Middle East: Sodium Nitrate Market 2024

Sodium Nitrate Market Size in the Middle East

After three years of growth, the Middle Eastern sodium nitrate market decreased by -8.4% to $X in 2022. In general, consumption, however, saw resilient growth. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Sodium Nitrate Production in the Middle East

In value terms, sodium nitrate production skyrocketed to $X in 2022 estimated in export price. In general, production, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 128% against the previous year. The level of production peaked in 2022 and is likely to see steady growth in the near future.

Sodium Nitrate Exports

Exports in the Middle East

In 2022, shipments abroad of sodium nitrate decreased by -17.2% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 351%. Over the period under review, the exports attained the maximum at X tons in 2021, and then reduced rapidly in the following year.

In value terms, sodium nitrate exports fell rapidly to $X in 2022. Overall, exports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2018 when exports increased by 146%. Over the period under review, the exports attained the maximum at $X in 2021, and then reduced markedly in the following year.

Exports by Country

Iran was the largest exporting country with an export of about X tons, which amounted to 71% of total exports. It was distantly followed by the United Arab Emirates (X tons) and Turkey (X tons), together generating a 27% share of total exports. Jordan (X tons) followed a long way behind the leaders.

Iran was also the fastest-growing in terms of the sodium nitrate exports, with a CAGR of +47.4% from 2012 to 2022. At the same time, the United Arab Emirates (+12.1%) and Turkey (+11.6%) displayed positive paces of growth. Jordan experienced a relatively flat trend pattern. Iran (+60 p.p.) significantly strengthened its position in terms of the total exports, while Jordan, Turkey and the United Arab Emirates saw its share reduced by -9.8%, -11.4% and -26.1% from 2012 to 2022, respectively.

In value terms, Iran ($X) remains the largest sodium nitrate supplier in the Middle East, comprising 66% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 16% share of total exports. It was followed by Turkey, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Iran totaled +34.4%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+2.6% per year) and Turkey (+12.3% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, flattening at the previous year. Overall, the export price saw a abrupt decline. The growth pace was the most rapid in 2017 when the export price increased by 19% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (+4.0%), while the other leaders experienced mixed trends in the export price figures.

Sodium Nitrate Imports

Imports in the Middle East

In 2022, purchases abroad of sodium nitrate decreased by -13.5% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2016 when imports increased by 162% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, sodium nitrate imports declined to $X in 2022. Overall, imports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2016 when imports increased by 214%. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates represented the largest importer of sodium nitrate in the Middle East, with the volume of imports reaching X tons, which was near 77% of total imports in 2022. It was distantly followed by Turkey (X tons), comprising a 20% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the sodium nitrate imports, with a CAGR of +56.3% from 2012 to 2022. At the same time, Turkey (+8.0%) displayed positive paces of growth. While the share of the United Arab Emirates (+72 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Turkey (-34.4 p.p.) displayed negative dynamics.

In value terms, the largest sodium nitrate importing markets in the Middle East were the United Arab Emirates ($X) and Turkey ($X).

Among the main importing countries, the United Arab Emirates, with a CAGR of +46.1%, saw the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, picking up by 12% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 22% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+6.7%).

Source: IndexBox Platform

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