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

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

In 2022, the Hungarian urea and thiourea resins market increased by 73% to $X, rising for the second consecutive year after three years of decline. Over the period under review, consumption, however, recorded a perceptible setback. Urea and thiourea resins consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

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

In value terms, urea and thiourea resins production shrank modestly to $X in 2022 estimated in export price. Overall, production showed a abrupt descent. The most prominent rate of growth was recorded in 2021 with an increase of 9.6%. Urea and thiourea resins production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Hungary

After three years of growth, overseas shipments of urea resins and thiourea resins in primary forms decreased by -28.6% to X tons in 2022. Overall, exports saw a noticeable setback. The most prominent rate of growth was recorded in 2020 when exports increased by 81%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, urea and thiourea resins exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 70%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Romania (X tons) was the main destination for urea and thiourea resins exports from Hungary, with a 54% share of total exports. Moreover, urea and thiourea resins exports to Romania exceeded the volume sent to the second major destination, Bosnia and Herzegovina (X tons), fivefold. Poland (X tons) ranked third in terms of total exports with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Romania totaled +13.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (+37.3% per year) and Poland (-23.4% per year).

In value terms, Romania ($X) remains the key foreign market for urea resins and thiourea resins in primary forms exports from Hungary, comprising 54% of total exports. The second position in the ranking was taken by Bosnia and Herzegovina ($X), with a 12% share of total exports. It was followed by Italy, with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value to Romania stood at +18.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bosnia and Herzegovina (+46.6% per year) and Italy (+29.0% per year).

Export Prices by Country

In 2022, the average urea and thiourea resins export price amounted to $X per ton, surging by 62% against the previous year. Overall, the export price enjoyed a prominent increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Serbia ($X per ton) and Italy ($X per ton), while the average price for exports to Poland ($X per ton) and Austria ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Austria (+18.8%), 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 Hungary

In 2022, the amount of urea resins and thiourea resins in primary forms imported into Hungary expanded sharply to X tons, growing by 7.6% compared with 2021 figures. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when imports increased by 32% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, urea and thiourea resins imports skyrocketed to $X in 2022. In general, imports recorded a buoyant increase. The pace of growth was the most pronounced in 2021 when imports increased by 92% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Romania (X tons), the Czech Republic (X tons) and Austria (X tons) were the main suppliers of urea and thiourea resins imports to Hungary, together accounting for 99% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +11.7%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest urea and thiourea resins suppliers to Hungary were Romania ($X), the Czech Republic ($X) and Austria ($X), with a combined 96% share of total imports.

Austria, with a CAGR of +17.5%, 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

In 2022, the average urea and thiourea resins import price amounted to $X per ton, picking up by 48% against the previous year. In general, the import price continues to indicate a buoyant increase. The growth pace was the most rapid in 2021 when the average import price increased by 57% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Austria ($X per ton), while the price for the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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