Market Size of Thailand Oil and Gas Downstream Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 1.42 Million barrels per day |
| Market Volume (2029) | 1.60 Million barrels per day |
| CAGR (2024 - 2029) | 2.26 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thailand Oil and Gas Downstream Market Analysis
The Thailand Oil and Gas Downstream Market size is estimated at 1.42 Million barrels per day in 2024, and is expected to reach 1.60 Million barrels per day by 2029, growing at a CAGR of 2.26% during the forecast period (2024-2029).
Although the market studied was negatively impacted by COVID-19 in 2020, it has recovered and reached pre-pandemic levels. With the growing demand for various refined products, the country is focused on developing its refinery capacity, which is expected to drive the growth of the market studied during the forecast period. However, the shifting trend toward cleaner alternatives, such as the increasing adoption of electric vehicles, is expected to hinder the demand for refined products from end-user industries, which is expected to restrain the market's growth.
Gas fields have been discovered in the Andaman Sea, increasing optimism about reducing the dependence on imported gas and the cost of natural gas transportation. This factor is creating an opportunity for the players in the sector.
