Europe: Urea Market 2024

Urea Market Size in Europe

The Europe urea market surged to $X in 2022, picking up by 55% against the previous year. In general, consumption recorded a resilient expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Urea Production in Europe

In value terms, urea production fell to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the production volume increased by 35% against the previous year. As a result, production attained the peak level of $X, and then reduced in the following year.

Urea Exports

Exports in Europe

In 2022, overseas shipments of urea increased by 14% to X tons, rising for the seventh consecutive year after three years of decline. The total export volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, urea exports surged to $X in 2022. In general, exports recorded a perceptible increase. The most prominent rate of growth was recorded in 2021 with an increase of 63% against the previous year. The level of export peaked in 2022 and is likely to continue growth in years to come.

Exports by Country

Russia was the key exporting country with an export of about X tons, which resulted at 38% of total exports. It was distantly followed by the Netherlands (X tons), Poland (X tons) and Germany (X tons), together making up a 41% share of total exports. Lithuania (X tons), Slovakia (X tons) and Belgium (X tons) held a relatively small share of total exports.

Exports from Russia increased at an average annual rate of +2.9% from 2012 to 2022. At the same time, Poland (+19.7%), Slovakia (+16.2%), Belgium (+13.0%), Germany (+9.3%), Lithuania (+8.0%) and the Netherlands (+8.0%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in Europe, with a CAGR of +19.7% from 2012-2022. Poland (+11 p.p.), the Netherlands (+6 p.p.), Germany (+5.9 p.p.), Slovakia (+2.5 p.p.), Belgium (+2 p.p.) and Russia (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X), Germany ($X) and the Netherlands ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 60% of total exports. Poland, Slovakia, Belgium and Lithuania lagged somewhat behind, together accounting for a further 24%.

Among the main exporting countries, Poland, with a CAGR of +21.8%, 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 Europe stood at $X per ton in 2022, picking up by 6.6% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 61% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+1.8%), while the other leaders experienced more modest paces of growth.

Urea Imports

Imports in Europe

In 2022, supplies from abroad of urea increased by 64% to X tons, rising for the fourth year in a row after two years of decline. In general, imports recorded strong growth. 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. Over the period under review, imports showed a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, France (X tons), followed by the UK (X tons), Germany (X tons), Poland (X tons), Italy (X tons), Spain (X tons), Romania (X tons) and Belgium (X tons) were the major importers of urea, together making up 61% of total imports. The Netherlands (X tons), Serbia (X tons), the Czech Republic (X tons), Bulgaria (X tons) and Hungary (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Romania (with a CAGR of +36.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest urea importing markets in Europe were France ($X), the UK ($X) and Poland ($X), with a combined 33% share of total imports. Italy, Spain, Belgium, Germany, Romania, the Czech Republic, the Netherlands, Serbia, Bulgaria and Hungary lagged somewhat behind, together accounting for a further 44%.

Romania, with a CAGR of +42.4%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Europe stood at $X per ton in 2022, with an increase of 39% against the previous year. Overall, the import price saw a measured expansion. The growth pace was the most rapid in 2021 when the import price increased by 69% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in years to come.

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

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

Source: IndexBox Platform