Saudi Arabia: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Saudi Arabia

The Saudi potassium sulphate (SOP) market was finally on the rise to reach $X in 2022, after two years of decline. In general, consumption, however, showed a drastic downturn. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Potassium Sulphate (Sop) Production in Saudi Arabia

In value terms, potassium sulphate (SOP) production amounted to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 478,756,100%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Potassium Sulphate (Sop) Exports

Exports from Saudi Arabia

In 2022, shipments abroad of potassium sulphate (SOP) decreased by -6.9% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports continue to indicate a pronounced setback. The pace of growth was the most pronounced in 2020 with an increase of 261%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, potassium sulphate (SOP) exports shrank remarkably to $X in 2022. Over the period under review, exports continue to indicate a slight decrease. The most prominent rate of growth was recorded in 2020 with an increase of 212% against the previous year. The exports peaked at $X in 2021, and then shrank notably in the following year.

Exports by Country

Sudan (X tons) and Spain (X tons) were the main destinations of potassium sulphate (SOP) exports from Saudi Arabia.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +249.3%).

In value terms, Sudan ($X) and Spain ($X) constituted the largest markets for potassium sulphate (SOP) exported from Saudi Arabia worldwide.

Spain, with a CAGR of +270.5%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

The average potassium sulphate (SOP) export price stood at $X per ton in 2022, reducing by -18% against the previous year. Overall, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium sulphate (SOP) export price increased by +34.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 64% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank remarkably in the following year.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Sudan stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (+24.4%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into Saudi Arabia

Potassium sulphate (SOP) imports into Saudi Arabia skyrocketed to X tons in 2022, rising by 22% against the previous year's figure. Overall, imports, however, showed a abrupt contraction. The growth pace was the most rapid in 2019 with an increase of 74% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) imports rose sharply to $X in 2022. In general, imports, however, showed a noticeable decrease. The most prominent rate of growth was recorded in 2019 with an increase of 83%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Germany (X tons), Taiwan (Chinese) (X tons) and Jordan (X tons) were the main suppliers of potassium sulphate (SOP) imports to Saudi Arabia, together comprising 72% of total imports. Egypt and China lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of +25.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Taiwan (Chinese) ($X) and Jordan ($X) constituted the largest potassium sulphate (SOP) suppliers to Saudi Arabia, with a combined 63% share of total imports. Egypt and China lagged somewhat behind, together comprising a further 18%.

In terms of the main suppliers, Egypt, with a CAGR of +21.3%, 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

In 2022, the average potassium sulphate (SOP) import price amounted to $X per ton, declining by -7.7% against the previous year. Over the period under review, the import price, however, posted modest growth. The most prominent rate of growth was recorded in 2021 when the average import price increased by 15% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Germany ($X per ton) and Egypt ($X per ton), while the price for Taiwan (Chinese) ($X per ton) and Jordan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :