Thailand: Nitrates Market 2025

Nitrates Market Size in Thailand

In 2021, the Thai nitrates market decreased by 0% to less than $X, falling for the fourth year in a row after three years of growth. Overall, consumption continues to indicate notable growth. Nitrates consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Nitrates Exports

Exports from Thailand

In 2019, the amount of nitrates (excluding those of potassium) exported from Thailand skyrocketed to X tons, picking up by 80% compared with the year before. In general, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 204% against the previous year. The exports peaked in 2019 and are expected to retain growth in the near future.

In value terms, nitrates exports declined significantly to $X in 2019. Overall, exports saw significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 1,475% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018, and then fell dramatically in the following year.

Exports by Country

Malaysia (X tons) was the main destination for nitrates exports from Thailand, accounting for a 75% share of total exports. Moreover, nitrates exports to Malaysia exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was held by Vietnam (X tons), with a 2.6% share.

From 2012 to 2019, the average annual rate of growth in terms of volume to Malaysia stood at +202.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+114.5% per year) and Vietnam (+56.8% per year).

In value terms, Malaysia ($X) remains the key foreign market for nitrates (excluding those of potassium) exports from Thailand, comprising 88% of total exports. The second position in the ranking was taken by China ($X), with an 8.4% share of total exports. It was followed by Vietnam, with a 3.6% share.

From 2012 to 2019, the average annual growth rate of value to Malaysia amounted to +197.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+180.3% per year) and Vietnam (+61.9% per year).

Export Prices by Country

In 2019, the average nitrates export price amounted to $X per ton, shrinking by -59% against the previous year. Overall, the export price, however, saw a mild expansion. The pace of growth was the most pronounced in 2015 when the average export price increased by 799%. The export price peaked at $X per ton in 2017; however, from 2018 to 2019, the export prices failed to regain momentum.

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

From 2012 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+35.7%), while the prices for the other major destinations experienced more modest paces of growth.

Nitrates Imports

Imports into Thailand

In 2019, supplies from abroad of nitrates (excluding those of potassium) decreased by -30.5% to X tons for the first time since 2015, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +2.0% from 2012 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 26%. Imports peaked at X tons in 2018, and then dropped remarkably in the following year.

In value terms, nitrates imports plummeted to $X in 2019. Over the period under review, total imports indicated a temperate increase from 2012 to 2019: its value increased at an average annual rate of +2.7% over the last seven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, imports increased by +22.1% against 2016 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 44%. As a result, imports attained the peak of $X, and then contracted markedly in the following year.

Imports by Country

In 2019, Malaysia (X tons) constituted the largest supplier of nitrates to Thailand, accounting for a 63% share of total imports. Moreover, nitrates imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Norway (X tons), with a 5.3% share.

From 2012 to 2019, the average annual growth rate of volume from Malaysia totaled +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.5% per year) and Norway (-14.0% per year).

In value terms, the largest nitrates suppliers to Thailand were China ($X), Malaysia ($X) and Norway ($X), with a combined 78% share of total imports. These countries were followed by Taiwan (Chinese), which accounted for a further 6.6%.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +29.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2019, the average nitrates import price amounted to $X per ton, rising by 12% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 27%. The import price peaked in 2019 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 Taiwan (Chinese) ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2019, the most notable rate of growth in terms of prices was attained by China (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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