Thailand: Salicylic Acid Market 2024

Salicylic Acid Market Size in Thailand

The Thai salicylic acid market rose remarkably to $X in 2021, picking up by 9.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a pronounced shrinkage. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Salicylic Acid Exports

Exports from Thailand

After three years of growth, overseas shipments of salicylic acid and its salts decreased by -68.1% to X tons in 2021. In general, exports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2014 with an increase of 518% against the previous year. The exports peaked at X tons in 2020, and then dropped remarkably in the following year.

In value terms, salicylic acid exports declined markedly to $X in 2021. Over the period under review, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 317%. The exports peaked at $X in 2020, and then shrank dramatically in the following year.

Exports by Country

France (X tons) was the main destination for salicylic acid exports from Thailand, accounting for a 89% share of total exports. Moreover, salicylic acid exports to France exceeded the volume sent to the second major destination, Myanmar (X tons), more than tenfold. Indonesia (X tons) ranked third in terms of total exports with a 3.5% share.

From 2012 to 2021, the average annual growth rate of volume to France totaled +36.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+10.0% per year) and Indonesia (0.0% per year).

In value terms, France ($X) emerged as the key foreign market for salicylic acid and its salts exports from Thailand, comprising 73% of total exports. The second position in the ranking was held by Myanmar ($X), with an 11% share of total exports. It was followed by Indonesia, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value to France stood at +50.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+6.9% per year) and Indonesia (0.0% per year).

Export Prices by Country

In 2021, the average salicylic acid export price amounted to $X per ton, with an increase of 70% against the previous year. Overall, the export price, however, showed a abrupt downturn. The pace of growth was the most pronounced in 2017 an increase of 239% against the previous year. Over the period under review, the average export prices attained 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, amid the top suppliers, the country with the highest price was Pakistan ($X per ton), while the average price for exports to France ($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 France (+10.4%), while the prices for the other major destinations experienced a decline.

Salicylic Acid Imports

Imports into Thailand

In 2021, salicylic acid imports into Thailand stood at X tons, approximately reflecting the previous year. Over the period under review, imports, however, showed a pronounced shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 29% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, salicylic acid imports rose notably to $X in 2021. Overall, imports, however, continue to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2018 when imports increased by 30%. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, France (X tons) constituted the largest salicylic acid supplier to Thailand, with a 87% share of total imports. Moreover, salicylic acid imports from France exceeded the figures recorded by the second-largest supplier, China (X tons), eightfold. India (X tons) ranked third in terms of total imports with a 1.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from France totaled +22.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.5% per year) and India (+96.2% per year).

In value terms, France ($X) constituted the largest supplier of salicylic acid and its salts to Thailand, comprising 75% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by India, with a 3.5% share.

From 2012 to 2021, the average annual growth rate of value from France stood at +20.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.2% per year) and India (+85.6% per year).

Import Prices by Country

In 2021, the average salicylic acid import price amounted to $X per ton, growing by 7.4% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average import price increased by 35% against the previous year. 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.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+0.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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