Hong Kong SAR, China: Market for Urea Resins And Thiourea Resins In Primary Forms 2024

Market Size for Urea Resins And Thiourea Resins In Primary Forms in Hong Kong SAR, China

The Hong Kong urea and thiourea resins market reached $X in 2022, almost unchanged from the previous year. In general, consumption continues to indicate a perceptible descent. As a result, consumption reached 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 Hong Kong SAR, China

In value terms, urea and thiourea resins production reached $X in 2022 estimated in export price. Overall, production recorded a perceptible slump. The growth pace was the most rapid in 2014 when the production volume increased by 21% against the previous year. As a result, production reached 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 Hong Kong SAR, China

In 2022, the amount of urea resins and thiourea resins in primary forms exported from Hong Kong SAR fell sharply to X tons, dropping by -60.2% against the year before. Over the period under review, exports faced a precipitous contraction. The most prominent rate of growth was recorded in 2017 with an increase of 21% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, urea and thiourea resins exports declined dramatically to $X in 2022. In general, exports continue to indicate a dramatic decrease. The pace of growth was the most pronounced in 2021 when exports increased by 24% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for urea and thiourea resins exports from Hong Kong SAR, accounting for a 98% share of total exports. It was followed by Macao SAR (X tons), with a 1.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled -21.8%.

In value terms, China ($X) remains the key foreign market for urea resins and thiourea resins in primary forms exports from Hong Kong SAR, comprising 94% of total exports. The second position in the ranking was held by Macao SAR ($X), with a 5% share of total exports.

From 2012 to 2022, the average annual growth rate of value to China stood at -22.9%.

Export Prices by Country

In 2022, the average urea and thiourea resins export price amounted to $X per ton, rising by 2% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 32%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Macao SAR ($X per ton), while the average price for exports to China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Macao SAR (+16.2%).

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports into Hong Kong SAR, China

For the fourth year in a row, Hong Kong SAR recorded decline in overseas purchases of urea resins and thiourea resins in primary forms, which decreased by -56.6% to X tons in 2022. Over the period under review, imports faced a deep contraction. The pace of growth appeared the most rapid in 2015 when imports increased by 64% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, urea and thiourea resins imports contracted notably to $X in 2022. In general, imports showed a abrupt contraction. The pace of growth was the most pronounced in 2019 with an increase of 36%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of urea and thiourea resins to Hong Kong SAR, with a 52% share of total imports. Moreover, urea and thiourea resins imports from Turkey exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was taken by South Korea (X tons), with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey amounted to +32.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-30.8% per year) and South Korea (+7.1% per year).

In value terms, Turkey ($X), South Korea ($X) and Spain ($X) appeared to be the largest urea and thiourea resins suppliers to Hong Kong SAR, together comprising 69% of total imports.

South Korea, with a CAGR of +38.3%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average urea and thiourea resins import price stood at $X per ton in 2022, surging by 24% against the previous year. Overall, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +4.0% 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 import price increased by +126.6% against 2016 indices. The pace of growth was the most pronounced in 2019 when the average import price increased by 67%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 South Korea ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+29.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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