Thailand Petrochemicals Report Q1 2016 - New Market Report

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.

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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.

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.
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