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

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

The Portuguese urea and thiourea resins market rose sharply to $X in 2022, picking up by 14% against the previous year. In general, consumption, however, continues to indicate a pronounced descent. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

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

In value terms, urea and thiourea resins production fell slightly to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible descent. The pace of growth was the most pronounced in 2018 when the production volume increased by 38% against the previous year. Urea and thiourea resins production peaked 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 Portugal

In 2022, urea and thiourea resins exports from Portugal contracted to X tons, waning by -13.2% on 2021. Overall, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 36%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, urea and thiourea resins exports surged to $X in 2022. In general, exports, however, enjoyed a measured increase. The pace of growth was the most pronounced in 2021 with an increase of 71%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Spain (X tons) was the main destination for urea and thiourea resins exports from Portugal, accounting for a 79% share of total exports. Moreover, urea and thiourea resins exports to Spain exceeded the volume sent to the second major destination, Mexico (X tons), sixfold. France (X tons) ranked third in terms of total exports with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume to Spain totaled -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+13.7% per year) and France (-18.2% per year).

In value terms, Spain ($X) remains the key foreign market for urea resins and thiourea resins in primary forms exports from Portugal, comprising 79% of total exports. The second position in the ranking was held by Mexico ($X), with a 12% share of total exports. It was followed by France, with a 1.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Spain totaled +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+27.9% per year) and France (-16.2% per year).

Export Prices by Country

In 2022, the average urea and thiourea resins export price amounted to $X per ton, rising by 41% against the previous year. In general, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.6% 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 +101.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 43%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Spain ($X per ton) and Mexico ($X per ton), while the average price for exports to France ($X per ton) and Morocco ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports into Portugal

Urea and thiourea resins imports into Portugal reduced to X tons in 2022, waning by -13.2% on 2021. In general, imports recorded a pronounced shrinkage. The pace of growth was the most pronounced in 2014 when imports increased by 88%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, urea and thiourea resins imports contracted dramatically to $X in 2022. Overall, imports continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2021 when imports increased by 20%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Spain (X tons) constituted the largest urea and thiourea resins supplier to Portugal, with a 70% share of total imports. Moreover, urea and thiourea resins imports from Spain exceeded the figures recorded by the second-largest supplier, Germany (X tons), fivefold. Italy (X tons) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+0.6% per year) and Italy (-13.6% per year).

In value terms, Spain ($X) constituted the largest supplier of urea resins and thiourea resins in primary forms to Portugal, comprising 59% of total imports. The second position in the ranking was taken by Germany ($X), with a 24% share of total imports. It was followed by France, with a 4.3% share.

From 2012 to 2022, the average annual growth rate of value from Spain stood at -2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.9% per year) and France (+13.6% per year).

Import Prices by Country

In 2022, the average urea and thiourea resins import price amounted to $X per ton, reducing by -8.4% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 33% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Italy ($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 UK (+17.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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