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

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

After two years of growth, the Thai urea and thiourea resins market decreased by -17.5% to $X in 2022. The market value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Urea and thiourea resins consumption peaked at $X in 2021, and then shrank sharply in the following year.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Thailand

In 2022, shipments abroad of urea resins and thiourea resins in primary forms was finally on the rise to reach X tons after two years of decline. Over the period under review, exports enjoyed a significant expansion. The growth pace was the most rapid in 2017 when exports increased by 107%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, urea and thiourea resins exports soared to $X in 2022. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 173%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Vietnam (X tons), Taiwan (Chinese) (X tons) and China (X tons) were the main destinations of urea and thiourea resins exports from Thailand, with a combined 87% share 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 Taiwan (Chinese) (with a CAGR of +109.7%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Taiwan (Chinese) ($X) and India ($X) were the largest markets for urea and thiourea resins exported from Thailand worldwide, with a combined 88% share of total exports.

Taiwan (Chinese), with a CAGR of +91.3%, saw the highest growth rate of the value of exports, in terms of 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

In 2022, the average urea and thiourea resins export price amounted to $X per ton, jumping by 18% against the previous year. Overall, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +2.1% 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 +50.8% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 32% against the previous year. The export price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Bangladesh ($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 Saudi Arabia (+106.7%), 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 Thailand

After two years of growth, supplies from abroad of urea resins and thiourea resins in primary forms decreased by -20.9% to X tons in 2022. The total import volume increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 39%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, urea and thiourea resins imports reached $X in 2022. In general, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +15.4% against 2018 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 55%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Malaysia (X tons) was the main urea and thiourea resins supplier to Thailand, accounting for a 93% share of total imports. Moreover, urea and thiourea resins imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Malaysia was relatively modest.

In value terms, Malaysia ($X) constituted the largest supplier of urea resins and thiourea resins in primary forms to Thailand, comprising 79% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 9% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Malaysia amounted to +3.2%.

Import Prices by Country

The average urea and thiourea resins import price stood at $X per ton in 2022, rising by 27% against the previous year. Overall, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.2% 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 +68.3% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 33% against the previous year. The import price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Malaysia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+2.4%).

Source: IndexBox Platform

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