GCC: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in GCC

The GCC phosphoric acid market rose notably to $X in 2022, increasing by 5% against the previous year. Overall, consumption showed a pronounced reduction. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Phosphoric Acid Production in GCC

In value terms, phosphoric acid production expanded notably to $X in 2022 estimated in export price. In general, production continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 44% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Phosphoric Acid Exports

Exports in GCC

In 2022, phosphoric acid exports in GCC contracted modestly to X tons, remaining constant against 2021 figures. Total exports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by +0.7% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 104%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, phosphoric acid exports expanded slightly to $X in 2022. Total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -3.2% against 2020 indices. The pace of growth was the most pronounced in 2013 when exports increased by 58% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Oman (X tons) was the major exporter of phosphoric acid and polyphosphoric acids, comprising 58% of total exports. It was distantly followed by the United Arab Emirates (X tons) and Saudi Arabia (X tons), together achieving a 41% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the United Arab Emirates (with a CAGR of +13.8%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Oman ($X) remains the largest phosphoric acid supplier in GCC, comprising 77% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 18% share of total exports.

In Oman, phosphoric acid exports expanded at an average annual rate of +5.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+9.2% per year) and Saudi Arabia (-7.0% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, growing by 4.2% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the export price increased by 27% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, 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 Oman (+2.2%), while the other leaders experienced a decline in the export price figures.

Phosphoric Acid Imports

Imports in GCC

Phosphoric acid imports dropped to X tons in 2022, falling by -6.1% on the previous year. In general, imports recorded a abrupt slump. The pace of growth was the most pronounced in 2017 with an increase of 53%. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, phosphoric acid imports reduced modestly to $X in 2022. Over the period under review, imports saw a abrupt decrease. The growth pace was the most rapid in 2015 when imports increased by 47%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Saudi Arabia represented the main importer of phosphoric acid and polyphosphoric acids in GCC, with the volume of imports finishing at X tons, which was near 77% of total imports in 2022. It was distantly followed by the United Arab Emirates (X tons), comprising a 20% share of total imports.

Imports into Saudi Arabia decreased at an average annual rate of -16.4% from 2012 to 2022. The United Arab Emirates (-5.6%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+13 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Saudi Arabia (-15.4 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported phosphoric acid and polyphosphoric acids in GCC, comprising 66% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 25% share of total imports.

In Saudi Arabia, phosphoric acid imports decreased by an average annual rate of -18.1% over the period from 2012-2022.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, picking up by 1.9% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 20% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.1%).

Source: IndexBox Platform