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

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

The Indian urea and thiourea resins market shrank modestly to $X in 2022, remaining constant against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. Urea and thiourea resins consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

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

In value terms, urea and thiourea resins production contracted modestly to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 61% against the previous year. Urea and thiourea resins production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from India

For the fifth year in a row, India recorded growth in shipments abroad of urea resins and thiourea resins in primary forms, which increased by 6.4% to X tons in 2022. In general, exports posted a significant expansion. The growth pace was the most rapid in 2018 with an increase of 332%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, urea and thiourea resins exports rose sharply to $X in 2022. Overall, exports saw a resilient increase. The pace of growth was the most pronounced in 2021 when exports increased by 88% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in years to come.

Exports by Country

Nepal (X tons), Bangladesh (X tons) and Thailand (X tons) were the main destinations of urea and thiourea resins exports from India, with a combined 94% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of +79.2%), while the other leaders experienced more modest paces of growth.

In value terms, Nepal ($X), Bangladesh ($X) and the Netherlands ($X) constituted the largest markets for urea and thiourea resins exported from India worldwide, together comprising 79% of total exports.

Bangladesh, with a CAGR of +60.3%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average urea and thiourea resins export price amounted to $X per ton, rising by 7.3% against the previous year. Over the period under review, the export price, however, saw a abrupt decline. The growth pace was the most rapid in 2014 an increase of 68%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a 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 the Netherlands ($X per ton), while the average price for exports to Bangladesh ($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 Thailand (+1.2%), while the prices for the other major destinations experienced a decline.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports into India

In 2022, urea and thiourea resins imports into India totaled X tons, picking up by 10% on 2021. Overall, imports showed buoyant growth. The growth pace was the most rapid in 2013 when imports increased by 261% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, urea and thiourea resins imports skyrocketed to $X in 2022. In general, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 49%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of urea and thiourea resins to India, accounting for a 44% share of total imports. Moreover, urea and thiourea resins imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), fourfold. The third position in this ranking was held by Italy (X tons), with an 8.1% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +20.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+96.7% per year) and Italy (+25.0% per year).

In value terms, China ($X), Japan ($X) and Belgium ($X) appeared to be the largest urea and thiourea resins suppliers to India, together comprising 52% of total imports. The United States, Germany, Italy, Thailand, the United Arab Emirates, Spain and Indonesia lagged somewhat behind, together accounting for a further 38%.

The United Arab Emirates, with a CAGR of +72.6%, saw the highest rates of growth with regard to the value of imports, in terms of 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, with an increase of 12% against the previous year. Overall, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.5% 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 +39.8% against 2018 indices. The growth pace was the most rapid in 2014 an increase of 95% against the previous year. Over the period under review, average import prices reached 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 Germany ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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