South Africa: Market for Urea Resins And Thiourea Resins In Primary Forms 2024

Market Size for Urea Resins And Thiourea Resins In Primary Forms in South Africa

The South African urea and thiourea resins market reduced slightly to $X in 2022, declining by -1.6% against the previous year. In general, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Production of Urea Resins And Thiourea Resins In Primary Forms in South Africa

In value terms, urea and thiourea resins production dropped modestly to $X in 2022 estimated in export price. In general, production saw a slight contraction. The most prominent rate of growth was recorded in 2016 with an increase of 22%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from South Africa

In 2022, exports of urea resins and thiourea resins in primary forms from South Africa declined rapidly to X tons, reducing by -28.1% compared with 2021 figures. Overall, exports showed a abrupt setback. The pace of growth appeared the most rapid in 2013 when exports increased by 137%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, urea and thiourea resins exports contracted remarkably to $X in 2022. In general, exports continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2013 with an increase of 110%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Zambia (X tons) was the main destination for urea and thiourea resins exports from South Africa, accounting for a 79% share of total exports. Moreover, urea and thiourea resins exports to Zambia exceeded the volume sent to the second major destination, Zimbabwe (X tons), more than tenfold. The third position in this ranking was held by Tanzania (X tons), with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Zambia amounted to -6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zimbabwe (+0.8% per year) and Tanzania (+67.1% per year).

In value terms, Zambia ($X) remains the key foreign market for urea resins and thiourea resins in primary forms exports from South Africa, comprising 65% of total exports. The second position in the ranking was held by Zimbabwe ($X), with a 13% share of total exports. It was followed by Democratic Republic of the Congo, with a 6.8% share.

From 2012 to 2022, the average annual growth rate of value to Zambia stood at -1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zimbabwe (+11.3% per year) and Democratic Republic of the Congo (+103.7% per year).

Export Prices by Country

In 2022, the average urea and thiourea resins export price amounted to $X per ton, jumping by 15% against the previous year. Overall, the export price saw a strong expansion. The pace of growth was the most pronounced in 2017 an increase of 45% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the near future.

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 Democratic Republic of the Congo ($X per ton), while the average price for exports to Tanzania ($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 Zimbabwe (+10.4%), 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 South Africa

For the fourth consecutive year, South Africa recorded growth in supplies from abroad of urea resins and thiourea resins in primary forms, which increased by 22% to X tons in 2022. Overall, total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +2.8% 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 +46.9% against 2018 indices. The pace of growth was the most pronounced in 2014 with an increase of 78% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, urea and thiourea resins imports rose rapidly to $X in 2022. In general, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 +62.8% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of 55% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of urea and thiourea resins to South Africa, accounting for a 39% share of total imports. Moreover, urea and thiourea resins imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. Turkey (X tons) ranked third in terms of total imports with a 9.9% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +49.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+11.1% per year) and Turkey (-8.3% per year).

In value terms, China ($X) constituted the largest supplier of urea resins and thiourea resins in primary forms to South Africa, comprising 35% of total imports. The second position in the ranking was taken by Italy ($X), with a 16% share of total imports. It was followed by Sweden, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +48.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+12.4% per year) and Sweden (+12.6% per year).

Import Prices by Country

The average urea and thiourea resins import price stood at $X per ton in 2022, declining by -5.8% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 42% against the previous year. As a result, import price reached the peak level of $X per ton, and then declined in the following year.

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 ($X per ton), while the price for Egypt ($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 (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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