Middle East: Potassium Nitrate Market 2024

Potassium Nitrate Market Size in the Middle East

The Middle Eastern potassium nitrate market skyrocketed to $X in 2022, with an increase of 180% against the previous year. In general, consumption posted prominent growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Potassium Nitrate Production in the Middle East

In value terms, potassium nitrate production amounted to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 51%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Potassium Nitrate Exports

Exports in the Middle East

In 2022, shipments abroad of potassium nitrates decreased by -42% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports saw a mild contraction. The pace of growth was the most pronounced in 2019 when exports increased by 103%. Over the period under review, the exports reached the maximum at X tons in 2021, and then fell markedly in the following year.

In value terms, potassium nitrate exports contracted remarkably to $X in 2022. In general, exports saw a noticeable curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 86% against the previous year. The level of export peaked at $X in 2021, and then shrank notably in the following year.

Exports by Country

Israel prevails in exports structure, resulting at X tons, which was near 93% of total exports in 2022. Turkey (X tons) and Jordan (X tons) followed a long way behind the leaders.

Exports from Israel increased at an average annual rate of +1.3% from 2012 to 2022. At the same time, Turkey (+38.8%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +38.8% from 2012-2022. By contrast, Jordan (-24.5%) illustrated a downward trend over the same period. Israel (+25 p.p.) and Turkey (+4.3 p.p.) significantly strengthened its position in terms of the total exports, while Jordan saw its share reduced by -28.9% from 2012 to 2022, respectively.

In value terms, Israel ($X) remains the largest potassium nitrate supplier in the Middle East, comprising 89% of total exports. The second position in the ranking was held by Turkey ($X), with a 7% share of total exports.

In Israel, potassium nitrate exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+42.4% per year) and Jordan (-21.2% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, with an increase of 4.3% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 22% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 Turkey ($X per ton), while Israel ($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 (+4.3%), while the other leaders experienced mixed trends in the export price figures.

Potassium Nitrate Imports

Imports in the Middle East

In 2022, supplies from abroad of potassium nitrates decreased by -12.5% to X tons for the first time since 2018, thus ending a three-year rising trend. Total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 40%. Over the period under review, imports attained the peak figure at X tons in 2021, and then reduced in the following year.

In value terms, potassium nitrate imports rose remarkably to $X in 2022. Total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +105.0% against 2018 indices. The growth pace was the most rapid in 2019 when imports increased by 32% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

The United Arab Emirates (X tons) and Turkey (X tons) represented roughly 78% of total imports in 2022. Saudi Arabia (X tons) held a 10% share (based on physical terms) of total imports, which put it in second place, followed by Israel (7.2%).

From 2012 to 2022, the biggest increases were recorded for Israel (with a CAGR of +54.2%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest potassium nitrate importing markets in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Israel ($X), with a combined 88% share of total imports.

In terms of the main importing countries, Israel, with a CAGR of +58.9%, recorded the highest growth rate of 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 the Middle East stood at $X per ton in 2022, picking up by 28% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, 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 Israel ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+3.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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