Middle East: Nitrates Market 2024

Nitrates Market Size in the Middle East

In 2021, after three years of decline, there was significant growth in the Middle Eastern nitrates market, when its value increased by 8.5% to $X. In general, consumption recorded a strong expansion. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Nitrates Production in the Middle East

In value terms, nitrates production expanded slightly to $X in 2021 estimated in export price. Over the period under review, production showed a moderate increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 50%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Nitrates Exports

Exports in the Middle East

In 2021, shipments abroad of nitrates (excluding those of potassium) decreased by -2.4% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports recorded a perceptible curtailment. The growth pace was the most rapid in 2015 with an increase of 54%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, nitrates exports contracted to $X in 2021. Over the period under review, exports faced a abrupt setback. The growth pace was the most rapid in 2019 when exports increased by 15%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Iran (X tons) represented the key exporter of nitrates (excluding those of potassium), making up 77% of total exports. Turkey (X tons) ranks second in terms of the total exports with a 13% share, followed by Israel (7.4%). The United Arab Emirates (X tons) took a minor share 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. Turkey experienced a relatively flat trend pattern. By contrast, Israel (-26.2%) illustrated a downward trend over the same period. Iran (+77 p.p.) and Turkey (+2.4 p.p.) significantly strengthened its position in terms of the total exports, while Israel saw its share reduced by -80.3% from 2012 to 2021, 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, together accounting for 96% of total exports.

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

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, declining by -8.4% against the previous year. Over the period under review, the export price continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 an increase of 2.6%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 Israel (+0.8%), while the other leaders experienced a decline in the export price figures.

Nitrates Imports

Imports in the Middle East

In 2021, supplies from abroad of nitrates (excluding those of potassium) increased by 106% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports enjoyed a mild increase. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, nitrates imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Turkey dominates imports structure, reaching X tons, which was approx. 77% of total imports in 2021. The United Arab Emirates (X tons) held the second position in the ranking, followed by Israel (X tons) and Oman (X tons). All these countries together took approx. 19% share of total imports. Jordan (X tons) followed a long way behind the leaders.

Imports into Turkey increased at an average annual rate of +6.0% from 2012 to 2021. At the same time, the United Arab Emirates (+7.6%), Israel (+5.2%) and Oman (+2.1%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +7.6% from 2012-2021. By contrast, Jordan (-11.5%) illustrated a downward trend over the same period. While the share of Turkey (+25 p.p.), the United Arab Emirates (+2.9 p.p.) and Israel (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Jordan (-7.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported nitrates (excluding those of potassium) in the Middle East, comprising 59% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 18% share of total imports. It was followed by Israel, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey stood at +2.4%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+18.0% per year) and Israel (+5.3% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, with a decrease of -17.1% against the previous year. In general, the import price recorded a perceptible slump. The most prominent rate of growth was recorded in 2017 an increase of 39%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 mixed trends in the import price figures.

Source: IndexBox Platform

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