MENA: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in MENA

In 2022, the MENA's phosphoric acid market increased by 39% to $X, rising for the second consecutive year after two years of decline. Overall, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Phosphoric Acid Production in MENA

In value terms, phosphoric acid production dropped slightly to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 11%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Phosphoric Acid Exports

Exports in MENA

In 2022, exports of phosphoric acid and polyphosphoric acids in MENA shrank to X tons, with a decrease of -7.6% compared with the year before. The total export volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when exports increased by 14%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, phosphoric acid exports surged to $X in 2022. Total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +51.0% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Morocco represented the key exporter of phosphoric acid and polyphosphoric acids in MENA, with the volume of exports finishing at X tons, which was approx. 65% of total exports in 2022. Israel (X tons) took the second position in the ranking, followed by Tunisia (X tons) and Jordan (X tons). All these countries together held near 29% share of total exports. Lebanon (X tons) held a minor share of total exports.

Exports from Morocco increased at an average annual rate of +1.0% from 2012 to 2022. At the same time, Israel (+5.4%), Lebanon (+3.2%) and Jordan (+1.4%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in MENA, with a CAGR of +5.4% from 2012-2022. By contrast, Tunisia (-3.0%) illustrated a downward trend over the same period. While the share of Israel (+4.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Tunisia (-4.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Morocco ($X) remains the largest phosphoric acid supplier in MENA, comprising 66% of total exports. The second position in the ranking was taken by Israel ($X), with a 15% share of total exports. It was followed by Jordan, with a 14% share.

In Morocco, phosphoric acid exports expanded at an average annual rate of +3.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Israel (+6.8% per year) and Jordan (+14.8% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, jumping by 71% against the previous year. Export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, phosphoric acid export price increased by +71.2% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Jordan ($X per ton), while Lebanon ($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 (+13.2%), while the other leaders experienced more modest paces of growth.

Phosphoric Acid Imports

Imports in MENA

In 2022, approx. X tons of phosphoric acid and polyphosphoric acids were imported in MENA; falling by -8.6% compared with 2021. Overall, imports continue to indicate a slight reduction. The pace of growth was the most pronounced in 2015 when imports increased by 33%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, phosphoric acid imports soared to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 36% against the previous year. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Turkey represented the main importer of phosphoric acid and polyphosphoric acids in MENA, with the volume of imports resulting at X tons, which was approx. 70% of total imports in 2022. Jordan (X tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (8%). The following importers - Egypt (X tons) and the United Arab Emirates (X tons) - each resulted at a 4.5% share of total imports.

Imports into Turkey increased at an average annual rate of +2.6% from 2012 to 2022. At the same time, Jordan (+30.6%) displayed positive paces of growth. Moreover, Jordan emerged as the fastest-growing importer imported in MENA, with a CAGR of +30.6% from 2012-2022. By contrast, the United Arab Emirates (-5.6%), Egypt (-6.9%) and Saudi Arabia (-16.4%) illustrated a downward trend over the same period. While the share of Turkey (+25 p.p.) and Jordan (+13 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Egypt (-1.7 p.p.) and Saudi Arabia (-32 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported phosphoric acid and polyphosphoric acids in MENA, comprising 83% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 4.1% share of total imports. It was followed by Jordan, with a 3.8% share.

In Turkey, phosphoric acid imports expanded at an average annual rate of +4.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (-18.1% per year) and Jordan (+20.5% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, surging by 40% against the previous year. Import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, phosphoric acid import price increased by +86.2% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform