Saudi Arabia: Nitrogen Market 2024

Nitrogen Market Size in Saudi Arabia

The Saudi nitrogen market was estimated at $X in 2021, increasing by 9.6% against the previous year. Over the period under review, the total consumption indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -8.1% against 2019 indices. Nitrogen consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Nitrogen Production in Saudi Arabia

In value terms, nitrogen production expanded markedly to $X in 2021 estimated in export price. In general, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -8.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 72% against the previous year. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Nitrogen Exports

Exports from Saudi Arabia

In 2021, approx. X cubic meters of nitrogen were exported from Saudi Arabia; shrinking by -81.2% compared with the previous year's figure. Overall, exports, however, saw resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of 1,053%. The exports peaked at X cubic meters in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitrogen exports shrank sharply to $X in 2021. In general, exports showed a noticeable decline. The most prominent rate of growth was recorded in 2016 when exports increased by 621%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Oman (X cubic meters) was the main destination for nitrogen exports from Saudi Arabia, with a 69% share of total exports. Moreover, nitrogen exports to Oman exceeded the volume sent to the second major destination, Jordan (X cubic meters), fourfold. The third position in this ranking was taken by Egypt (X cubic meters), with a 6.3% share.

From 2012 to 2021, the average annual growth rate of volume to Oman totaled +96.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jordan (+63.7% per year) and Egypt (+114.6% per year).

In value terms, Oman ($X) emerged as the key foreign market for nitrogen exports from Saudi Arabia, comprising 71% of total exports. The second position in the ranking was held by Jordan ($X), with a 13% share of total exports. It was followed by Kuwait, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Oman amounted to +86.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jordan (+17.7% per year) and Kuwait (-5.5% per year).

Export Prices by Country

In 2021, the average nitrogen export price amounted to $X per cubic meter, with an increase of 44% against the previous year. In general, the export price, however, saw a abrupt decline. Over the period under review, the average export prices hit record highs at $X per cubic meter in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Kuwait ($X per cubic meter), while the average price for exports to Egypt ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+13.8%), while the prices for the other major destinations experienced a decline.

Nitrogen Imports

Imports into Saudi Arabia

In 2021, after two years of growth, there was significant decline in supplies from abroad of nitrogen, when their volume decreased by -22.3% to X cubic meters. Over the period under review, imports showed a deep downturn. The most prominent rate of growth was recorded in 2017 with an increase of 41% against the previous year. Over the period under review, imports attained the maximum at X cubic meters in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, nitrogen imports contracted sharply to $X in 2021. Overall, imports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2020 with an increase of 72%. As a result, imports attained the peak of $X, and then dropped markedly in the following year.

Imports by Country

In 2021, Kuwait (X cubic meters) was the main nitrogen supplier to Saudi Arabia, with a approx. 103% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from Kuwait stood at -6.1%.

In value terms, Kuwait ($X) constituted the largest supplier of nitrogen to Saudi Arabia.

From 2012 to 2021, the average annual rate of growth in terms of value from Kuwait amounted to -8.7%.

Import Prices by Country

In 2021, the average nitrogen import price amounted to $X per cubic meter, shrinking by -41.7% against the previous year. In general, the import price, however, saw mild growth. The growth pace was the most rapid in 2020 an increase of 41%. As a result, import price reached the peak level of $X per cubic meter, and then plummeted in the following year.

As there is only one major supplying country, the average price level is determined by prices for Kuwait.

From 2012 to 2021, the rate of growth in terms of prices for Kuwait amounted to -2.5% per year.

Source: IndexBox Platform

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