Thailand Oil and Gas Market Outlook 2031
The Thailand oil and gas market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 3% during the forecast period, 2023–2031. The growth of the market is attributed to the rising production of oil and increasing demand for natural gas in the country.
Refining of petroleum crude oil includes processing & purifying of raw natural gas, and marketing and distribution of the products made from oil and natural gas. The products derived include asphalt, lubricants, waxes, fuel oils, natural gas, liquefied petroleum gas, gasoline, kerosene, jet fuel, diesel oil, and petrochemicals. The hydrogen sulfide removed in the refining process of crude oil and natural gas is converted into byproduct elemental sulfur.
Companies are adopting the gas to liquid technology to reduce the pollution levels and to produce high quality petroleum products. The conversion of natural gas to high quality liquid products is done through gas to liquid technology. International support and investment in the oil & gas industry is growing the market. The companies are rearranging its operations and activities to recover from the covid-19 impact.
The covid-19 pandemic affected the supply & demand of the Thailand oil and gas market. Decreasing supply of raw materials, lockdown across the country, and supply chain disorders forced manufacturers to close down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Thailand Oil and Gas Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for consumption of natural gas is expected to boost the market during the forecast period.
- Increasing demand of products from oil & gas industry is major factor driving the market in the coming years.
- Government initiatives and policies to grow the oil & gas upstream industry are projected to fuel the market during forecast period.
- High cost of equipment and process used in the oil & upstream market is expected to restrict the market growth.
- Lack of awareness among people and delay in revision of petroleum act possess as major factors that can hamper the market growth during the forecast period.
- R&D investment and technological advancement in the techniques used in the oil & gas industry is projected to offer immense opportunities for the market players.
Scope of Thailand Oil and Gas Market Report
The report on the Thailand oil and gas market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Oil and Gas Market - Thailand Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Sector (Upstream, Downstream, and Midstream)
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Regional Scope
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Thailand
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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PTT Public Company Limited, Chevron Corporation, Schlumberger Ltd., CAZ (Thailand) Public Company Limited, and Halliburton Company
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Thailand Oil and Gas Market Segment Insights
The upstream segment is projected to account for a major market share
Based on sector, the oil and gas market is bifurcated into upstream, downstream, and midstream. The upstream segment is expected to constitute a key share of the market during forecast period owing to Thailand's oil and gas production is mainly produced in the two offshore areas of the gulf of Thailand, namely the Pattani Basin and the Malay Basin. Due to the fragmentation of marine geology, Thailand’s reserves and production come from many different regions, but relatively homogeneous reservoirs are divided into two basins.
In 2018, the government signed a production sharing agreement for the first time. The PSC contract is expected to build investor confidence and attract more investment during the forecast period.
Thailand oil and gas downstream market is expected to expand during the forecast period. With the implementation of new projects, the national oil refining capacity is expected to increase substantially.
The discovery of natural gas in the Andaman Sea encourages the reduction of dependence on imported natural gas and reduces the cost of natural gas transportation, creating opportunities for participants in the industry. The country's oil and gas production is declining, which may restrict the market.
The oil and gas midstream sector is an important transitional link between the upstream and downstream links of oil and gas. During the market downturn, investment in this industry is expected to increase, and large companies are projected to perform well.
The oil and gas market downturn in 2015, the industry was isolated from the huge losses of other industries. Investment in this area has also increased, while investment in mining and production has declined.
Segments
The Thailand oil and gas market has been segmented on the basis of
Sectors
- Upstream
- Midstream
- Downstream
Key Players
Competitive Landscape
Key players competing in the oil and gas market include PTT Public Company Limited, Chevron Corporation, Schlumberger Ltd., CAZ (Thailand) Public Company Limited, and Halliburton Company. Some of these players are using several market strategies such as collaborations, acquisitions, partnerships, merger, product launches, and capacity expansion to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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