Thailand Nitric Acid Market Size & Outlook, 2023-2030
Thailand nitric acid market, 2018-2030 (US$M)
Related Markets
Thailand nitric acid market highlights
- The Thailand nitric acid market generated a revenue of USD 212.0 million in 2023 and is expected to reach USD 265.5 million by 2030.
- The Thailand market is expected to grow at a CAGR of 3.3% from 2024 to 2030.
- In terms of segment, fertilizer was the largest revenue generating application in 2023.
- Nitrobenzene is the most lucrative application segment registering the fastest growth during the forecast period.
Nitric acid market data book summary
| Market revenue in 2023 | USD 212.0 million |
| Market revenue in 2030 | USD 265.5 million |
| Growth rate | 3.3% (CAGR from 2023 to 2030) |
| Largest segment | Fertilizer |
| Fastest growing segment | Nitrobenzene |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Fertilizer, Nitrobenzene, Adipic Acid, Toluene di-isocyanate, Nitrochlorobenzene, Other Applications |
| Key market players worldwide | Basf SE, DuPont de Nemours Inc, Nutrien Ltd, APA Corp, CF Industries Holdings Inc, Incitec Pivot Ltd, Sasol, Eastman Chemical Co, LSB Industries Inc, Thyssenkrupp AG, Yara International ASA |
Other key industry trends
- In terms of revenue, Thailand accounted for 0.7% of the global nitric acid market in 2023.
- Country-wise, Russia is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China nitric acid market is projected to lead the regional market in terms of revenue in 2030.
- Thailand is the fastest growing regional market in Asia Pacific and is projected to reach USD 265.5 million by 2030.
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Nitric Acid Market Scope
Nitric Acid Market Companies
| Name | Profile | # Employees | HQ | Website |
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Thailand nitric acid market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to nitric acid market will help companies and investors design strategic landscapes.
Fertilizer was the largest segment with a revenue share of 83.54% in 2023. Horizon Databook has segmented the Thailand nitric acid market based on fertilizer, nitrobenzene, adipic acid, toluene di-isocyanate, nitrochlorobenzene, other applications covering the revenue growth of each sub-segment from 2018 to 2030.
The increasing population, coupled with rising spending on organic food in Thailand, has increased the demand for organic food every year, which in turn has increased the consumption & production of fertilizers in the country. Thailand is the major importer of fertilizers holding the seventh position in the global fertilizer market.
The country’s fertilizers demand majorly relies on the import. In 2019, Thailand exported over 3,749 tons of nitric acid to the Indonesian market. These factors are driving the consumption of nitric acid over the forecast period in the country. Thainitrate Company Co. Ltd. is the primary manufacturer of nitric acid and ammonium nitrate products in the country.
The company holds a prominent share in the production of nitric acid in the Southeast Asian region. The company products are widely used in various end-use industries such as automobiles, electroplating, and cleaning of stainless steel.
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Our clientele includes a mix of nitric acid market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Thailand nitric acid market , including forecasts for subscribers. This country databook contains high-level insights into Thailand nitric acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Thailand nitric acid market size, by application, 2018-2030 (US$M)
Thailand Nitric Acid Market Outlook Share, 2023 & 2030 (US$M)
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