Thailand Oil And Gas Market Size (2024 - 2029)

The Thailand oil and gas market is projected to experience growth over the forecast period, driven by factors such as increased natural gas pipeline capacity and rising demand for petroleum products. However, the country's strategic shift towards renewable energy sources may pose challenges to the market's expansion. Despite these challenges, the discovery of new oil and gas fields is anticipated to offer significant opportunities, influencing the market's overall size and share in the coming years.

Market Size of Thailand Oil And Gas Industry

Thailand Oil And Gas Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Volume (2024) 238.73 Thousand barrels per day
Market Volume (2029) 266.55 Thousand barrels per day
CAGR (2024 - 2029) 2.33 %
Market Concentration Medium

Major Players

Thailand Oil And Gas Market Major Players

*Disclaimer: Major Players sorted in no particular order

Thailand Oil and Gas Market Analysis

The Thailand Oil And Gas Market size is estimated at 238.73 Thousand barrels per day in 2024, and is expected to reach 266.55 Thousand barrels per day by 2029, growing at a CAGR of 2.33% during the forecast period (2024-2029).

  • Over the medium term, factors such as the increasing natural gas pipeline capacity and the demand for petroleum products are expected to drive the Thailand oil and gas market during the forecast period.
  • On the other hand, the country's new plans to transition towards renewable energy sources might hinder the Thailand oil and gas market.
  • Nevertheless, discovering new oil and gas fields is expected to create several opportunities for the Thailand oil and gas market during the forecast period.

Thailand Oil and Gas Industry Segmentation

The oil and natural gas market is a major industry in the energy market and plays an influential role in the global economy as the world's primary fuel source. The processes and systems involved in producing and distributing oil and gas are highly complex, capital-intensive, and require state-of-the-art technology.

The Thailand oil and gas market is segmented by sector. The market is segmented by sector into upstream, midstream, and downstream. The market sizing and forecasts have been done based on volume.

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Thailand Oil And Gas Market Size Summary

The Thailand oil and gas industry is poised for moderate growth over the forecast period, driven by increasing natural gas pipeline capacity and rising demand for petroleum products. However, the country's strategic shift towards renewable energy sources may pose challenges to the market's expansion. Despite these potential hurdles, the discovery of new oil and gas fields presents significant opportunities for growth. The downstream sector, particularly refining, plays a crucial role in the industry, with Thailand's refining capacity being one of the largest in Southeast Asia, second only to Singapore. The expansion of existing refineries and the development of new facilities are expected to slightly boost the country's refining capacity, catering to both domestic and regional demand.

Thailand is also making strides in transitioning to a gas-based economy to meet international clean fuel standards and reduce carbon emissions. The development of liquefied natural gas (LNG) infrastructure, such as the recently completed Nong Fab terminal, underscores this shift. The country's natural gas consumption has been on the rise, supported by the construction of several natural gas power plants. Major industry players, including PTT Public Company Limited and international corporations like Chevron and Exxon Mobil, are actively investing in the sector to enhance energy security and capitalize on emerging opportunities. These developments are expected to drive the oil and gas market in Thailand during the forecast period.

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Thailand Oil And Gas Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Crude Oil Production Forecast, till 2028

    3. 1.3 Natural Gas Production Forecast, till 2028

    4. 1.4 Refinery Installed Capacity and Forecast, till 2028

    5. 1.5 Recent Trends and Developments

    6. 1.6 Government Policies and Regulations

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

        1. 1.7.1.1 Expanding the Asia's Largest Downstream Sector

        2. 1.7.1.2 Energy Transition from Coal to Natural Gas

      2. 1.7.2 Restraints

        1. 1.7.2.1 Government Policies to Shift Towards Cleaner Fuels

    8. 1.8 Supply Chain Analysis

    9. 1.9 PESTLE Analysis

  2. 2. MARKET SEGMENTATION - BY SECTOR

    1. 2.1 Upstream

    2. 2.2 Midstream

    3. 2.3 Downstream

Thailand Oil And Gas Market Size FAQs

The Thailand Oil and Gas Market size is expected to reach 238.73 thousand barrels per day in 2024 and grow at a CAGR of 2.33% to reach 266.55 thousand barrels per day by 2029.

In 2024, the Thailand Oil and Gas Market size is expected to reach 238.73 thousand barrels per day.

Thailand Oil and Gas Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)