Northern America: Market for Urea Resins And Thiourea Resins In Primary Forms 2024

Market Size for Urea Resins And Thiourea Resins In Primary Forms in Northern America

The North American urea and thiourea resins market reduced to $X in 2022, which is down by -1.7% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Production of Urea Resins And Thiourea Resins In Primary Forms in Northern America

In value terms, urea and thiourea resins production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a mild shrinkage. The growth pace was the most rapid in 2015 when the production volume increased by 53% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports in Northern America

In 2022, the amount of urea resins and thiourea resins in primary forms exported in Northern America declined to X tons, reducing by -10.3% against the year before. Over the period under review, exports, however, showed a perceptible increase. The pace of growth was the most pronounced in 2018 with an increase of 79% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, urea and thiourea resins exports skyrocketed to $X in 2022. Total exports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 +70.0% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 64% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States was the main exporting country with an export of around X tons, which reached 87% of total exports. It was distantly followed by Canada (X tons), committing a 13% share of total exports.

The United States was also the fastest-growing in terms of the urea resins and thiourea resins in primary forms exports, with a CAGR of +10.0% from 2012 to 2022. Canada (-11.9%) illustrated a downward trend over the same period. The United States (+45 p.p.) significantly strengthened its position in terms of the total exports, while Canada saw its share reduced by -44.5% from 2012 to 2022, respectively.

In value terms, the United States ($X) remains the largest urea and thiourea resins supplier in Northern America, comprising 90% of total exports. The second position in the ranking was held by Canada ($X), with a 10% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +7.5%.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per ton, rising by 29% against the previous year. Export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.9% 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 +65.3% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the export price increased by 56%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Canada totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+5.6%).

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports in Northern America

In 2022, the amount of urea resins and thiourea resins in primary forms imported in Northern America declined to X tons, shrinking by -9.8% on 2021 figures. Overall, imports, however, recorded a measured increase. The growth pace was the most rapid in 2018 when imports increased by 69% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, urea and thiourea resins imports soared to $X in 2022. Total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +76.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 48% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Canada represented the largest importer of urea resins and thiourea resins in primary forms in Northern America, with the volume of imports accounting for X tons, which was approx. 71% of total imports in 2022. It was distantly followed by the United States (X tons), mixing up a 29% share of total imports.

Canada was also the fastest-growing in terms of the urea resins and thiourea resins in primary forms imports, with a CAGR of +16.0% from 2012 to 2022. The United States (-6.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Canada increased by +48 percentage points.

In value terms, Canada ($X) and the United States ($X) constituted the countries with the highest levels of imports in 2022.

Canada, with a CAGR of +13.8%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review.

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per ton, surging by 32% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($X per ton), while Canada amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.3%).

Source: IndexBox Platform

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