Republic of Korea: Market for Urea Resins And Thiourea Resins In Primary Forms 2024

Market Size for Urea Resins And Thiourea Resins In Primary Forms in Republic of Korea

The South Korean urea and thiourea resins market dropped modestly to $X in 2022, waning by -2% against the previous year. In general, consumption recorded a perceptible shrinkage. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Production of Urea Resins And Thiourea Resins In Primary Forms in Republic of Korea

In value terms, urea and thiourea resins production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production showed a mild reduction. The pace of growth was the most pronounced in 2013 with an increase of 20% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Republic of Korea

In 2022, exports of urea resins and thiourea resins in primary forms from South Korea reduced notably to X tons, dropping by -16.6% on the year before. In general, exports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when exports increased by 198% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, urea and thiourea resins exports contracted to $X in 2022. Over the period under review, exports saw a abrupt slump. The growth pace was the most rapid in 2014 with an increase of 126%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for urea and thiourea resins exports from South Korea, accounting for a 77% share of total exports. Moreover, urea and thiourea resins exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), sevenfold. The third position in this ranking was held by Germany (X tons), with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+28.3% per year) and Germany (0.0% per year).

In value terms, the largest markets for urea and thiourea resins exported from South Korea were China ($X), Germany ($X) and Vietnam ($X), together comprising 95% of total exports. These countries were followed by Australia, which accounted for a further 1.7%.

Australia, with a CAGR of +23.8%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average urea and thiourea resins export price stood at $X per ton in 2022, growing by 4.3% against the previous year. Over the period under review, export price indicated a temperate increase from 2012 to 2022: its price 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, urea and thiourea resins export price decreased by -13.7% against 2020 indices. The growth pace was the most rapid in 2013 when the average export price increased by 63% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Australia ($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 Australia (-2.7%), while the prices for the other major destinations experienced a decline.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports into Republic of Korea

In 2022, urea and thiourea resins imports into South Korea surged to X tons, picking up by 39% against the previous year. Over the period under review, total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% 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 +68.5% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, urea and thiourea resins imports rose markedly to $X in 2022. In general, total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +57.2% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 37% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

China (X tons), Germany (X tons) and Turkey (X tons) were the main suppliers of urea and thiourea resins imports to South Korea, together accounting for 94% of total imports. Sweden lagged somewhat behind, accounting for a further 3.1%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +99.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of urea resins and thiourea resins in primary forms to South Korea, comprising 58% of total imports. The second position in the ranking was held by China ($X), with a 25% share of total imports. It was followed by Turkey, with a 5.9% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.9% per year) and Turkey (+51.0% per year).

Import Prices by Country

The average urea and thiourea resins import price stood at $X per ton in 2022, reducing by -21.4% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 39% against the previous year. The import price 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 supplying countries. In 2022, 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 Thailand (+17.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :