Oman (+18.5% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, standing approx. at the previous year. In general, the import price, however, continues to indicate a deep slump. The most prominent rate of growth was recorded in 2021 an increase of 50%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+14.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform