United Kingdom: Market for Urea Resins And Thiourea Resins In Primary Forms 2024

Market Size for Urea Resins And Thiourea Resins In Primary Forms in the UK

In 2022, the UK urea and thiourea resins market increased by 0.1% to $X, rising for the second year in a row after three years of decline. Overall, consumption, however, recorded a noticeable decrease. The most prominent rate of growth was recorded in 2016 when the market value increased by 4.4%. Urea and thiourea resins consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Urea Resins And Thiourea Resins In Primary Forms in the UK

In value terms, urea and thiourea resins production fell modestly to $X in 2022 estimated in export price. In general, production, however, recorded a pronounced descent. The most prominent rate of growth was recorded in 2021 with an increase of 1.7%. Urea and thiourea resins production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from the UK

In 2022, overseas shipments of urea resins and thiourea resins in primary forms increased by 31% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports, however, continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2015 when exports increased by 82% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, urea and thiourea resins exports surged to $X in 2022. In general, exports, however, showed a drastic downturn. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Italy (X tons), the Netherlands (X tons) and Germany (X tons) were the main destinations of urea and thiourea resins exports from the UK, with a combined 68% 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 the Netherlands (with a CAGR of +26.6%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) emerged as the key foreign market for urea resins and thiourea resins in primary forms exports from the UK, comprising 50% of total exports. The second position in the ranking was taken by the Netherlands ($X), with an 11% share of total exports. It was followed by France, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value to Italy stood at +20.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+26.9% per year) and France (-7.7% per year).

Export Prices by Country

The average urea and thiourea resins export price stood at $X per ton in 2022, with an increase of 32% against the previous year. Overall, the export price recorded a resilient increase. The growth pace was the most rapid in 2019 an increase of 132% 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 China ($X per ton), while the average price for exports to Hong Kong SAR ($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 China (+19.6%), 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 the UK

Urea and thiourea resins imports into the UK skyrocketed to X tons in 2022, jumping by 93% against the year before. In general, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2017 when imports increased by 114%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, urea and thiourea resins imports surged to $X in 2022. Over the period under review, imports continue to indicate a temperate increase. The most prominent rate of growth was recorded in 2017 when imports increased by 241% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Finland (X tons) constituted the largest supplier of urea and thiourea resins to the UK, accounting for a 42% share of total imports. Moreover, urea and thiourea resins imports from Finland exceeded the figures recorded by the second-largest supplier, Sweden (X tons), twofold. Germany (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from Finland stood at +472.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+29.5% per year) and Germany (-4.1% per year).

In value terms, Germany ($X), Finland ($X) and Sweden ($X) were the largest urea and thiourea resins suppliers to the UK, with a combined 67% share of total imports.

In terms of the main suppliers, Finland, with a CAGR of +322.8%, recorded the highest rates of growth with regard to 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, shrinking by -26% against the previous year. In general, the import price recorded a noticeable contraction. The growth pace was the most rapid in 2017 an increase of 60%. The import price peaked at $X per ton in 2021, and then declined remarkably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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