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

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

The Turkish urea and thiourea resins market shrank to $X in 2022, which is down by -12.5% against the previous year. Over the period under review, the total consumption indicated notable growth 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, consumption increased by +5.4% against 2020 indices. Urea and thiourea resins consumption peaked at $X in 2021, and then shrank in the following year.

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

In value terms, urea and thiourea resins production amounted to $X in 2022 estimated in export price. In general, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.5% 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 -0.8% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 50%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Turkey

In 2022, approx. X tons of urea resins and thiourea resins in primary forms were exported from Turkey; jumping by 52% against 2021. Over the period under review, exports continue to indicate a strong expansion. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, urea and thiourea resins exports skyrocketed to $X in 2022. In general, exports enjoyed prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Bulgaria (X tons) was the main destination for urea and thiourea resins exports from Turkey, with a 48% share of total exports. Moreover, urea and thiourea resins exports to Bulgaria exceeded the volume sent to the second major destination, Greece (X tons), fourfold. Romania (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bulgaria amounted to +7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (-3.3% per year) and Romania (+33.5% per year).

In value terms, Bulgaria ($X) remains the key foreign market for urea resins and thiourea resins in primary forms exports from Turkey, comprising 48% of total exports. The second position in the ranking was taken by Greece ($X), with a 10% share of total exports. It was followed by Romania, with an 8.2% share.

From 2012 to 2022, the average annual growth rate of value to Bulgaria stood at +11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (+0.6% per year) and Romania (+38.9% per year).

Export Prices by Country

The average urea and thiourea resins export price stood at $X per ton in 2022, rising by 9.4% against the previous year. In general, the export price showed moderate growth. The most prominent rate of growth was recorded in 2021 when the average export price increased by 95%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Denmark ($X per ton), while the average price for exports to Romania ($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 (+10.7%), 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 Turkey

In 2022, purchases abroad of urea resins and thiourea resins in primary forms decreased by -33.5% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports recorded a drastic downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 145% 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 to $X in 2022. In general, imports continue to indicate a deep slump. The pace of growth was the most pronounced in 2021 with an increase of 37% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Iran (X tons), Egypt (X tons) and Italy (X tons) were the main suppliers of urea and thiourea resins imports to Turkey, with a combined 75% share of total imports. Germany, the United States, Belgium, Norway, Spain, China, the UK and Israel lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +184.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Germany ($X) and Egypt ($X) appeared to be the largest urea and thiourea resins suppliers to Turkey, together accounting for 61% of total imports. The United States, Iran, Norway, Spain, Belgium, China, the UK and Israel lagged somewhat behind, together comprising a further 33%.

Among the main suppliers, Belgium, with a CAGR of +97.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average urea and thiourea resins import price amounted to $X per ton, jumping by 41% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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