GCC: Potassium Nitrate Market 2024

Potassium Nitrate Market Size in GCC

After four years of growth, the GCC potassium nitrate market decreased by -23.2% to $X in 2022. Overall, consumption, however, enjoyed a prominent expansion. Over the period under review, the market attained the maximum level at $X in 2021, and then fell notably in the following year.

Potassium Nitrate Production in GCC

In value terms, potassium nitrate production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by 171%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Potassium Nitrate Exports

Exports in GCC

In 2022, exports of potassium nitrates in GCC declined sharply to X tons, which is down by -59.2% on the previous year's figure. In general, exports recorded a abrupt slump. The most prominent rate of growth was recorded in 2021 when exports increased by 157% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, potassium nitrate exports contracted sharply to $X in 2022. Over the period under review, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by 80% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) represented the major exporter of potassium nitrates in GCC, committing 100% of total export.

The United Arab Emirates was also the fastest-growing in terms of the potassium nitrates exports, with a CAGR of -16.1% from 2012 to 2022. From 2012 to 2022, the share of the United Arab Emirates increased by +18 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest potassium nitrate supplier in GCC.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled -14.0%.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, surging by 36% against the previous year. Export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium nitrate export price decreased by -4.7% against 2020 indices. The most prominent rate of growth was recorded in 2020 an increase of 62% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to +2.6% per year.

Potassium Nitrate Imports

Imports in GCC

In 2022, overseas purchases of potassium nitrates decreased by -15.8% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2020 when imports increased by 93% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then shrank sharply in the following year.

In value terms, potassium nitrate imports declined remarkably to $X in 2022. Over the period under review, imports, however, saw buoyant growth. The pace of growth was the most pronounced in 2020 when imports increased by 75%. Over the period under review, imports reached the maximum at $X in 2021, and then contracted rapidly in the following year.

Imports by Country

The United Arab Emirates was the key importer of potassium nitrates in GCC, with the volume of imports resulting at X tons, which was near 78% of total imports in 2022. It was distantly followed by Saudi Arabia (X tons), achieving a 19% share of total imports. Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to potassium nitrate imports into the United Arab Emirates stood at +21.4%. At the same time, Qatar (+49.8%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +49.8% from 2012-2022. By contrast, Saudi Arabia (-3.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates and Qatar increased by +51 and +1.7 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported potassium nitrates in GCC, comprising 75% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 21% share of total imports.

In the United Arab Emirates, potassium nitrate imports expanded at an average annual rate of +17.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (-5.7% per year) and Qatar (+47.7% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, approximately reflecting the previous year. In general, the import price, however, showed a pronounced descent. The most prominent rate of growth was recorded in 2016 an increase of 1% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat 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 (-1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform