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

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

The MENA's urea and thiourea resins market reduced to $X in 2022, falling by -4.1% against the previous year. Overall, consumption, however, recorded modest growth. The pace of growth was the most pronounced in 2017 when the market value increased by 9.4%. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

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

In value terms, urea and thiourea resins production shrank slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 11%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports in MENA

In 2022, approx. X tons of urea resins and thiourea resins in primary forms were exported in MENA; growing by 23% against the year before. Total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 35%. The volume of export peaked in 2022 and is likely to continue growth in years to come.

In value terms, urea and thiourea resins exports surged to $X in 2022. Over the period under review, exports recorded a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Turkey (X tons) was the main exporter of urea resins and thiourea resins in primary forms, generating 51% of total exports. Egypt (X tons) took the second position in the ranking, followed by Oman (X tons) and Saudi Arabia (X tons). All these countries together held approx. 45% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to urea and thiourea resins exports from Turkey stood at +8.0%. At the same time, Oman (+16.8%) and Egypt (+10.6%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in MENA, with a CAGR of +16.8% from 2012-2022. Saudi Arabia experienced a relatively flat trend pattern. Oman (+8.5 p.p.), Egypt (+5.2 p.p.) and Turkey (+3.3 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -9.5% from 2012 to 2022, respectively.

In value terms, the largest urea and thiourea resins supplying countries in MENA were Turkey ($X), Egypt ($X) and Oman ($X), with a combined 90% share of total exports.

Turkey, with a CAGR of +12.3%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, rising by 10% against the previous year. Export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.0% 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 export price increased by +70.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 54%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+4.0%), while the other leaders experienced mixed trends in the export price figures.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports in MENA

Urea and thiourea resins imports reduced rapidly to X tons in 2022, declining by -18.9% against the previous year's figure. In general, imports, however, posted a measured expansion. The growth pace was the most rapid in 2017 with an increase of 57% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then dropped dramatically in the following year.

In value terms, urea and thiourea resins imports reached $X in 2022. Total imports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +93.7% against 2016 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 36%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

The United Arab Emirates (X tons) and Algeria (X tons) represented roughly 56% of total imports in 2022. Morocco (X tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Turkey (8.8%) and Egypt (7.2%). Tunisia (X tons), Djibouti (X tons), Iran (X tons) and Libya (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Djibouti (with a CAGR of +28.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest urea and thiourea resins importing markets in MENA were Algeria ($X), the United Arab Emirates ($X) and Morocco ($X), with a combined 63% share of total imports. Turkey, Egypt, Tunisia, Djibouti, Libya and Iran lagged somewhat behind, together accounting for a further 30%.

In terms of the main importing countries, Djibouti, with a CAGR of +22.1%, saw 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

In 2022, the import price in MENA amounted to $X per ton, growing by 24% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Tunisia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+9.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform