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

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

The Irish urea and thiourea resins market rose remarkably to $X in 2022, growing by 5.6% against the previous year. Over the period under review, the total consumption indicated modest growth 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, consumption decreased by -7.9% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

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

In value terms, urea and thiourea resins production amounted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 75% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Ireland

In 2022, overseas shipments of urea resins and thiourea resins in primary forms decreased by 0% to X kg, falling for the second year in a row after four years of growth. Overall, exports faced a significant decrease. The pace of growth appeared the most rapid in 2020 when exports increased by 64,757%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, urea and thiourea resins exports totaled $X in 2022. In general, exports saw a abrupt curtailment. The pace of growth was the most pronounced in 2020 when exports increased by 4,604% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The UK (X kg) was the main destination for urea and thiourea resins exports from Ireland, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the UK stood at -79.7%.

From 2012 to 2022, the average annual growth rate of value to the UK amounted to -54.3%.

Export Prices by Country

The average urea and thiourea resins export price stood at $X per ton in 2022, approximately equating the previous year. Over the period under review, the export price continues to indicate a strong increase. The growth pace was the most rapid in 2019 when the average export price increased by 1,510% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the UK.

From 2012 to 2022, the rate of growth in terms of prices for the UK amounted to +125.3% per year.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports into Ireland

In 2022, overseas purchases of urea resins and thiourea resins in primary forms decreased by 0% to X tons, falling for the fourth year in a row after four years of growth. Overall, imports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2015 with an increase of 1,388%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, urea and thiourea resins imports amounted to $X in 2022. Over the period under review, imports showed a perceptible expansion. The growth pace was the most rapid in 2015 with an increase of 778% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the UK (X tons) constituted the largest supplier of urea and thiourea resins to Ireland, accounting for a 84% share of total imports. Moreover, urea and thiourea resins imports from the UK exceeded the figures recorded by the second-largest supplier, China (X tons), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the UK amounted to -10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+76.3% per year) and Germany (+29.2% per year).

In value terms, the UK ($X) constituted the largest supplier of urea resins and thiourea resins in primary forms to Ireland, comprising 65% of total imports. The second position in the ranking was taken by China ($X), with a 27% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the UK was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+68.2% per year) and Germany (+9.8% per year).

Import Prices by Country

The average urea and thiourea resins import price stood at $X per ton in 2022, remaining constant against the previous year. Overall, the import price saw a resilient increase. The pace of growth appeared the most rapid in 2019 an increase of 95%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady 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 China ($X per ton), while the price for Germany ($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 UK (+11.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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