Thailand Petrochemicals Report

Providing expert analysis, independent forecasts and competitive intelligence on the petrochemicals.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Petrochemicals Risk Reward Index, Economic Forecasts, Company Profiles and Global, Regional and Country Industry Overviews.

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Thailand Petrochemicals Report
Product Price
$1,295.00

BMI View: Thailand's petrochemicals industry is expanding downstream capacities , while diversifying feedstocks, in order to shore up margins and add value to output. However, political risks will remain crucial in 2016 as the country approaches election time, which brings with it potential flashpoints that could revive the turmoil of 2014.

Thailand will see growth in output in 2016 due to the ramping up of petrochemicals capacities in 2015, including 250,000tpa of phenol, 15,000tpa of acetone. 90,000tpa of TOC Glycol, 115,000tpa paraxylene, 115,000tpa benzene and 20,000tpa orthoxylene. Meanwhile, Thai crackers will raise naphtha as a proportion of their feed in order to capitalise on lower naphtha costs as well as hedging against the impact of depleting gas resources.

Further expansions are expected in coming years. In the polymer segment, a 400,000tpa linear low-density polyethylene (LLDPE) expansion is due to come onstream in 2018 and low-density polyethylene (LDPE) production capacity will rise by 60,000tpa by 2016. Plans for a USD1bn polyurethane (PU) complex in Rayong include capacities of 200,000tpa propylene oxide and 130,000tpa polyether polyols.

  • We forecast Thailand's construction sector to register strong growth of 14.8% in 2015, while a more uncertain political outlook will weigh on growth beyond 2016. This will benefit extruded products and insulation, particularly in the PVC segment which is highly reliant on the production of window frames, doors and sheeting used in construction.

  • Thailand's highly integrated automotive supply sector is crucial for the domestic industrial consumption of moulded plastic fittings and parts as well as synthetic rubber used in tyres, trimmings, parts and insulation. Following a massive decline in automotive output in 2014, we envisage a slow but steady recovery with production unlikely to return to the previous peak until the end of our forecast period.

  • In BMI's Asia Pacific Petrochemicals Risk/Reward Index, Thailand scores 68 out of 100, up 0.3 points on the previous quarter due to a revision in its market risk score. This was brought about by an improvement in its end-market scenario and moves to diversify feedstock in order to respond to the lower price of naphtha and declining local ethane availability. However, the country retains its sixth place, 1.1 points behind Taiwan and 1.9 points ahead of Malaysia.

BMI Industry View
7
SWOT
8
Political
9
Economic
10
Operational Risk
12
Industry Forecast
14
Table: Thailand's Petrochemicals Sector, 2012-2019
16
Macroeconomic Forecasts
17
Economic Analysis
17
Table: Economic Activity (Thailand 2010-2019)
21
Industry Risk/Reward Ratings
22
Asia Petrochemicals Risk/Reward Index
22
Table: Asia Petrochemicals Risk/Reward Index Ranking
25
Thailand Petrochemicals Risk/Reward Index
26
Market Overview
27
Industry Trends And Developments
31
Projects
31
Refining
34
Investment In Vietnam
35
Investment In Indonesia
36
Investment In Nigeria
37
Company Profile
38
Indorama Ventures
38
Integrated Refinery and Petrochemicals Company (IRPC)
41
Table: IRPC Financial results (THBmn)
43
PTT Global Chemical
44
Table: PTTGC Financial Results (THBmn)
48
Siam Cement Group (SCG)
50
Table: Siam Cement Group (THBmn)
52
Regional Overview
53
Asia Overview
53
Chinese Crackers Spark Concern as Crisis Blazes
54
A Rocky Surge in 2016
56
Global Industry Overview
59
Feedstock Differentials: Respite for Europe
59
2016 Feedstock Outlook
61
Could US Gas Run out-
62
Market Outlook: Chinese Downturn
63
Long-term Outlook
63
Europe - Brent On Board For A Bumpy Ride
67
Demographic Forecast
68
Table: Population Headline Indicators (Thailand 1990-2025)
69
Table: Key Population Ratios (Thailand 1990-2025)
69
Table: Urban/Rural Population & Life Expectancy (Thailand 1990-2025)
70
Table: Population By Age Group (Thailand 1990-2025)
70
Table: Population By Age Group % (Thailand 1990-2025)
71
Glossary
73
Table: Glossary Of Petrochemicals Terms
73
Methodology
74
Industry Forecast Methodology
74
Risk/Reward Index Methodology
76
Table: Petrochemicals Risk/Reward Index Indicators
77
Table: Weighting Of Indicators
78

The Thailand Petrochemicals Report has been researched at source, and features BMI Research's market assessment and independent forecasts for key petrochemicals sub-sectors. The report also analyses the impact of regulatory changes, recent developments and the background macroeconomic outlook and features competitive landscapes comparing companies by products and services, sales, market share, investments, projects, partners and expansion strategies.

BMI's Thailand Petrochemicals Report provides industry professionals and strategists, sector analysts, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Thai petrochemicals industry.

Key Benefits

  • Benchmark BMI's independent petrochemicals industry forecasts to test other views - a key input for successful budgetary and planning in the Thai petrochemicals market.
  • Target business opportunities and risks in the Thai petrochemicals sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Thailand.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI’s key industry forecasts, views and trend analysis, covering the petrochemicals markets, regulatory changes, major investments, projects and company developments.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the petrochemicals sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series (2009-2013) and forecasts to end-2019 for key industry and economic indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

  • Energy: Oil production (‘000 b/d), oil consumption (‘000 b/d), net oil exports (‘000 b/d), gas production (bcm), gas consumption (bcm), net gas exports (bcm), oil refinery capacity (‘000 b/d).
  • Petrochemicals: Ethylene capacity (‘000 tpa), ethylene production (‘000 tpa), ethylene consumption (‘000 tpa), polyethylene capacity (‘000 tpa), polypropylene capacity (‘000 tpa), polyvinyl chloride capacity (‘000 tpa), polyolefins consumption (‘000 tpa).
  • Oil Products Prices: Price forecasts for all major oil-based products (USD/bbl) at major global energy trading hubs.
  • Economic: Nominal GDP (USDbn), real GDP growth (%), GDP per capita (USD), population (mn), unemployment (%), exchange rate (against USD).

BMI’s Petrochemicals Risk Reward Index

BMI’s Risk Reward Indices provide investors (both corporate and financial) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Market Overview

Structure, size and value of the industry sector; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.

Industry Trends & Developments

Evaluation of company and sector-wide developments, including key projects (as well as expansion plans), latest company financial details and proposed international ventures.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Global & Regional Market Overview

Analysis of the key trends driving the global industry, including worldwide output/capacity and demand analysis across ethylene, polyethylene, polyvinyl chloride, polystyrene, polyethylene terephthalate and polypropylene. The regional analysis looks at the implications of local and global trends on specific company activity.

Sub-sectors covered by the Petrochemicals Reports include:

Oil & Gas, Oil Refining, Olefins (ethylene, propylene), Polyolefins (polyethylene, polypropylene), Polyvinyl Chloride, Polystyrene

Please note – not all country Reports cover all sub-sectors – see website for details.

Sources

The Petrochemicals Market Reports are based on a network of primary sources, such as multilateral organisations (ACC, APLA, Cefi c, ICCA, ICMA), national chambers of commerce and industry, national statistical offi ces, government ministries and central banks, and multinational companies.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.