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

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

The Omani urea and thiourea resins market declined to $X in 2022, with a decrease of -2.2% against the previous year. In general, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.3% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

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

In value terms, urea and thiourea resins production contracted modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.6% against 2019 indices. The growth pace was the most rapid in 2015 when the production volume increased by 54% against the previous year. Urea and thiourea resins production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Oman

In 2022, the amount of urea resins and thiourea resins in primary forms exported from Oman rose modestly to X tons, growing by 2.4% on 2021 figures. Overall, exports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2019 when exports increased by 906% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, urea and thiourea resins exports reduced to $X in 2022. Over the period under review, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 899% against the previous year. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Nigeria (X tons), Bangladesh (X tons) and the United Arab Emirates (X tons) were the main destinations of urea and thiourea resins exports from Oman, together accounting for 97% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nigeria (with a CAGR of +26.2%), while the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the key foreign market for urea resins and thiourea resins in primary forms exports from Oman, comprising 58% of total exports. The second position in the ranking was held by Bangladesh ($X), with a 27% share of total exports. It was followed by the United Arab Emirates, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Nigeria amounted to +20.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+1.0% per year) and the United Arab Emirates (0.0% per year).

Export Prices by Country

The average urea and thiourea resins export price stood at $X per ton in 2022, with a decrease of -8.8% against the previous year. In general, the export price recorded a abrupt shrinkage. The growth pace was the most rapid in 2017 when the average export price increased by 21%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (-0.5%), while the prices for the other major destinations experienced a decline.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports into Oman

In 2022, approx. X tons of urea resins and thiourea resins in primary forms were imported into Oman; shrinking by -27.2% compared with 2021. In general, imports saw a sharp setback. The pace of growth was the most pronounced in 2018 with an increase of 251% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, urea and thiourea resins imports dropped sharply to $X in 2022. Over the period under review, imports continue to indicate a precipitous setback. The most prominent rate of growth was recorded in 2018 with an increase of 265%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of urea and thiourea resins to Oman, with a 74% share of total imports. Moreover, urea and thiourea resins imports from the United States exceeded the figures recorded by the second-largest supplier, Egypt (X tons), ninefold. The third position in this ranking was taken by the United Arab Emirates (X tons), with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at -36.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (-16.2% per year) and the United Arab Emirates (-25.1% per year).

In value terms, the United States ($X) constituted the largest supplier of urea resins and thiourea resins in primary forms to Oman, comprising 62% of total imports. The second position in the ranking was taken by Egypt ($X), with a 9.7% share of total imports. It was followed by Iran, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to -36.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (-11.2% per year) and Iran (-9.9% per year).

Import Prices by Country

In 2022, the average urea and thiourea resins import price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.8% 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 import price increased by +93.1% against 2019 indices. The pace of growth was the most pronounced in 2020 an increase of 89% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then shrank modestly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+20.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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