1、 2566THAILAND INDUSTRY OUTLOOK 2023-25CHEMICAL FERTILIZERKrungsri ResearchMarch 2023Subscribe UsAuthorNarin TunpaiboonSenior A+662 296 2943All material presented in this report,unless specifically indicated otherwise,is under copyright to Krungsri Research.None of the material,nor its content,nor an

2、y copy of it,may be altered in anyway,or copied to any other party,without the prior express written permission of Krungsri Research.This document is based on public information believed to be reliable.Nevertheless,Krungsri Research would not affirm the accuracy and completeness of this information.

3、We accept no liability whatsoever for any direct or consequential loss arising from any use of this document or its content.Information,opinions and estimates contained in this report are our own,which are not necessarily the opinions of Bank of Ayudhya Public Company Limited and its affiliates.It r

4、eflects a judgment at its original date of publication by Krungsri Research and are subject to change without notice.DisclaimerFor research subscription,EXECUTIVE SUMMARYKrungsri Research sees the fertilizer industry facing moderate growth over the period 2023 to 2025.Fertilizer prices will tend to

5、drift downwards,though more expensive energy will keep the cost of imported materials elevated,and this will maintain domestic prices above their pre-Covid level.At the same time,domestic demand for fertilizer should grow at an average annual rate of 2.0-3.0%on:(i)continuing growth in the Thai econo

6、my,which will add to demand for some foodstuffs;(ii)high farmgate prices that will incentivize farmers to expand the area under cultivation for the major crops of rice,rubber,and oil palm;and(iii)weather that is likely to be favorable over the short term.However,demand for fertilizer will soften thr