MENA: Sodium Nitrate Market 2024

Sodium Nitrate Market Size in MENA

After two years of growth, the MENA's sodium nitrate market decreased by -6.1% to $X in 2022. Overall, consumption, however, continues to indicate a strong increase. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Sodium Nitrate Production in MENA

In value terms, sodium nitrate production expanded modestly to $X in 2022 estimated in export price. In general, production, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 52%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Sodium Nitrate Exports

Exports in MENA

In 2022, after four years of growth, there was significant decline in shipments abroad of sodium nitrate, when their volume decreased by -17.2% to X tons. Overall, exports, however, recorded significant growth. The growth pace was the most rapid in 2018 when exports increased by 349% against the previous year. The volume of export peaked at X tons in 2021, and then dropped rapidly in the following year.

In value terms, sodium nitrate exports declined dramatically to $X in 2022. In general, exports, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 140% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank notably in the following year.

Exports by Country

In 2022, Iran (X tons) was the major exporter of sodium nitrate, making up 71% of total exports. It was distantly followed by the United Arab Emirates (X tons) and Turkey (X tons), together mixing up a 27% share of total exports. Jordan (X tons) held a relatively small share of total exports.

Iran was also the fastest-growing in terms of the sodium nitrate exports, with a CAGR of +47.4% from 2012 to 2022. At the same time, the United Arab Emirates (+12.1%) and Turkey (+11.6%) displayed positive paces of growth. Jordan experienced a relatively flat trend pattern. While the share of Iran (+60 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Jordan (-9.7 p.p.), Turkey (-11.3 p.p.) and the United Arab Emirates (-25.8 p.p.) displayed negative dynamics.

In value terms, Iran ($X) remains the largest sodium nitrate supplier in MENA, comprising 66% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 16% share of total exports. It was followed by Turkey, with a 14% share.

In Iran, sodium nitrate exports increased at an average annual rate of +34.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+2.6% per year) and Turkey (+12.3% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, therefore, remained relatively stable against the previous year. Overall, the export price showed a abrupt slump. The pace of growth was the most pronounced in 2017 an increase of 23% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat 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 Jordan ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (+4.0%), while the other leaders experienced mixed trends in the export price figures.

Sodium Nitrate Imports

Imports in MENA

In 2022, after three years of growth, there was significant decline in purchases abroad of sodium nitrate, when their volume decreased by -12.5% to X tons. Over the period under review, imports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 114% against the previous year. The volume of import peaked at X tons in 2021, and then declined in the following year.

In value terms, sodium nitrate imports dropped slightly to $X in 2022. In general, imports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 124% against the previous year. The level of import peaked at $X in 2021, and then shrank in the following year.

Imports by Country

The United Arab Emirates was the largest importing country with an import of about X tons, which accounted for 72% of total imports. It was distantly followed by Turkey (X tons), making up a 19% share of total imports. Morocco (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the sodium nitrate imports, with a CAGR of +56.3% from 2012 to 2022. At the same time, Morocco (+14.5%) and Turkey (+8.0%) displayed positive paces of growth. From 2012 to 2022, the share of the United Arab Emirates increased by +67 percentage points.

In value terms, the largest sodium nitrate importing markets in MENA were the United Arab Emirates ($X), Turkey ($X) and Morocco ($X), together accounting for 91% of total imports.

In terms of the main importing countries, the United Arab Emirates, with a CAGR of +46.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, picking up by 14% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 23%. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Morocco ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+6.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform