Thailand: Market for Synthetic Organic Tanning Substances 2024

Market Size for Synthetic Organic Tanning Substances in Thailand

In 2021, the Thai synthetic organic tanning substances market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Exports of Synthetic Organic Tanning Substances

Exports from Thailand

In 2021, overseas shipments of synthetic organic tanning substances decreased by -24.1% to X tons for the first time since 2014, thus ending a six-year rising trend. Overall, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 4,570%. The exports peaked at X tons in 2020, and then fell markedly in the following year.

In value terms, synthetic organic tanning substances exports dropped markedly to $X in 2021. Over the period under review, exports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2019 with an increase of 2,145% against the previous year. The exports peaked at $X in 2020, and then fell markedly in the following year.

Exports by Country

China (X tons) was the main destination for synthetic organic tanning substances exports from Thailand, accounting for a 74% share of total exports. Moreover, synthetic organic tanning substances exports to China exceeded the volume sent to the second major destination, Nigeria (X tons), sixfold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +106.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+211.2% per year) and Taiwan (Chinese) (+29.9% per year).

In value terms, China ($X) emerged as the key foreign market for synthetic organic tanning substances exports from Thailand, comprising 60% of total exports. The second position in the ranking was held by Nigeria ($X), with a 29% share of total exports. It was followed by Taiwan (Chinese), with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +103.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+210.5% per year) and Taiwan (Chinese) (+29.1% per year).

Export Prices by Country

The average synthetic organic tanning substances export price stood at $X per ton in 2021, with a decrease of -19.3% against the previous year. Over the period under review, the export price continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2018 an increase of 60%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Nigeria ($X per ton), while the average price for exports to Pakistan ($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 (+5.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Synthetic Organic Tanning Substances

Imports into Thailand

In 2021, supplies from abroad of synthetic organic tanning substances increased by 24% to X tons, rising for the sixth year in a row after two years of decline. Overall, imports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2016 with an increase of 28% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, synthetic organic tanning substances imports rose significantly to $X in 2021. In general, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 30%. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, India (X tons) constituted the largest supplier of synthetic organic tanning substances to Thailand, with a 41% share of total imports. Moreover, synthetic organic tanning substances imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. France (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from India amounted to +23.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.9% per year) and France (+14.2% per year).

In value terms, India ($X), China ($X) and France ($X) appeared to be the largest synthetic organic tanning substances suppliers to Thailand, with a combined 71% share of total imports.

India, with a CAGR of +19.7%, recorded the highest rates of growth with regard to 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 synthetic organic tanning substances import price stood at $X per ton in 2021, shrinking by -7.6% against the previous year. In general, the import price saw a slight descent. The pace of growth appeared the most rapid in 2020 an increase of 13% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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