By Grade : NPK 15-15-15 was the most widely used complex fertilizer in Thailand and accounted for ~% market share in overall complex fertilizer market in 2017 . NPK 16-16-8 , NPK 16-8-8 and NPK 10-10-16 were other popularly used fertilizer grade which comprised for ~%, ~% and ~% market share respectively in 2017 . All other grades / formulas of complex fertilizers together comprised for about ~% of the market share in 2017 .
By Crops : Complex fertilizers in Thailand were majorly utilized for cultivation of cereals and comprised for about ~% of the market share in 2017 , in terms of consumption volume . Fruits and vegetables , Oilseeds and all others accounted for ~%, ~% and ~% market share , respectively .
Competition Scenario
Thailand ' s chemical fertilizer market is highly competitive with top 5 players comprising over ~% of the market share , in terms of revenue in 2017 . The market is largely import based with very limited domestic manufacturing capabilities . Raw materials are almost entirely imported in the country . As a result , some of the leading European countries have resorted to importing and distributing complex fertilizer products in the country rather than setting up production units . Traders largely imported finished fertilizers and subsequently marketed them .
Thai Central Chemical Public Company was the largest players operating in this space . It imported majority of the raw materials and produced both granulated and blended complex fertilizers . As of 2017 , the company had ~% market share in the overall complex fertilizer market , in terms of revenue . Yara International , ICL Fertilizers and Chia Tai were other leading players in this sector . All these companies do not have any manufacturing facility in Indonesia and only imported and supplied complex fertilizers to the domestic market . Yara , ICL and Chia Tai accounted for ~%, ~% and ~% market share in 2017 , respectively . Terragro Fertilizer Company had manufacturing unit for complex fertilizers in Thailand and comprised for ~% market share in 2017 .
Thailand Complex Fertilizer Market Future Outlook and Projections
Despite dependence on external factors as machinery , raw materials and energy , Thailand ' s complex fertilizer industry will remain just as indispensable to the future of economic development as it has been during the past decades . Thailand , after all , is an agricultural country . Besides , its fertilizer use per hectare of land is still well below other Asian countries . Consumption of complex fertilizers in Thailand is expected to grow at a CAGR of ~% during the period 2017-2022 . Ken Research estimates the consumption of complex fertilizer to grow in the next five years , rising from ~ million MT in 2018 to ~ million MT by 2022 . Average selling prices of NPKs are most likely to improve 2018 onwards owing to recovery in agricultural commodities ’ prices and rise in prices of raw materials . Complex fertilizers market is anticipated