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

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

After three years of decline, the Malaysian urea and thiourea resins market increased by less than 0.1% to $X in 2022. Overall, consumption, however, continues to indicate a pronounced shrinkage. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

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

In value terms, urea and thiourea resins production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2018 when the production volume increased by 8.7% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Malaysia

In 2022, after two years of growth, there was decline in overseas shipments of urea resins and thiourea resins in primary forms, when their volume decreased by -4% to X tons. Overall, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +13.2% against 2019 indices. The pace of growth was the most pronounced in 2018 with an increase of 29%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, urea and thiourea resins exports declined to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 39%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand (X tons) was the main destination for urea and thiourea resins exports from Malaysia, accounting for a 83% share of total exports. Moreover, urea and thiourea resins exports to Thailand exceeded the volume sent to the second major destination, the Philippines (X tons), more than tenfold. The third position in this ranking was taken by China (X tons), with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand stood at +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+36.9% per year) and China (-5.1% per year).

In value terms, Thailand ($X) remains the key foreign market for urea resins and thiourea resins in primary forms exports from Malaysia, comprising 70% of total exports. The second position in the ranking was taken by China ($X), with an 8% share of total exports. It was followed by Vietnam, with a 3.5% share.

From 2012 to 2022, the average annual growth rate of value to Thailand amounted to +1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-6.3% per year) and Vietnam (-1.0% per year).

Export Prices by Country

In 2022, the average urea and thiourea resins export price amounted to $X per ton, reducing by -10.6% against the previous year. In general, the export price continues to indicate a abrupt decrease. The growth pace was the most rapid in 2021 when the average export price increased by 28% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the Philippines ($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 China (-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 Malaysia

In 2022, after three years of growth, there was decline in overseas purchases of urea resins and thiourea resins in primary forms, when their volume decreased by -1.8% to X tons. In general, imports recorded a perceptible setback. The most prominent rate of growth was recorded in 2016 when imports increased by 119%. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, urea and thiourea resins imports stood at $X in 2022. Over the period under review, imports, however, showed a notable increase. The pace of growth appeared the most rapid in 2019 when imports increased by 222% against the previous year. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Taiwan (Chinese) (X tons) constituted the largest supplier of urea and thiourea resins to Malaysia, accounting for a 30% share of total imports. Moreover, urea and thiourea resins imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Vietnam (X tons) ranked third in terms of total imports with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Taiwan (Chinese) totaled -6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-1.0% per year) and Vietnam (+7.6% per year).

In value terms, Taiwan (Chinese) ($X), Germany ($X) and Singapore ($X) appeared to be the largest urea and thiourea resins suppliers to Malaysia, with a combined 43% share of total imports. China, Vietnam, Italy, Sweden, Indonesia, Thailand, Saudi Arabia, Mexico, the United States and the United Arab Emirates lagged somewhat behind, together comprising a further 32%.

In terms of the main suppliers, the United States, with a CAGR of +27.7%, recorded the highest growth rate of the value of imports, 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, growing by 7.4% against the previous year. Over the period under review, the import price showed a prominent expansion. The growth pace was the most rapid in 2019 when the average import price increased by 59% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the average import prices remained at a somewhat lower figure.

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 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 Singapore (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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