Thailand: Polyurethanes Market 2024

Polyurethanes Market Size in Thailand

In 2021, the Thai polyurethanes market decreased by -0.3% to $X, falling for the third year in a row after two years of growth. Overall, consumption recorded a pronounced shrinkage. Polyurethanes consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Polyurethanes Production in Thailand

In value terms, polyurethanes production rose remarkably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 24%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Polyurethanes Exports

Exports from Thailand

In 2021, shipments abroad of polyurethanes in primary forms increased by 14% to X tons, rising for the fourth year in a row after two years of decline. Over the period under review, total exports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +4.9% 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 increased by +79.2% against 2017 indices. The pace of growth was the most pronounced in 2020 when exports increased by 28%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, polyurethanes exports skyrocketed to $X in 2021. In general, total exports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +82.9% against 2017 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X tons), China (X tons) and Vietnam (X tons) were the main destinations of polyurethanes exports from Thailand, together comprising 53% of total exports. These countries were followed by Myanmar, the Philippines, Cambodia, Malaysia, India, Lao People's Democratic Republic and South Korea, which together accounted for a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Myanmar (with a CAGR of +203.0%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), China ($X) and Vietnam ($X) appeared to be the largest markets for polyurethanes exported from Thailand worldwide, together accounting for 48% of total exports. The Philippines, Myanmar, Malaysia, Cambodia, India, Lao People's Democratic Republic and South Korea lagged somewhat behind, together comprising a further 32%.

Among the main countries of destination, Myanmar, with a CAGR of +189.8%, saw 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 polyurethanes export price amounted to $X per ton, growing by 16% against the previous year. Overall, the export price, however, recorded a pronounced contraction. 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 remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while the average price for exports to South Korea ($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 Vietnam (+1.6%), while the prices for the other major destinations experienced a decline.

Polyurethanes Imports

Imports into Thailand

In 2021, imports of polyurethanes in primary forms into Thailand fell to X tons, reducing by -10.6% compared with the previous year's figure. Over the period under review, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 13%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, polyurethanes imports skyrocketed to $X in 2021. In general, imports saw a perceptible descent. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest polyurethanes supplier to Thailand, accounting for a 29% share of total imports. Moreover, polyurethanes imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. Japan (X tons) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+10.6% per year) and Japan (-6.9% per year).

In value terms, the largest polyurethanes suppliers to Thailand were China ($X), Japan ($X) and Malaysia ($X), together comprising 52% of total imports.

Malaysia, with a CAGR of +13.3%, saw the highest growth rate of the value of imports, in terms of 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 polyurethanes import price stood at $X per ton in 2021, jumping by 38% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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