GCC: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in GCC

In 2022, after two years of decline, there was significant growth in the GCC potassium sulphate (SOP) market, when its value increased by 63% to $X. Overall, consumption, however, continues to indicate a pronounced slump. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Potassium Sulphate (Sop) Production in GCC

In value terms, potassium sulphate (SOP) production amounted to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 894,310,000% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Potassium Sulphate (Sop) Exports

Exports in GCC

In 2022, shipments abroad of potassium sulphate (SOP) decreased by -15.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +3.4% 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 +74.4% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 44%. As a result, the exports reached the peak of X tons, and then contracted significantly in the following year.

In value terms, potassium sulphate (SOP) exports contracted markedly to $X in 2022. In general, exports, however, recorded a perceptible expansion. The pace of growth was the most pronounced in 2021 with an increase of 130% against the previous year. As a result, the exports attained the peak of $X, and then shrank sharply in the following year.

Exports by Country

The biggest shipments were from the United Arab Emirates (X tons) and Saudi Arabia (X tons), together reaching 99.9% of total export.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +11.7%).

In value terms, the United Arab Emirates ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of exports in 2022.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +11.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, reducing by -15.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2021 when the export price increased by 60%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia stood at $X per ton.

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

Potassium Sulphate (Sop) Imports

Imports in GCC

In 2022, the amount of potassium sulphate (SOP) imported in GCC expanded notably to X tons, surging by 8.9% compared with 2021. Over the period under review, imports, however, continue to indicate a mild setback. The growth pace was the most rapid in 2018 when imports increased by 79%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) imports amounted to $X in 2022. Overall, imports, however, showed a slight shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 104% against the previous year. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) prevails in imports structure, together comprising 95% of total imports. The following importers - Oman (X tons) and Qatar (X tons) - together made up 4.4% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Qatar (with a CAGR of +42.0%), while imports for the other leaders experienced more modest paces of growth.

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

Qatar, with a CAGR of +46.8%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, waning by -1.8% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 14%. The level of import peaked at $X per ton in 2015; however, from 2016 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 (+3.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform