Thailand: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in Thailand

In 2022, the Thai phosphoric acid market increased by 11% to $X, rising for the second year in a row after two years of decline. Overall, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +50.8% against 2020 indices. Phosphoric acid consumption peaked in 2022 and is expected to retain growth in years to come.

Phosphoric Acid Exports

Exports from Thailand

In 2022, approx. X tons of phosphoric acid and polyphosphoric acids were exported from Thailand; falling by -17.2% compared with 2021 figures. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when exports increased by 98% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, phosphoric acid exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2017 with an increase of 192%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Lao People's Democratic Republic (X tons) was the main destination for phosphoric acid exports from Thailand, with a 59% share of total exports. Moreover, phosphoric acid exports to Lao People's Democratic Republic exceeded the volume sent to the second major destination, Nepal (X tons), fourfold. Vietnam (X tons) ranked third in terms of total exports with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Lao People's Democratic Republic stood at +5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nepal (0.0% per year) and Vietnam (-1.0% per year).

In value terms, Lao People's Democratic Republic ($X) emerged as the key foreign market for phosphoric acid and polyphosphoric acids exports from Thailand, comprising 57% of total exports. The second position in the ranking was taken by Nepal ($X), with a 15% share of total exports. It was followed by Vietnam, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value to Lao People's Democratic Republic stood at +14.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nepal (0.0% per year) and Vietnam (+7.6% per year).

Export Prices by Country

The average phosphoric acid export price stood at $X per ton in 2022, increasing by 105% against the previous year. Overall, the export price showed a remarkable increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+16.1%), while the prices for the other major destinations experienced more modest paces of growth.

Phosphoric Acid Imports

Imports into Thailand

In 2022, approx. X tons of phosphoric acid and polyphosphoric acids were imported into Thailand; falling by -9% compared with 2021. The total import volume increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 16%. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, phosphoric acid imports soared to $X in 2022. In general, imports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 67%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) was the main supplier of phosphoric acid to Thailand, accounting for a 94% share of total imports. It was followed by Vietnam (X tons), with a 2.4% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+140.7% per year) and South Korea (-1.0% per year).

In value terms, China ($X) constituted the largest supplier of phosphoric acid and polyphosphoric acids to Thailand, comprising 93% of total imports. The second position in the ranking was held by Vietnam ($X), with a 2.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+131.2% per year) and South Korea (+3.2% per year).

Import Prices by Country

The average phosphoric acid import price stood at $X per ton in 2022, jumping by 48% against the previous year. In general, the import price saw a remarkable increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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