GCC: Urea Market 2024

Urea Market Size in GCC

The GCC urea market rose remarkably to $X in 2023, growing by X% against the previous year. In general, consumption, however, saw a drastic downturn. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2023, consumption failed to regain momentum.

Urea Production in GCC

In value terms, urea production expanded markedly to $X in 2023 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Urea Exports

Exports in GCC

In 2023, overseas shipments of urea decreased by X% to X tons, falling for the second consecutive year after two years of growth. The total export volume increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, urea exports declined to $X in 2023. In general, exports, however, saw temperate growth. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2022, and then shrank in the following year.

Exports by Country

Saudi Arabia (X tons) and Oman (X tons) represented roughly X% of total exports in 2023. The United Arab Emirates (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Bahrain (X%).

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the United Arab Emirates (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), Oman ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

Among the main exporting countries, the United Arab Emirates, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, which is down by X% against the previous year. Overall, the export price, however, saw notable growth. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2022, and then reduced in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Bahrain ($X per ton), while Oman ($X per ton) and Saudi Arabia ($X per ton) were 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.

Urea Imports

Imports in GCC

In 2023, imports of urea in GCC skyrocketed to X tons, rising by X% against the previous year. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports reached the peak of X tons. From 2022 to 2023, the growth of imports failed to regain momentum.

In value terms, urea imports skyrocketed to $X in 2023. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of X%. The level of import peaked at $X in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, resulting at X tons, which was approx. X% of total imports in 2023. The following importers - Oman (X tons) and Kuwait (X tons) - together made up X% of total imports.

Imports into the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Kuwait (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. By contrast, Oman (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total imports, while Oman saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported urea in GCC, comprising X% of total imports. The second position in the ranking was held by Oman ($X), with a X% share of total imports.

In the United Arab Emirates, urea imports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Oman (X% per year) and Kuwait (X% per year).

Import Prices by Country

In 2023, the import price in GCC amounted to $X per ton, shrinking by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when the import price increased by X%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2023, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform