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

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

The GCC urea and thiourea resins market fell to $X in 2022, waning by -4% against the previous year. The total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -9.6% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

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

In value terms, urea and thiourea resins production shrank slightly to $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.9% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 42% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports in GCC

After two years of decline, shipments abroad of urea resins and thiourea resins in primary forms increased by 4.7% to X tons in 2022. Over the period under review, exports recorded prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 211% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, urea and thiourea resins exports rose to $X in 2022. Overall, exports recorded slight growth. The pace of growth was the most pronounced in 2017 with an increase of 175% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Oman (X tons) and Saudi Arabia (X tons) prevails in exports structure, together creating 95% of total exports. It was distantly followed by the United Arab Emirates (X tons), achieving a 5% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Oman (with a CAGR of +16.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest urea and thiourea resins supplying countries in GCC were Oman ($X), Saudi Arabia ($X) and the United Arab Emirates ($X), together comprising 100% of total exports.

Oman, with a CAGR of +10.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, reducing by -1.6% against the previous year. Over the period under review, the export price saw a deep slump. The most prominent rate of growth was recorded in 2021 when the export price increased by 0.4%. 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 the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.8%), while the other leaders experienced a decline in the export price figures.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports in GCC

In 2022, purchases abroad of urea resins and thiourea resins in primary forms decreased by -28.3% to X tons, falling for the third year in a row after three years of growth. In general, imports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2017 with an increase of 352%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, urea and thiourea resins imports expanded significantly to $X in 2022. Over the period under review, imports, however, showed a pronounced expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 82%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates dominates imports structure, resulting at X tons, which was approx. 96% of total imports in 2022. The following importers - Qatar (X tons) and Bahrain (X tons) - each resulted at a 3.4% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to urea and thiourea resins imports into the United Arab Emirates stood at +25.1%. At the same time, Bahrain (+29.6%) and Qatar (+24.6%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +29.6% from 2012-2022. While the share of the United Arab Emirates (+71 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported urea resins and thiourea resins in primary forms in GCC, comprising 89% of total imports. The second position in the ranking was taken by Qatar ($X), with a 5.2% share of total imports.

In the United Arab Emirates, urea and thiourea resins imports expanded at an average annual rate of +14.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Qatar (+28.6% per year) and Bahrain (+29.1% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, surging by 48% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced contraction. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+3.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform