From 2013 to 2023, the import volumes of salicylic acid and its salts to Thailand showed a general declining trend, starting at 2.5877 million kilograms in 2013 and reducing to 1.8983 million kilograms in 2023, despite some yearly fluctuations. The cumulative average growth rate (CAGR) over the past decade shows periods of both decline and revival. Notably, 2018 witnessed a sharp increase (29.22%) in imports, contrasting with a steep decline (17.09%) in 2017. The recent year-on-year variation for 2023 is a slight decline of 1.06%, reflecting a relatively stable market compared to more volatile previous years.
Future trends forecasted from 2024 to 2028 predict a minor annual contraction with a CAGR of -0.87%, projecting a continued slight decline in import volumes. The anticipated average annual growth rate over the coming five years is -4.3%. With imports forecasted to reach 1.812 million kilograms by 2028, the market is expected to consistently experience a downward trend, although at a slower rate than some of the sharper declines observed in the past decade.
Future trends to watch for include emerging competitive sources, local production capacities, and changing regulatory environments, which may influence import flows and market stability for salicylic acid and its salts in Thailand.
