GCC: Nitrites Market 2024

Nitrites Market Size in GCC

In 2021, the GCC nitrites market decreased by -0.2% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption saw a modest expansion. Over the period under review, the market reached the peak level at $X in 2020, and then declined modestly in the following year.

Nitrites Production in GCC

In value terms, nitrites production reduced to $X in 2021 estimated in export price. The total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +7.4% against 2019 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 36%. The level of production peaked at $X in 2020, and then fell in the following year.

Nitrites Exports

Exports in GCC

In 2021, approx. X tons of nitrites were exported in GCC; with a decrease of -16.5% against 2020 figures. In general, exports saw a drastic downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 53%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, nitrites exports fell to $X in 2021. Overall, exports recorded a deep downturn. The growth pace was the most rapid in 2018 when exports increased by 93%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia represented the major exporter of nitrites in GCC, with the volume of exports resulting at X tons, which was near 87% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), generating an 11% share of total exports.

Exports from Saudi Arabia decreased at an average annual rate of -15.8% from 2012 to 2021. The United Arab Emirates (-12.3%) illustrated a downward trend over the same period. The United Arab Emirates (+3.1 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -2.3% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) remains the largest nitrites supplier in GCC, comprising 90% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 8.5% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia amounted to -8.4%.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, with an increase of 9% against the previous year. Export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, nitrites export price increased by +43.3% against 2017 indices. The pace of growth appeared the most rapid in 2014 an increase of 108% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.8%).

Nitrites Imports

Imports in GCC

Nitrites imports contracted slightly to X tons in 2021, which is down by -1.9% compared with the previous year. Overall, imports faced a deep reduction. The most prominent rate of growth was recorded in 2019 with an increase of 43% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, nitrites imports totaled $X in 2021. Over the period under review, imports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2019 when imports increased by 31%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, reaching X tons, which was approx. 85% of total imports in 2021. It was distantly followed by Qatar (X tons), mixing up a 7.7% share of total imports. The following importers - Bahrain (X tons), Oman (X tons) and Kuwait (X tons) - together made up 7.3% of total imports.

The United Arab Emirates was also the fastest-growing in terms of the nitrites imports, with a CAGR of +11.0% from 2012 to 2021. Bahrain (-12.5%), Qatar (-14.0%), Kuwait (-19.2%) and Oman (-21.2%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+73 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Kuwait (-2.4 p.p.), Qatar (-3 p.p.) and Oman (-3.5 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 ($X) constitutes the largest market for imported nitrites in GCC, comprising 77% of total imports. The second position in the ranking was held by Qatar ($X), with an 8% share of total imports. It was followed by Bahrain, with a 6.9% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to +15.4%. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (-19.7% per year) and Bahrain (-2.0% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, picking up by 11% against the previous year. Overall, the import price, however, continues to indicate a noticeable reduction. The pace of growth was the most pronounced in 2015 when the import price increased by 54%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Kuwait ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+12.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform