GCC: Ammonia Market 2024

Ammonia Market Size in GCC

The GCC ammonia market rose rapidly to $X in 2023, surging by X% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

Ammonia Production in GCC

In value terms, ammonia production expanded remarkably to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2021 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Ammonia Exports

Exports in GCC

In 2023, approx. X tons of anhydrous ammonia were exported in GCC; with a decrease of X% compared with 2022 figures. Over the period under review, exports, however, posted a resilient increase. The pace of growth appeared the most rapid in 2013 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2023, the exports failed to regain momentum.

In value terms, ammonia exports reduced to $X in 2023. In general, exports, however, enjoyed a strong increase. The pace of growth appeared the most rapid in 2018 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia represented the major exporter of anhydrous ammonia in GCC, with the volume of exports amounting to X tons, which was near X% of total exports in 2023. Qatar (X tons) held the second position in the ranking, distantly followed by Oman (X tons). All these countries together held near X% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the anhydrous ammonia exports, with a CAGR of X% from 2012 to 2023. At the same time, Oman (X%) displayed positive paces of growth. By contrast, Qatar (X%) illustrated a downward trend over the same period. Saudi Arabia (X p.p.) significantly strengthened its position in terms of the total exports, while Oman and Qatar saw its share reduced by X% and X% from 2012 to 2023, respectively.

In value terms, Saudi Arabia ($X) remains the largest ammonia supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Qatar ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Saudi Arabia stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Qatar (X% per year) and Oman (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, surging by X% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Oman ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced mixed trends in the export price figures.

Ammonia Imports

Imports in GCC

Ammonia imports skyrocketed to X tons in 2023, rising by X% compared with 2022 figures. In general, imports showed a significant increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2022 to 2023, the growth of imports failed to regain momentum.

In value terms, ammonia imports expanded notably to $X in 2023. Overall, imports recorded a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Saudi Arabia represented the key importer of anhydrous ammonia in GCC, with the volume of imports reaching X tons, which was near X% of total imports in 2023. The United Arab Emirates (X tons) ranks second in terms of the total imports with a X% share, followed by Oman (X%).

Saudi Arabia was also the fastest-growing in terms of the anhydrous ammonia imports, with a CAGR of X% from 2012 to 2023. At the same time, Oman (X%) and the United Arab Emirates (X%) displayed positive paces of growth. While the share of Saudi Arabia (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of the United Arab Emirates (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported anhydrous ammonia in GCC, comprising X% of total imports. The second position in the ranking was taken by Oman ($X), with an X% share of total imports.

In Saudi Arabia, ammonia imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Oman (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, shrinking by X% against the previous year. Import price indicated a pronounced increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, ammonia import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2023, the 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 Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform