Thailand: Industrial Stearic Acid Market 2024

Industrial Stearic Acid Market Size in Thailand

In 2021, the Thai industrial stearic acid market increased by 53% to $X, rising for the second consecutive year after two years of decline. Over the period under review, the total consumption indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +98.3% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Industrial Stearic Acid Exports

Exports from Thailand

In 2021, approx. X tons of industrial stearic acid were exported from Thailand; declining by -6.5% on the year before. Over the period under review, exports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 295% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, industrial stearic acid exports surged to $X in 2021. In general, exports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2016 with an increase of 352%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Cambodia (X tons) was the main destination for industrial stearic acid exports from Thailand, with a 65% share of total exports. Moreover, industrial stearic acid exports to Cambodia exceeded the volume sent to the second major destination, Myanmar (X tons), fourfold. The third position in this ranking was taken by Vietnam (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to Cambodia amounted to +25.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+36.5% per year) and Vietnam (+3.3% per year).

In value terms, Cambodia ($X) remains the key foreign market for industrial stearic acid exports from Thailand, comprising 71% of total exports. The second position in the ranking was held by Vietnam ($X), with a 15% share of total exports. It was followed by Myanmar, with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value to Cambodia totaled +26.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+5.4% per year) and Myanmar (+54.2% per year).

Export Prices by Country

The average industrial stearic acid export price stood at $X per ton in 2021, rising by 60% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+13.0%), while the prices for the other major destinations experienced more modest paces of growth.

Industrial Stearic Acid Imports

Imports into Thailand

In 2021, the amount of industrial stearic acid imported into Thailand surged to X tons, growing by 17% against the previous year's figure. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 23%. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

In value terms, industrial stearic acid imports soared to $X in 2021. In general, total imports indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.5% 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 +122.6% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and China (X tons) were the main suppliers of industrial stearic acid imports to Thailand, together comprising 98% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +61.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest industrial stearic acid suppliers to Thailand were Malaysia ($X), Indonesia ($X) and China ($X), with a combined 96% share of total imports.

China, with a CAGR of +69.1%, recorded the highest rates of growth with regard to 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

The average industrial stearic acid import price stood at $X per ton in 2021, rising by 43% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was China ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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