Asia: Market for Urea Resins And Thiourea Resins In Primary Forms 2024

Market Size for Urea Resins And Thiourea Resins In Primary Forms in Asia

The Asian urea and thiourea resins market fell modestly to $X in 2022, which is down by -1.9% against the previous year. Overall, consumption recorded a mild reduction. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Production of Urea Resins And Thiourea Resins In Primary Forms in Asia

In value terms, urea and thiourea resins production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a mild reduction. The pace of growth was the most pronounced in 2014 with an increase of 14% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports in Asia

In 2022, the amount of urea resins and thiourea resins in primary forms exported in Asia rose rapidly to X tons, surging by 14% against the previous year's figure. Total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +76.6% against 2013 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 24% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in years to come.

In value terms, urea and thiourea resins exports skyrocketed to $X in 2022. Total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +47.7% against 2020 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 29% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Turkey (X tons), Malaysia (X tons) and China (X tons) represented roughly 72% of total exports in 2022. Oman (X tons) took the next position in the ranking, followed by India (X tons) and Saudi Arabia (X tons). All these countries together held near 19% share of total exports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by India (with a CAGR of +28.9%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Turkey ($X) and Malaysia ($X) constituted the countries with the highest levels of exports in 2022, with a combined 69% share of total exports. Taiwan (Chinese), Oman, Saudi Arabia and India lagged somewhat behind, together comprising a further 16%.

India, with a CAGR of +18.6%, recorded the highest rates of growth with regard to the value of exports, among 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

The export price in Asia stood at $X per ton in 2022, with an increase of 2.1% against the previous year. In general, the export price, however, saw a slight slump. The pace of growth was the most pronounced in 2021 an increase of 31% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+4.0%), while the other leaders experienced mixed trends in the export price figures.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports in Asia

In 2022, purchases abroad of urea resins and thiourea resins in primary forms decreased by -17.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 29%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, urea and thiourea resins imports dropped to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 31% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Thailand was the major importer of urea resins and thiourea resins in primary forms in Asia, with the volume of imports recording X tons, which was approx. 33% of total imports in 2022. Bangladesh (X tons) took the second position in the ranking, followed by the United Arab Emirates (X tons), Vietnam (X tons), the Philippines (X tons), China (X tons) and Indonesia (X tons). All these countries together held approx. 41% share of total imports. Malaysia (X tons), Nepal (X tons), India (X tons), Azerbaijan (X tons), Turkey (X tons) and Sri Lanka (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to urea and thiourea resins imports into Thailand stood at +1.3%. At the same time, Azerbaijan (+114.3%), the United Arab Emirates (+25.1%), the Philippines (+16.4%), Vietnam (+13.3%), India (+5.6%), Nepal (+3.9%) and Bangladesh (+3.3%) displayed positive paces of growth. Moreover, Azerbaijan emerged as the fastest-growing importer imported in Asia, with a CAGR of +114.3% from 2012-2022. By contrast, Malaysia (-3.4%), Indonesia (-6.5%), China (-8.6%), Turkey (-8.7%) and Sri Lanka (-9.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Vietnam, the Philippines, Thailand, Bangladesh and Azerbaijan increased by +6.6, +4.6, +4.2, +3.4, +3 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X), China ($X) and the Philippines ($X) constituted the countries with the highest levels of imports in 2022, with a combined 37% share of total imports. Malaysia, Indonesia, Vietnam, Bangladesh, the United Arab Emirates, India, Turkey, Azerbaijan, Sri Lanka and Nepal lagged somewhat behind, together comprising a further 46%.

Among the main importing countries, Azerbaijan, with a CAGR of +114.0%, 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 import price in Asia amounted to $X per ton, rising by 17% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 23%. Over the period under review, import prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+5.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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