Urea And Thiourea Resins Market

The global market for urea resins and thiourea resins in primary forms is expected to see continued growth, with consumption and production levels forecasted to increase over the next eight years. The market performance is projected to accelerate, with consumption and production levels set to rise. The article provides a detailed analysis of consumption, production, imports, and exports trends, as well as key insights into the top consuming and producing countries. Key highlights include the countries with the highest volumes of consumption, production, and imports, as well as the average prices and growth rates over the past decade.

Market Forecast

Driven by increasing demand for urea resins and thiourea resins in primary forms worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 33M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $44.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Urea Resins And Thiourea Resins In Primary Forms

In 2022, global urea and thiourea resins consumption fell slightly to 29M tons, dropping by -2.1% on 2021 figures. In general, consumption, however, showed a relatively flat trend pattern. Global consumption peaked at 30M tons in 2021, and then reduced modestly in the following year.

The global urea and thiourea resins market revenue stood at $33.1B in 2022, remaining relatively unchanged against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded a relatively flat trend pattern. Global consumption peaked at $36.2B in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (6.3M tons), the United States (4.1M tons) and India (2.4M tons), together comprising 43% of global consumption. Japan, Pakistan, Brazil, Russia, Germany, Indonesia, Mexico, Poland, Canada and Saudi Arabia lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +8.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($6.7B), the United States ($4.7B) and Japan ($4.3B) were the countries with the highest levels of market value in 2022, with a combined 48% share of the global market. Pakistan, India, Mexico, Indonesia, Germany, Brazil, Poland, Russia, Canada and Saudi Arabia lagged somewhat behind, together comprising a further 30%.

In terms of the main consuming countries, Poland, with a CAGR of +9.4%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of urea and thiourea resins per capita consumption in 2022 were Poland (16 kg per person), Saudi Arabia (14 kg per person) and Canada (13 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Saudi Arabia (with a CAGR of +6.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Urea Resins And Thiourea Resins In Primary Forms

In 2022, the amount of urea resins and thiourea resins in primary forms produced worldwide fell slightly to 29M tons, reducing by -1.9% against the previous year's figure. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 4.8%. Over the period under review, global production attained the maximum volume at 30M tons in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, urea and thiourea resins production reached $32.6B in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 12% against the previous year. Global production peaked at $37.4B in 2015; however, from 2016 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (6.3M tons), the United States (4.1M tons) and India (2.4M tons), together accounting for 44% of global production. Japan, Pakistan, Brazil, Russia, Indonesia, Germany, Mexico, Poland, Saudi Arabia and Canada lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Saudi Arabia (with a CAGR of +8.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Urea Resins And Thiourea Resins In Primary Forms

In 2022, the amount of urea resins and thiourea resins in primary forms imported worldwide declined to 2M tons, reducing by -7.5% compared with the year before. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 16%. As a result, imports attained the peak of 2.2M tons, and then shrank in the following year.

In value terms, urea and thiourea resins imports soared to $1.8B in 2022. Overall, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.7% 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 +94.9% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 60% against the previous year. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, Germany (471K tons), distantly followed by France (207K tons), Poland (158K tons), Belarus (111K tons) and Nigeria (99K tons) represented the main importers of urea resins and thiourea resins in primary forms, together committing 51% of total imports. The following importers - Ukraine (90K tons), Austria (83K tons), Spain (65K tons), Italy (61K tons), Switzerland (59K tons), Bulgaria (53K tons), Thailand (48K tons) and Canada (45K tons) - together made up 25% of total imports.

Imports into Germany increased at an average annual rate of +3.7% from 2012 to 2022. At the same time, Nigeria (+47.6%), Canada (+16.0%), Poland (+13.9%), Belarus (+12.4%), Ukraine (+4.6%), Thailand (+1.3%) and Italy (+1.1%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in the world, with a CAGR of +47.6% from 2012-2022. Bulgaria experienced a relatively flat trend pattern. By contrast, Switzerland (-1.6%), Spain (-2.8%), Austria (-5.3%) and France (-5.6%) illustrated a downward trend over the same period. While the share of Poland (+5.3 p.p.), Nigeria (+4.7 p.p.), Germany (+4.6 p.p.), Belarus (+3.5 p.p.) and Canada (+1.6 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Spain (-1.7 p.p.), Austria (-4 p.p.) and France (-10.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($369M) constitutes the largest market for imported urea resins and thiourea resins in primary forms worldwide, comprising 21% of global imports. The second position in the ranking was taken by France ($179M), with a 10% share of global imports. It was followed by Poland, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value in Germany amounted to +8.4%. The remaining importing countries recorded the following average annual rates of imports growth: France (+0.1% per year) and Poland (+15.1% per year).

Import Prices By Country

In 2022, the average urea and thiourea resins import price amounted to $867 per ton, rising by 31% against the previous year. In general, import price indicated a notable increase from 2012 to 2022: its price 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, urea and thiourea resins import price increased by +81.0% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 38% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($1,132 per ton), while Belarus ($371 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+6.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Urea Resins And Thiourea Resins In Primary Forms

In 2022, overseas shipments of urea resins and thiourea resins in primary forms decreased by -5.4% to 1.6M tons, falling for the fourth year in a row after two years of growth. In general, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 5%. As a result, the exports reached the peak of 1.8M tons. From 2019 to 2022, the growth of the global exports remained at a somewhat lower figure.

In value terms, urea and thiourea resins exports skyrocketed to $1.4B in 2022. Over the period under review, total exports indicated a tangible 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, exports increased by +80.8% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 43%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

In 2022, Poland (262K tons), Germany (230K tons) and Belgium (210K tons) represented the key exporter of urea resins and thiourea resins in primary forms in the world, committing 44% of total export. Portugal (88K tons) took the next position in the ranking, followed by the Netherlands (78K tons). All these countries together held approx. 10% share of total exports. Turkey (70K tons), Malaysia (63K tons), Romania (56K tons), China (54K tons), the Czech Republic (50K tons), the United States (48K tons), Russia (36K tons) and Slovakia (34K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the United States (with a CAGR of +10.0%), while the other global leaders experienced more modest paces of growth.

In value terms, Germany ($251M), Poland ($180M) and Belgium ($172M) were the countries with the highest levels of exports in 2022, with a combined 42% share of global exports. China, Portugal, Turkey, the Netherlands, the United States, Romania, Malaysia, the Czech Republic, Slovakia and Russia lagged somewhat behind, together comprising a further 32%.

In terms of the main exporting countries, Turkey, with a CAGR of +12.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average urea and thiourea resins export price stood at $906 per ton in 2022, surging by 34% against the previous year. In general, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 +92.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 43% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($1,239 per ton), while Russia ($421 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+6.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform