Asia: Urea Market 2024

Urea Market Size in Asia

The Asian urea market surged to $X in 2022, rising by 23% against the previous year. The market value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Urea Production in Asia

In value terms, urea production fell to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 28% against the previous year. As a result, production attained the peak level of $X, and then shrank in the following year.

Urea Exports

Exports in Asia

In 2022, overseas shipments of urea decreased by -43.2% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports recorded a perceptible descent. The growth pace was the most rapid in 2013 when exports increased by 18%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, urea exports reduced sharply to $X in 2022. Over the period under review, exports recorded a perceptible decline. The most prominent rate of growth was recorded in 2021 when exports increased by 56%. As a result, the exports reached the peak of $X, and then fell markedly in the following year.

Exports by Country

The biggest shipments were from Oman (X tons), China (X tons), the United Arab Emirates (X tons) and Malaysia (X tons), together finishing at 65% of total export. It was distantly followed by Indonesia (X tons), Turkmenistan (X tons) and Bahrain (X tons), together committing a 21% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Turkmenistan (with a CAGR of +54.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest urea supplying countries in Asia were China ($X), Oman ($X) and Indonesia ($X), with a combined 47% share of total exports. Turkmenistan, the United Arab Emirates, Malaysia and Bahrain lagged somewhat behind, together comprising a further 36%.

Among the main exporting countries, Turkmenistan, with a CAGR of +64.0%, 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 Asia stood at $X per ton in 2022, rising by 18% against the previous year. Export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.4% 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 +81.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 54% against the previous year. The level of export peaked in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkmenistan (+6.4%), while the other leaders experienced more modest paces of growth.

Urea Imports

Imports in Asia

Urea imports skyrocketed to X tons in 2022, rising by 70% compared with the year before. Total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, urea imports soared to $X in 2022. In general, imports showed a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India dominates imports structure, finishing at X tons, which was near 65% of total imports in 2022. Turkey (X tons) ranks second in terms of the total imports with a 9.5% share, followed by Thailand (6.8%). 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%), Turkey (+7.9%), 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, 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 +25 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported urea in Asia, comprising 56% of total imports. The second position in the ranking was held by Turkey ($X), with a 13% share of total imports. It was followed by Thailand, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled +13.2%. In the other countries, the average annual rates were as follows: Turkey (+12.5% per year) and Thailand (+2.0% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, picking up by 23% against the previous year. Import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.7% 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 +82.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 48%. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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