Middle East: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in the Middle East

In 2022, the Middle Eastern phosphoric acid market increased by 51% to $X, rising for the second year in a row after two years of decline. The total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +84.6% against 2020 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Phosphoric Acid Production in the Middle East

In value terms, phosphoric acid production reached $X in 2022 estimated in export price. The total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.0% against 2020 indices. The growth pace was the most rapid in 2019 when the production volume increased by 60%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Phosphoric Acid Exports

Exports in the Middle East

In 2022, shipments abroad of phosphoric acid and polyphosphoric acids decreased by -24.8% to X tons, falling for the second year in a row after two years of growth. In general, exports, however, posted moderate growth. The pace of growth appeared the most rapid in 2019 when exports increased by 87%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, phosphoric acid exports skyrocketed to $X in 2022. Overall, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2019 when exports increased by 76%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the near future.

Exports by Country

Israel was the largest exporting country with an export of around X tons, which accounted for 53% of total exports. Jordan (X tons) took the second position in the ranking, distantly followed by Lebanon (X tons). All these countries together took near 47% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Israel (with a CAGR of +5.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest phosphoric acid supplying countries in the Middle East were Israel ($X), Jordan ($X) and Lebanon ($X), with a combined 99% share of total exports.

In terms of the main exporting countries, Jordan, with a CAGR of +14.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, with an increase of 87% against the previous year. Export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +5.1% 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 +90.0% 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 mixed trends in the export price figures.

Phosphoric Acid Imports

Imports in the Middle East

In 2022, the amount of phosphoric acid and polyphosphoric acids imported in the Middle East dropped to X tons, reducing by -9.7% compared with the year before. Over the period under review, imports recorded a mild setback. The growth pace was the most rapid in 2015 when imports increased by 37%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, phosphoric acid imports surged to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 39% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Turkey was the main importer of phosphoric acid and polyphosphoric acids in the Middle East, with the volume of imports accounting for X tons, which was approx. 73% of total imports in 2022. Jordan (X tons) ranks second in terms of the total imports with a 15% share, followed by Saudi Arabia (8.3%). The United Arab Emirates (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to phosphoric acid imports into Turkey stood at +2.6%. At the same time, Jordan (+30.6%) displayed positive paces of growth. Moreover, Jordan emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +30.6% from 2012-2022. By contrast, the United Arab Emirates (-5.6%) and Saudi Arabia (-16.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and Jordan increased by +23 and +14 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported phosphoric acid and polyphosphoric acids in the Middle East, comprising 88% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 4.4% share of total imports. It was followed by Jordan, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to +4.8%. 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

In 2022, the import price in the Middle East amounted to $X per ton, rising by 39% against the previous year. Import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% 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 +91.6% against 2017 indices. As a result, import price reached 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 Turkey ($X per ton), while Jordan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+2.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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