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

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

The Finnish urea and thiourea resins market shrank sharply to $X in 2022, waning by -28.1% against the previous year. Over the period under review, consumption, however, recorded moderate growth. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

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

In value terms, urea and thiourea resins production dropped sharply to $X in 2022 estimated in export price. In general, production, however, showed a moderate increase. The pace of growth appeared the most rapid in 2014 with an increase of 335%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Finland

For the third year in a row, Finland recorded growth in shipments abroad of urea resins and thiourea resins in primary forms, which increased by 90% to X tons in 2014. Over the period under review, exports saw a significant increase. The growth pace was the most rapid in 2013 with an increase of 119% against the previous year. Over the period under review, the exports attained the peak figure in 2014 and are expected to retain growth in the immediate term.

In value terms, urea and thiourea resins exports soared to $X in 2014. In general, exports saw significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 129%. Over the period under review, the exports attained the peak figure in 2014 and are expected to retain growth in the immediate term.

Exports by Country

Estonia (X tons) was the main destination for urea and thiourea resins exports from Finland, accounting for a 89% share of total exports. Moreover, urea and thiourea resins exports to Estonia exceeded the volume sent to the second major destination, Latvia (X tons), more than tenfold. The third position in this ranking was held by Austria (X tons), with a 2.3% share.

From 2012 to 2014, the average annual growth rate of volume to Estonia stood at +418.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Latvia (-16.2% per year) and Austria (0.0% per year).

In value terms, Estonia ($X) remains the key foreign market for urea resins and thiourea resins in primary forms exports from Finland, comprising 84% of total exports. The second position in the ranking was held by Latvia ($X), with an 11% share of total exports. It was followed by Austria, with a 2.7% share.

From 2012 to 2014, the average annual growth rate of value to Estonia stood at +495.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Latvia (-3.6% per year) and Austria (0.0% per year).

Export Prices by Country

The average urea and thiourea resins export price stood at $X per ton in 2014, with a decrease of -12.1% against the previous year. Over the period under review, the export price saw a perceptible decrease. The pace of growth appeared the most rapid in 2013 when the average export price increased by 4.9% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined in the following year.

There were significant differences in the average prices for the major export markets. In 2014, amid the top suppliers, the country with the highest price was Latvia ($X per ton), while the average price for exports to Estonia ($X per ton) was amongst the lowest.

From 2012 to 2014, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+18.3%), 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 Finland

After three years of growth, overseas purchases of urea resins and thiourea resins in primary forms decreased by -16.6% to X tons in 2022. Overall, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 127%. Over the period under review, imports attained the maximum at X tons in 2021, and then fell significantly in the following year.

In value terms, urea and thiourea resins imports declined to $X in 2022. Over the period under review, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +3.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 68%. Over the period under review, imports hit record highs at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, Germany (X tons) constituted the largest urea and thiourea resins supplier to Finland, with a 57% share of total imports. Moreover, urea and thiourea resins imports from Germany exceeded the figures recorded by the second-largest supplier, Norway (X tons), threefold. Sweden (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+27.2% per year) and Sweden (-3.7% per year).

In value terms, the largest urea and thiourea resins suppliers to Finland were Germany ($X), Norway ($X) and Belgium ($X), with a combined 88% share of total imports.

In terms of the main suppliers, Norway, with a CAGR of +30.4%, recorded the highest rates of growth with regard to 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 average urea and thiourea resins import price amounted to $X per ton, growing by 2% against the previous year. In general, the import price, however, continues to indicate a noticeable shrinkage. The pace of growth appeared the most rapid in 2017 an increase of 35%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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 Norway ($X per ton), while the price for Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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