Thailand: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Thailand

In 2021, the Thai nitric and sulphonitric acids market increased by 38% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, continues to indicate a mild setback. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Nitric Acid And Sulphonitric Acids in Thailand

In value terms, nitric and sulphonitric acids production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a noticeable shrinkage. The pace of growth was the most pronounced in 2017 with an increase of 31% against the previous year. Nitric and sulphonitric acids production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Thailand

In 2021, shipments abroad of nitric acid and sulphonitric acids decreased by -9.1% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2013 with an increase of 160% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitric and sulphonitric acids exports rose notably to $X in 2021. In general, total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +10.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -7.3% against 2019 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 96%. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons), Taiwan (Chinese) (X tons) and Myanmar (X tons) were the main destinations of nitric and sulphonitric acids exports from Thailand, with a combined 63% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +85.3%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Australia ($X) and Taiwan (Chinese) ($X) were the largest markets for nitric and sulphonitric acids exported from Thailand worldwide, together comprising 59% of total exports.

Among the main countries of destination, Taiwan (Chinese), with a CAGR of +89.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average nitric and sulphonitric acids export price amounted to $X per ton, picking up by 24% against the previous year. Over the period under review, the export price, however, saw a perceptible reduction. The pace of growth appeared the most rapid in 2017 when the average export price increased by 49%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Myanmar ($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 Cambodia (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nitric Acid And Sulphonitric Acids

Imports into Thailand

Nitric and sulphonitric acids imports into Thailand surged to X tons in 2021, with an increase of 42% against the previous year's figure. Overall, imports posted resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, nitric and sulphonitric acids imports soared to $X in 2021. Over the period under review, total imports indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.7% 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 +36.5% against 2018 indices. The pace of growth was the most pronounced in 2016 with an increase of 36% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, South Korea (X tons) was the main nitric and sulphonitric acids supplier to Thailand, accounting for a 93% share of total imports. Moreover, nitric and sulphonitric acids imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from South Korea stood at +5.9%.

In value terms, South Korea ($X) constituted the largest supplier of nitric acid and sulphonitric acids to Thailand, comprising 85% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual growth rate of value from South Korea totaled +1.2%.

Import Prices by Country

The average nitric and sulphonitric acids import price stood at $X per ton in 2021, falling by -10.6% against the previous year. Overall, the import price showed a perceptible descent. The growth pace was the most rapid in 2019 when the average import price increased by 40%. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for South Korea amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-4.5%).

Source: IndexBox Platform

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