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

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

The Greek urea and thiourea resins market declined to $X in 2022, waning by -4.8% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

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

In value terms, urea and thiourea resins production amounted to $X in 2022 estimated in export price. Over the period under review, the total production indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.3% 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 -3.9% against 2020 indices. The growth pace was the most rapid in 2014 when the production volume increased by 94%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Greece

In 2022, overseas shipments of urea resins and thiourea resins in primary forms were finally on the rise to reach X tons after two years of decline. Overall, exports, however, continue to indicate a dramatic decline. The growth pace was the most rapid in 2016 with an increase of 29% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, urea and thiourea resins exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt decrease. The growth pace was the most rapid in 2016 with an increase of 42% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

North Macedonia (X tons) was the main destination for urea and thiourea resins exports from Greece, with a 67% share of total exports. Moreover, urea and thiourea resins exports to North Macedonia exceeded the volume sent to the second major destination, Albania (X tons), twofold. The third position in this ranking was held by Turkey (X tons), with a 4.7% share.

From 2012 to 2022, the average annual growth rate of volume to North Macedonia stood at +27.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (-4.7% per year) and Turkey (+37.6% per year).

In value terms, North Macedonia ($X) remains the key foreign market for urea resins and thiourea resins in primary forms exports from Greece, comprising 69% of total exports. The second position in the ranking was held by Albania ($X), with a 28% share of total exports. It was followed by Turkey, with a 1.5% share.

From 2012 to 2022, the average annual growth rate of value to North Macedonia totaled +31.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (-4.3% per year) and Turkey (+14.2% per year).

Export Prices by Country

In 2022, the average urea and thiourea resins export price amounted to $X per ton, growing by 1.6% against the previous year. In general, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +8.0% 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 export price increased by +14.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 177% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bulgaria ($X per ton), while the average price for exports to Turkey ($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 Serbia (+30.0%), 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 Greece

Urea and thiourea resins imports into Greece dropped notably to X tons in 2022, shrinking by -39.2% compared with the year before. Over the period under review, imports showed a mild downturn. The pace of growth appeared the most rapid in 2021 with an increase of 32% against the previous year. As a result, imports attained the peak of X tons, and then contracted rapidly in the following year.

In value terms, urea and thiourea resins imports declined rapidly to $X in 2022. Overall, total imports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% 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 +64.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 95% against the previous year. As a result, imports reached the peak of $X, and then reduced notably in the following year.

Imports by Country

In 2022, Turkey (X tons) was the main supplier of urea and thiourea resins to Greece, with a 94% share of total imports. Moreover, urea and thiourea resins imports from Turkey exceeded the figures recorded by the second-largest supplier, Germany (X tons), more than tenfold. The third position in this ranking was taken by Romania (X tons), with a 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey totaled -1.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.8% per year) and Romania (-32.3% per year).

In value terms, Turkey ($X) constituted the largest supplier of urea resins and thiourea resins in primary forms to Greece, comprising 87% of total imports. The second position in the ranking was taken by Germany ($X), with a 7.4% share of total imports. It was followed by Romania, with a 0.3% share.

From 2012 to 2022, the average annual growth rate of value from Turkey amounted to +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-0.4% per year) and Romania (-26.3% per year).

Import Prices by Country

The average urea and thiourea resins import price stood at $X per ton in 2022, increasing by 38% against the previous year. Overall, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.7% 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 +105.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 48%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Bulgaria ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+20.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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