Thailand Oil and Gas Downstream Market Size Key Insights Based on Product Type, End-use 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.
– 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.
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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.
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