Thailand Oil and Gas Downstream Market: Key Insights Based on Product Type, Market Size, End-use and Regional Demand and Forecast: 2022-2031

The Thailand oil and gas downstream market is expected to register a CAGR of more than 2.18% during the forecast period. Factors, such as increasing demand for oil, increasing investment, are expected to boost the demand for the oil and gas downstream market in the country during the forecast period. However, competition from refineries around the world, especially China, has led to a slowdown in the sector, with many refineries not utilizing their full capacity.

– The oil refining capacity in the country is expected to increase considerably as new projects are in the pipeline. An increase in crude oil consumption in the countries also expected to boost the growth in the sector.

Click Here to Download Sample Report >>

– Gas fields have been discovered in the Andaman Sea, and this has increased the optimism to be able to reduce the dependence on imported gas and reduce the cost of natural gas transportation. It is thereby creating an opportunity for the players in the sector.
– The production of oil and gas in the country is reducing and is expected to act as a restrain for the market. The reduction in the production is expected to make the country more dependent on the imports as the consumption of oil is expected to increase in the forecast period.

Key Market Trends

Oil Refining Capacity to Witness Growth

– In Thailand, the capacity refineries have remained stable in the 2009 – 2018 period, with around 1235 thousand barrels daily being produced. In 2018, the refinery throughput increased by 3.4% to 1131, in 2017 from 1093, in 2018.
– In 2018, Hyundai Engineering won a USD 273 million EPC contract from Bangchak Corporation for a refinery expansion in Thailand. New facilities would allow the production of premium high-octane petrol at the refinery and old hydrocracking units at the oil refinery to boost the daily capacity from 25,000 barrels to 27,500 barrels.
– In 2019, ThaiOil, a unit of the Petroleum Authority of Thailand (PTT) Public Co., has awarded an onshore engineering and construction contract to a Saipem-Petrofac-Samsung consortium for the expansion of its Sriracha refinery. It is expected to increase the refineries capacity from 275,000 to 400,000.
– Thailand’s oil refining capacity is expected to grow slightly in the forecast period due to the expansion of refineries and an increase in the demand for refined oil.

Decreasing Oil and Gas Production to Restrain the Market

– The oil and gas fields in the country have reached a level of maturity and therefore started to produce less oil and gas. However, oil consumption has been increasing in the country, and the government and private players are investing in the sector, thereby providing a boost to the industry. As of 2019, a large quantity of fossil fuels is imported from other countries.
– In 2018, natural gas imported by Thailand grew by 0.9% from 13830 million cubic meters to 13958 million cubic meters, mainly due to an increase in demand in the country.

Request For The Sample Report Here:

– In Thailand, natural gas production decreased by 2.6% to 32.4 million tons of oil equivalent (Mtoe) in 2018 from 33.3 Mtoe in 2017. Consumption of natural gas decreases, by 0.3%, to 42.9 million tons of oil equivalent (Mtoe) in 2018 from 43.1 Mtoe in 2017. Decreasing production and consumption of natural gas are restraining the market.
– In Thailand, oil consumption increased by 2.3% to 63.1 million tons of oil equivalent (Mtoe) in 2018 from 61.6 Mtoe, in 2017. Oil production decreased, by 1.0%, to 17.3 mtoe, in 2018 from 17.5 mtoe, in 2017. Increase in oil consumption is expected to boost the market.
– Hence, the decreasing oil and gas production in the country is expected to restrain the market.

Request For Full Report >> Thailand Oil and Gas Downstream Market

Competitive Landscape

The market is partially consolidated. Some of the major companies include Exxon Mobil Corporation, PTT Public Company Limited, Thai Oil PCL, IRPC PCL, and Bangchak Petroleum Public Company.

𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐏𝐨𝐬𝐭𝐬:

India Plastic Additives Comprehensive Techno-Commercial Market
India Phosphoric Acid Comprehensive Techno-Commercial Market
India PBR Comprehensive Techno-Commercial Market
India Naphtha Comprehensive Techno-Commercial Market
India Methanol Comprehensive Techno-Commercial Market
India MEG Comprehensive Techno-Commercial Market
India Masterbatch Comprehensive Techno-Commercial Market

Related posts

Leave a Comment