Thailand: Ethanol Market 2024

Ethanol Market Size in Thailand

In 2022, the Thai ethanol market decreased by -1.2% to $X, falling for the second year in a row after four years of growth. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +9.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.4% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Ethanol Production in Thailand

In value terms, ethanol production rose slightly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 34% against the previous year. Ethanol production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Ethanol Exports

Exports from Thailand

For the fourth consecutive year, Thailand recorded decline in shipments abroad of ethyl alcohol, which decreased by -33.7% to X litres in 2022. Over the period under review, exports saw a sharp setback. The growth pace was the most rapid in 2015 when exports increased by 147% against the previous year. Over the period under review, the exports reached the peak figure at X litres in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, ethanol exports shrank sharply to $X in 2022. Overall, exports continue to indicate a sharp contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 147% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The Philippines (X litres) was the main destination for ethanol exports from Thailand, with a 39% share of total exports. Moreover, ethanol exports to the Philippines exceeded the volume sent to the second major destination, Malaysia (X litres), fourfold. The third position in this ranking was taken by Japan (X litres), with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines stood at -27.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+15.2% per year) and Japan (-47.1% per year).

In value terms, the Philippines ($X) remains the key foreign market for ethyl alcohol exports from Thailand, comprising 35% of total exports. The second position in the ranking was held by Malaysia ($X), with a 12% share of total exports. It was followed by Japan, with a 0.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Philippines totaled -27.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+19.5% per year) and Japan (-47.2% per year).

Export Prices by Country

In 2022, the average ethanol export price amounted to $X per litre, dropping by -5.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2020 an increase of 45%. The export price peaked at $X per litre in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per litre), while the average price for exports to Japan ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+16.3%), while the prices for the other major destinations experienced more modest paces of growth.

Ethanol Imports

Imports into Thailand

In 2022, purchases abroad of ethyl alcohol decreased by -29.3% to X litres, falling for the second year in a row after two years of growth. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 30%. As a result, imports attained the peak of X litres. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, ethanol imports shrank notably to $X in 2022. In general, total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -27.8% against 2020 indices. The growth pace was the most rapid in 2020 when imports increased by 78%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Pakistan (X litres), South Africa (X litres) and Australia (X litres) were the main suppliers of ethanol imports to Thailand, with a combined 39% share of total imports. These countries were followed by Indonesia, Myanmar, Vietnam and the UK, which together accounted for a further 11%.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +197.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest ethanol suppliers to Thailand were Pakistan ($X), South Africa ($X) and Australia ($X), with a combined 36% share of total imports. These countries were followed by Indonesia, Myanmar, Vietnam and the UK, which together accounted for a further 11%.

Myanmar, with a CAGR of +186.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average ethanol import price amounted to $X per litre, picking up by 13% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 37% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per litre), while the price for Myanmar ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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