Thailand: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Thailand

The Thai monocarboxylic acid market fell slightly to $X in 2022, which is down by -4.1% 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 recorded a mild setback. Monocarboxylic acid consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Monocarboxylic Acid Exports

Exports from Thailand

After two years of decline, shipments abroad of acrylic acid and its salts and other monocarboxylic acid increased by 17% to X tons in 2022. In general, exports showed a remarkable increase. The most prominent rate of growth was recorded in 2016 when exports increased by 88%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, monocarboxylic acid exports expanded rapidly to $X in 2022. Overall, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2018 when exports increased by 268%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Australia (X tons), Vietnam (X tons) and Iraq (X tons) were the main destinations of monocarboxylic acid exports from Thailand, with a combined 70% share of total exports. Lao People's Democratic Republic, Myanmar, Cambodia, Singapore and Japan lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +133.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Iraq ($X) and Vietnam ($X) constituted the largest markets for monocarboxylic acid exported from Thailand worldwide, with a combined 75% share of total exports. Myanmar, Lao People's Democratic Republic, Cambodia, Singapore and Japan lagged somewhat behind, together accounting for a further 22%.

Singapore, with a CAGR of +164.6%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination 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 monocarboxylic acid export price amounted to $X per ton, falling by -3.3% against the previous year. In general, the export price, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2018 when the average export price increased by 145%. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then declined modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iraq ($X per ton), while the average price for exports to Vietnam ($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 Cambodia (+29.9%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Thailand

Monocarboxylic acid imports into Thailand contracted notably to X tons in 2022, dropping by -15.3% on 2021 figures. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 24%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, monocarboxylic acid imports reached $X in 2022. In general, imports continue to indicate a mild descent. The most prominent rate of growth was recorded in 2021 when imports increased by 38% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest monocarboxylic acid supplier to Thailand, with a 61% share of total imports. Moreover, monocarboxylic acid imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. South Korea (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.9% per year) and South Korea (+12.2% per year).

In value terms, Malaysia ($X), China ($X) and India ($X) appeared to be the largest monocarboxylic acid suppliers to Thailand, together comprising 79% of total imports.

India, with a CAGR of +15.4%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, jumping by 19% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 42%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Malaysia ($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 (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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