Thailand: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Thailand

The Thai carboxylic acid market reduced remarkably to $X in 2021, falling by -34.3% against the previous year. Over the period under review, consumption showed a pronounced decrease. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Carboxylic Acid Production in Thailand

In value terms, carboxylic acid production dropped slightly to $X in 2021 estimated in export price. In general, production, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 185%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Carboxylic Acid Exports

Exports from Thailand

In 2021, approx. X tons of carboxylic acid with alcohol, phenol, aldehyde or ketone functions were exported from Thailand; picking up by 4% compared with the year before. Overall, exports recorded a remarkable increase. The pace of growth was the most pronounced in 2013 with an increase of 385% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, carboxylic acid exports rose markedly to $X in 2021. Over the period under review, exports recorded a prominent increase. The pace of growth was the most pronounced in 2013 with an increase of 289% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons) was the main destination for carboxylic acid exports from Thailand, with a 44% share of total exports. Moreover, carboxylic acid exports to the Netherlands exceeded the volume sent to the second major destination, Japan (X tons), fourfold. China (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Netherlands totaled +16.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+22.7% per year) and China (+31.9% per year).

In value terms, the Netherlands ($X) remains the key foreign market for carboxylic acid with alcohol, phenol, aldehyde or ketone functions exports from Thailand, comprising 45% of total exports. The second position in the ranking was held by China ($X), with an 11% share of total exports. It was followed by Spain, with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the Netherlands stood at +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+22.0% per year) and Spain (-2.7% per year).

Export Prices by Country

The average carboxylic acid export price stood at $X per ton in 2021, with an increase of 3.4% against the previous year. Over the period under review, the export price, however, recorded a deep reduction. The growth pace was the most rapid in 2017 when the average export price increased by 8.7%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, the countries with the highest prices were China ($X per ton) and the Netherlands ($X per ton), while the average price for exports to the United States ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (-6.0%), while the prices for the other major destinations experienced a decline.

Carboxylic Acid Imports

Imports into Thailand

In 2021, imports of carboxylic acid with alcohol, phenol, aldehyde or ketone functions into Thailand skyrocketed to X tons, with an increase of 47% against 2020 figures. Overall, total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +8.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +64.4% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, carboxylic acid imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +66.3% against 2017 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of carboxylic acid to Thailand, with a 63% share of total imports. Moreover, carboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sevenfold. Japan (X tons) ranked third in terms of total imports with an 8.2% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+1.0% per year) and Japan (+10.7% per year).

In value terms, China ($X) constituted the largest supplier of carboxylic acid with alcohol, phenol, aldehyde or ketone functions to Thailand, comprising 43% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 14% share of total imports. It was followed by Japan, with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-0.1% per year) and Japan (+6.2% per year).

Import Prices by Country

The average carboxylic acid import price stood at $X per ton in 2021, falling by -5.9% against the previous year. Over the period under review, the import price saw a noticeable decline. The pace of growth was the most pronounced in 2018 an increase of 6.3%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was India ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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