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 X% to $X in 2022. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2021, and then shrank rapidly in the following year.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Thailand

In 2022, overseas shipments of urea resins and thiourea resins in primary forms increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports showed significant growth. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, urea and thiourea resins exports surged to $X in 2022. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. The exports peaked in 2022 and are likely to see steady growth in the near future.

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 X% 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 X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for urea and thiourea resins exported from Thailand were Vietnam ($X), Taiwan (Chinese) ($X) and India ($X), together accounting for X% of total exports.

Among the main countries of destination, Taiwan (Chinese), with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, 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, growing by X% against the previous year. In general, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of X% 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 X% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, 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 (X%), 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 X% to X tons in 2022. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, urea and thiourea resins imports reached $X in 2022. Over the period under review, total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2018 indices. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) was the main urea and thiourea resins supplier to Thailand, with a X% 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 rate of growth in terms of volume from Malaysia was relatively modest.

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

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at X%.

Import Prices by Country

In 2022, the average urea and thiourea resins import price amounted to $X per ton, jumping by X% against the previous year. Over the period under review, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

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 Indonesia ($X per ton), while the price for Malaysia stood at $X per ton.

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

Source: IndexBox Platform