The latest report by IMARC, titled "Urea Resin Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data" delivers a comprehensive analysis of Urea Resin prices on a global and regional scale, highlighting the pivotal factors contributing to price changes. This detailed examination includes spot price evaluations at key ports and an analysis of pricing structures, such as Ex Works, FOB, and CIF, across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Urea Resin Prices June 2023:
- Unites States: 690/Ton USD/MT
- China: 627/Ton USD/MT
- Germany: 634/Ton USD/MT
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The study delves into the factors affecting Urea Resin price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.
The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.
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Urea Resin Price Trend- Q4 2023
The urea resin market is primarily driven by its extensive application across various downstream industries, which has significantly influenced the demand and supply dynamics. The urea market dynamics are influenced by various factors, mirroring the complexities observed in other chemical sectors. In North America's second quarter, there was a decline in urea resin sales compared to the first quarter. This decline was gradual in April and more pronounced in May and June, mainly due to decreased demand from the wood and furniture industries. The Asia Pacific market witnessed a significant decline in urea resin sales in the Chinese market, supported by low urea feedstock prices. Industrial growth, as per NBS data, the industrial growth rate decreased, indicating sluggish trading activities within China. Moreover, the Europe urea resin market witnessed increased inflationary pressure and a slow European economic rebound further dampened demand, prompting manufacturers to offer discounted prices to manage excess inventories.
The global urea resin market size reached US$ 11.45 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 15.3 Billion, at a projected CAGR of 3.30% during 2023-2032. In the first quarter of 2024, the North America market saw a decline in urea resin prices which was moderate in April and more pronounced in May and June, mainly owing to low demand from the wood and furniture industries. According to Statista, lumber prices in the US dropped by 5.3% in April compared to March, contributing significantly to this trend. Along with this, the market saw an oversupply of urea-formaldehyde resin, which further drove prices down. Additionally, the banking crisis in the US negatively impacted product demand, with low purchasing activity attributed to high inflation and increased interest rates. Moreover, lower prices of urea feedstock made urea resin production less profitable, leading to reduced output in June. These factors combined to create negative market sentiments, resulting in continuous price declines.
Besides this, the Asia Pacific market experienced a downturn, with prices dropping due to reduced demand from seasonal variations. In addition, low urea feedstock prices reduced production costs and strengthened the supply chain, further driving down prices. The oversupply of the product in May, coupled with low demand from the wood and furniture industries, caused prices to plummet. Despite production units running at normal capacity and an uninterrupted supply chain, ample product availability and lack of demand led to negative market sentiments, resulting in continuous price declines. Furthermore, the European urea resin market remained bearish throughout the second quarter of 2023 due to lower-than-expected demand. This decline was fuelled by negative market sentiments among traders, along with reduced urea feedstock costs. Along with this, the production units operated at full capacity with no supply chain disruptions, yet minimal purchasing activities in the domestic market and muted export orders contributed to the overall negative sentiment.
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Key Points Covered in the Urea Resin Pricing Report:
The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:
- Urea Resin Prices
- Urea Resin Price Trend
- Urea Resin Demand & Supply
- Urea Resin Market Analysis
- Demand Supply Analysis by Type
- Demand Supply Analysis by Application
- Demand Supply Analysis of Raw Materials
- Urea Resin Price Analysis
- Urea Resin Industry Drivers, Restraints, and Opportunities
- Urea Resin News and Recent developments
- Global Event Analysis
- List of Key Players
Regional Price Analysis:
- Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand
- Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece
- North America: United States and Canada
- Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
- Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco
Browse More Pricing Reports by IMARC Group:
Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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IMARC is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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