Japan: Urea Market 2024

Urea Market Size in Japan

The Japanese urea market shrank modestly to $X in 2022, stabilizing at the previous year. Overall, consumption, however, recorded a mild setback. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Urea Production in Japan

In value terms, urea production shrank to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible downturn. The growth pace was the most rapid in 2021 with an increase of 18% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Urea Exports

Exports from Japan

In 2022, overseas shipments of urea increased by 16% to X tons, rising for the third consecutive year after two years of decline. In general, exports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 143%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

In value terms, urea exports skyrocketed to $X in 2022. Over the period under review, exports saw a pronounced expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 92%. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

South Korea (X tons), Australia (X tons) and India (X tons) were the main destinations of urea exports from Japan, with a combined 87% share of total exports. Taiwan (Chinese), the Philippines and Spain lagged somewhat behind, together accounting for a further 9.3%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +337.1%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Australia ($X) and India ($X) were the largest markets for urea exported from Japan worldwide, with a combined 80% share of total exports. Spain, Taiwan (Chinese) and the Philippines lagged somewhat behind, together accounting for a further 14%.

Spain, with a CAGR of +238.8%, recorded 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

The average urea export price stood at $X per ton in 2022, picking up by 21% against the previous year. Over the period under review, the export price, however, saw a noticeable contraction. The growth pace was the most rapid in 2014 an increase of 51%. 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 Spain ($X per ton), while the average price for exports to India ($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 India (+2.5%), while the prices for the other major destinations experienced mixed trend patterns.

Urea Imports

Imports into Japan

In 2022, the amount of urea imported into Japan expanded notably to X tons, picking up by 10% compared with 2021 figures. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of 18% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, urea imports soared to $X in 2022. Over the period under review, imports recorded resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest urea supplier to Japan, with a 64% share of total imports. Moreover, urea imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by Saudi Arabia (X tons), with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia totaled +5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.2% per year) and Saudi Arabia (+54.3% per year).

In value terms, Malaysia ($X) constituted the largest supplier of urea to Japan, comprising 67% of total imports. The second position in the ranking was held by China ($X), with a 22% share of total imports. It was followed by Saudi Arabia, with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at +10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.3% per year) and Saudi Arabia (+55.2% per year).

Import Prices by Country

In 2022, the average urea import price amounted to $X per ton, growing by 49% against the previous year. Over the period under review, the import price showed a perceptible expansion. The most prominent rate of growth was recorded in 2021 an increase of 53%. The import price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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