MENA: Nitrates Market 2024

Nitrates Market Size in MENA

In 2021, the MENA's nitrates market was finally on the rise to reach $X after three years of decline. In general, consumption continues to indicate strong growth. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Nitrates Production in MENA

In value terms, nitrates production reached $X in 2021 estimated in export price. Overall, production showed a perceptible expansion. The pace of growth was the most pronounced in 2015 with an increase of 51%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Nitrates Exports

Exports in MENA

In 2021, overseas shipments of nitrates (excluding those of potassium) decreased by -2.6% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, exports showed a pronounced slump. The pace of growth appeared the most rapid in 2015 when exports increased by 46%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, nitrates exports contracted to $X in 2021. Over the period under review, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2014 with an increase of 13%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Iran was the key exporter of nitrates (excluding those of potassium) in MENA, with the volume of exports finishing at X tons, which was near 75% of total exports in 2021. It was distantly followed by Turkey (X tons) and Israel (X tons), together achieving a 19% share of total exports. The following exporters - Egypt (X tons) and the United Arab Emirates (X tons) - together made up 5.2% of total exports.

Iran was also the fastest-growing in terms of the nitrates (excluding those of potassium) exports, with a CAGR of +87.5% from 2012 to 2021. At the same time, the United Arab Emirates (+1.1%) displayed positive paces of growth. Egypt and Turkey experienced a relatively flat trend pattern. By contrast, Israel (-26.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Iran and Turkey increased by +75 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iran ($X), Turkey ($X) and Israel ($X) were the countries with the highest levels of exports in 2021, with a combined 87% share of total exports.

Iran, with a CAGR of +68.7%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, reducing by -5.8% against the previous year. In general, the export price saw a deep reduction. The pace of growth was the most pronounced in 2014 an increase of 1.5%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+0.9%), while the other leaders experienced mixed trends in the export price figures.

Nitrates Imports

Imports in MENA

For the third year in a row, MENA recorded growth in overseas purchases of nitrates (excluding those of potassium), which increased by 52% to X tons in 2021. In general, imports enjoyed a moderate expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 211%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, nitrates imports skyrocketed to $X in 2021. Over the period under review, imports posted a slight expansion. The pace of growth was the most pronounced in 2016 with an increase of 445% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

Turkey represented the key importer of nitrates (excluding those of potassium) in MENA, with the volume of imports accounting for X tons, which was near 47% of total imports in 2021. Morocco (X tons) ranks second in terms of the total imports with a 29% share, followed by Algeria (5.4%). The United Arab Emirates (X tons), Israel (X tons), Oman (X tons) and Egypt (X tons) held a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Algeria (with a CAGR of +49.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest nitrates importing markets in MENA were Turkey ($X), Morocco ($X) and the United Arab Emirates ($X), with a combined 72% share of total imports. These countries were followed by Israel, Algeria, Egypt and Oman, which together accounted for a further 21%.

Among the main importing countries, Algeria, with a CAGR of +38.4%, saw 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

In 2021, the import price in MENA amounted to $X per ton, declining by -2% against the previous year. In general, the import price recorded a slight decline. The most prominent rate of growth was recorded in 2016 when the import price increased by 75% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform