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

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

The Chinese urea and thiourea resins market shrank slightly to $X in 2022, reducing by -1.7% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Urea and thiourea resins consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

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

In value terms, urea and thiourea resins production reduced to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 14% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from China

Urea and thiourea resins exports from China soared to X tons in 2022, jumping by 36% compared with 2021. Over the period under review, exports showed a remarkable increase. The growth pace was the most rapid in 2017 with an increase of 73% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, urea and thiourea resins exports surged to $X in 2022. Overall, exports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 61% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Vietnam (X tons), Djibouti (X tons) and Kenya (X tons) were the main destinations of urea and thiourea resins exports from China, together comprising 30% of total exports. Ethiopia, Indonesia, Nigeria, Bangladesh, Myanmar, Japan, India, the United States, Egypt and Algeria lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for Algeria (with a CAGR of +100.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Djibouti ($X) and Indonesia ($X) were the largest markets for urea and thiourea resins exported from China worldwide, together comprising 28% of total exports. Nigeria, Kenya, the United States, Ethiopia, India, Japan, Bangladesh, Egypt, Algeria and Myanmar lagged somewhat behind, together accounting for a further 40%.

In terms of the main countries of destination, Algeria, with a CAGR of +84.0%, recorded the highest rates of growth with regard to 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 average urea and thiourea resins export price stood at $X per ton in 2022, which is down by -8.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2021 when the average export price increased by 19% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports into China

In 2022, imports of urea resins and thiourea resins in primary forms into China plummeted to X tons, with a decrease of -25.8% compared with 2021 figures. Overall, imports saw a deep contraction. The pace of growth was the most pronounced in 2021 with an increase of 13%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, urea and thiourea resins imports declined to $X in 2022. Over the period under review, imports recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by 34%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Malaysia (X tons), Germany (X tons) and South Korea (X tons) were the main suppliers of urea and thiourea resins imports to China, with a combined 61% share of total imports. Mexico, Turkey, Italy, Sweden, Norway, the UK and Indonesia lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +50.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of urea resins and thiourea resins in primary forms to China, comprising 50% of total imports. The second position in the ranking was held by Malaysia ($X), with a 13% share of total imports. It was followed by Mexico, with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-4.2% per year) and Mexico (+6.8% per year).

Import Prices by Country

The average urea and thiourea resins import price stood at $X per ton in 2022, surging by 17% against the previous year. In general, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, urea and thiourea resins import price increased by +97.2% against 2016 indices. The most prominent rate of growth was recorded in 2017 an increase of 22%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+18.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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