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

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

The East Asian urea and thiourea resins market dropped to $X in 2022, approximately reflecting the previous year. In general, consumption showed a slight slump. The most prominent rate of growth was recorded in 2019 with an increase of 8.8% against the previous year. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

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

In value terms, urea and thiourea resins production shrank slightly to $X in 2022 estimated in export price. Overall, production saw a slight reduction. The most prominent rate of growth was recorded in 2019 when the production volume increased by 10%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports in Eastern Asia

In 2022, exports of urea resins and thiourea resins in primary forms in Eastern Asia soared to X tons, jumping by 24% compared with 2021 figures. Total exports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.2% 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 +67.3% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 37%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, urea and thiourea resins exports rose significantly to $X in 2022. In general, exports recorded moderate growth. The growth pace was the most rapid in 2021 when exports increased by 60%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

In 2022, China (X tons) was the main exporter of urea resins and thiourea resins in primary forms, constituting 84% of total exports. It was distantly followed by Taiwan (Chinese) (X tons), generating an 11% share of total exports. Japan (X tons) and South Korea (X tons) took a relatively small share of total exports.

China was also the fastest-growing in terms of the urea resins and thiourea resins in primary forms exports, with a CAGR of +8.6% from 2012 to 2022. At the same time, Taiwan (Chinese) (+2.5%) displayed positive paces of growth. By contrast, Japan (-1.0%) and South Korea (-10.1%) illustrated a downward trend over the same period. China (+23 p.p.) significantly strengthened its position in terms of the total exports, while Japan, Taiwan (Chinese) and South Korea saw its share reduced by -2.2%, -3.2% and -8% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest urea and thiourea resins supplier in Eastern Asia, comprising 74% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 16% share of total exports. It was followed by Japan, with a 6.9% share.

In China, urea and thiourea resins exports expanded at an average annual rate of +9.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+1.4% per year) and Japan (-2.5% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, which is down by -11.1% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 18%. 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 amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($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 (+4.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports in Eastern Asia

In 2022, the amount of urea resins and thiourea resins in primary forms imported in Eastern Asia dropped markedly to X tons, reducing by -19.3% against the previous year's figure. In general, imports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 when imports increased by 8.7%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, urea and thiourea resins imports fell to $X in 2022. Over the period under review, imports showed a perceptible reduction. The pace of growth appeared the most rapid in 2021 with an increase of 28% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China represented the major importing country with an import of around X tons, which reached 64% of total imports. It was distantly followed by South Korea (X tons), Taiwan (Chinese) (X tons) and Japan (X tons), together making up a 33% share of total imports. Hong Kong SAR (X tons) followed a long way behind the leaders.

Imports into China decreased at an average annual rate of -8.6% from 2012 to 2022. At the same time, South Korea (+5.3%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +5.3% from 2012-2022. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Japan (-4.3%) and Hong Kong SAR (-18.7%) illustrated a downward trend over the same period. South Korea (+9.7 p.p.), Taiwan (Chinese) (+6.5 p.p.) and Japan (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Hong Kong SAR and China saw its share reduced by -9.1% and -9.1% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported urea resins and thiourea resins in primary forms in Eastern Asia, comprising 67% of total imports. The second position in the ranking was held by South Korea ($X), with a 12% share of total imports. It was followed by Taiwan (Chinese), with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to -4.0%. In the other countries, the average annual rates were as follows: South Korea (+4.8% per year) and Taiwan (Chinese) (-0.0% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, with an increase of 9.8% against the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +3.8% 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 +72.9% against 2016 indices. The pace of growth appeared the most rapid in 2017 when the import price increased by 17%. The level of import peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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