Thailand: Cement Market 2024

Cement Market Size in Thailand

The Thai cement market expanded slightly to $X in 2022, growing by 1.7% against the previous year. In general, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +5.3% against 2020 indices. Cement consumption peaked in 2022 and is likely to see gradual growth in years to come.

Cement Production in Thailand

In value terms, cement production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 20% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Cement Exports

Exports from Thailand

For the third consecutive year, Thailand recorded decline in overseas shipments of cement, which decreased by -30.3% to X tons in 2022. Over the period under review, exports showed a deep downturn. The growth pace was the most rapid in 2014 when exports increased by 20%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, cement exports fell remarkably to $X in 2022. In general, exports continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2014 when exports increased by 19%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Cambodia (X tons), Myanmar (X tons) and the United States (X tons) were the main destinations of cement exports from Thailand, with a combined 82% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +33.9%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for cement exported from Thailand were Myanmar ($X), Cambodia ($X) and Lao People's Democratic Republic ($X), with a combined 79% share of total exports. The United States and Australia lagged somewhat behind, together comprising a further 13%.

Among the main countries of destination, the United States, with a CAGR of +23.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average cement export price stood at $X per ton in 2022, increasing by 9% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average export price increased by 9.2%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Lao People's Democratic Republic ($X per ton) and Myanmar ($X per ton), while the average price for exports to Cambodia ($X per ton) and Australia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (+1.9%), while the prices for the other major destinations experienced mixed trend patterns.

Cement Imports

Imports into Thailand

After six years of growth, purchases abroad of cement decreased by -1.1% to X tons in 2022. In general, imports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 1,061% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then contracted slightly in the following year.

In value terms, cement imports declined slightly to $X in 2022. Over the period under review, imports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 620%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Lao People's Democratic Republic (X tons) was the main cement supplier to Thailand, with a 95% share of total imports. Moreover, cement imports from Lao People's Democratic Republic exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. The third position in this ranking was taken by China (X tons), with a 0.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lao People's Democratic Republic totaled +548.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+41.7% per year) and China (-0.8% per year).

In value terms, Lao People's Democratic Republic ($X) constituted the largest supplier of cement to Thailand, comprising 91% of total imports. The second position in the ranking was taken by China ($X), with a 3.8% share of total imports. It was followed by Malaysia, with a 1.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Lao People's Democratic Republic amounted to +502.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+2.3% per year) and Malaysia (+21.1% per year).

Import Prices by Country

The average cement import price stood at $X per ton in 2022, approximately equating the previous year. Overall, the import price saw a drastic downturn. The most prominent rate of growth was recorded in 2018 when the average import price increased by 34%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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 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 India (+18.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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