Asia-Pacific: Urea Market 2024

Urea Market Size in Asia-Pacific

The Asia-Pacific urea market skyrocketed to $X in 2022, picking up by 18% against the previous year. The market value increased at an average annual rate of +3.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is likely to see steady growth in years to come.

Urea Production in Asia-Pacific

In value terms, urea production declined to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 25%. As a result, production attained the peak level of $X, and then dropped in the following year.

Urea Exports

Exports in Asia-Pacific

In 2022, shipments abroad of urea decreased by -31% to X tons, falling for the second year in a row after two years of growth. Overall, exports recorded a pronounced contraction. The pace of growth was the most pronounced in 2019 with an increase of 52%. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, urea exports contracted to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 49%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) and Malaysia (X tons) represented roughly 69% of total exports in 2022. Indonesia (X tons) ranks next in terms of the total exports with a 17% share, followed by Brunei Darussalam (5.5%) and Vietnam (4.9%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Vietnam (with a CAGR of +13.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest urea supplying countries in Asia-Pacific were China ($X), Indonesia ($X) and Malaysia ($X), together comprising 85% of total exports. Brunei Darussalam and Vietnam lagged somewhat behind, together accounting for a further 10%.

Vietnam, with a CAGR of +15.5%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, picking up by 30% against the previous year. Export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, urea export price increased by +101.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 55% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.1%), while the other leaders experienced more modest paces of growth.

Urea Imports

Imports in Asia-Pacific

In 2022, urea imports in Asia-Pacific soared to X tons, jumping by 53% against the year before. Total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, urea imports surged to $X in 2022. Overall, imports recorded prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India was the largest importing country with an import of around X tons, which amounted to 65% of total imports. Australia (X tons) ranks second in terms of the total imports with an 11% share, followed by Thailand (6.7%). South Korea (X tons), the Philippines (X tons), Sri Lanka (X tons) and Bangladesh (X tons) followed a long way behind the leaders.

Imports into India increased at an average annual rate of +11.6% from 2012 to 2022. At the same time, Sri Lanka (+16.4%), Australia (+6.5%), South Korea (+2.2%) and the Philippines (+2.2%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +16.4% from 2012-2022. Bangladesh experienced a relatively flat trend pattern. By contrast, Thailand (-2.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India increased by +27 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported urea in Asia-Pacific, comprising 54% of total imports. The second position in the ranking was held by Australia ($X), with a 16% share of total imports. It was followed by Thailand, with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India amounted to +13.2%. In the other countries, the average annual rates were as follows: Australia (+12.4% per year) and Thailand (+2.0% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, growing by 24% against the previous year. Import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, urea import price increased by +85.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 50% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

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 Australia ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+5.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :