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

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

The Mexican urea and thiourea resins market dropped to $X in 2022, waning by -1.8% against the previous year. In general, consumption showed a pronounced descent. The growth pace was the most rapid in 2021 when the market value increased by 4.6% against the previous year. Over the period under review, the market reached 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 Mexico

In value terms, urea and thiourea resins production declined slightly to $X in 2022 estimated in export price. In general, production continues to indicate a pronounced slump. The pace of growth appeared the most rapid in 2021 when the production volume increased by 3.6% against the previous year. Urea and thiourea resins production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Mexico

In 2022, overseas shipments of urea resins and thiourea resins in primary forms were finally on the rise to reach X tons after two years of decline. Overall, exports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 58%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, urea and thiourea resins exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a drastic downturn. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for urea and thiourea resins exports from Mexico, with a 98% share of total exports. It was followed by El Salvador (X tons), with a 2.2% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled -12.3%.

In value terms, the United States ($X) remains the key foreign market for urea resins and thiourea resins in primary forms exports from Mexico, comprising 98% of total exports. The second position in the ranking was taken by El Salvador ($X), with a 1.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled -8.3%.

Export Prices by Country

The average urea and thiourea resins export price stood at $X per ton in 2022, growing by 26% against the previous year. Over the period under review, the export price showed a moderate increase. The growth pace was the most rapid in 2021 when the average export price increased by 65% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the near future.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to El Salvador totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+4.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports into Mexico

In 2022, purchases abroad of urea resins and thiourea resins in primary forms decreased by -7.8% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports recorded a deep setback. The most prominent rate of growth was recorded in 2017 when imports increased by 24% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, urea and thiourea resins imports rose sharply to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by 16% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), the United States (X tons) and Germany (X tons) were the main suppliers of urea and thiourea resins imports to Mexico.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +6.2%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest urea and thiourea resins suppliers to Mexico were the United States ($X), China ($X) and Germany ($X).

China, with a CAGR of +7.1%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average urea and thiourea resins import price stood at $X per ton in 2022, growing by 19% against the previous year. Overall, the import price enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2015 when the average import price increased by 23% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($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 United States (+11.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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