Thailand’s PTT Oil and Retail (PTT) was the country’s largest lube supplier in 2024 for a second year even as its market share fell.Thailand’s lube consumption of 469,000 kilolitres (415,000 tonnes) in 2024 rose by 3% from 456,000 kilolitres the previous year even as demand slowed in the second half of the year.PTT covered around 30% of the consumption in 2024, down from a 32% share the previous year.The lower share reflected a 3% drop in its sales volume in 2024 even as Thailand’s total demand rose.Shell Company of Thailand was the country's second-largest lube supplier for a second year, even as its sales volume also fell in 2024.Its 28% share of Thailand’s total lube consumption in 2024 fell from more than 30% the previous year and 32% in 2022.PSP Specialties, Thailand’s largest independent lubricant manufacturer, was the outlier.It remained Thailand’s third-largest lube supplier in 2024 with a 21% share of the totalThe share rose from less than 16% the previous year and less than 14% in 2022.Its market share expanded after total sales rose by close to 40% in 2024 from the previous year.PSP Specialties’ base oils imports surged by more than 25% in 2024 to support the rise in demand.Its share of Thailand’s base oils imports duly rose further, while Shell and PTT’s share of imports fell.PSP’s rising share of Thailand’s domestic lube and base oils import market boosted the incentive for overseas refiners to target the blender with more of their base oils supplies.PSP Specialties’ gross profit rose by 25% in the first nine months of 2024 on the back of higher average selling prices and an increase in sales volumes in both the domestic and export markets.It is targeting revenue growth of 15% in 2025.
Thailand’s PTT Oil and Retail (PTT) was the country’s largest lube supplier in 2024 for a second year even as its market share fell.Thailand’s lube consumption of 469,000 kilolitres (415,000 tonnes) in 2024 rose by 3% from 456,000 kilolitres the previous year even as demand slowed in the second half of the year.PTT covered around 30% of the consumption in 2024, down from a 32% share the previous year.The lower share reflected a 3% drop in its sales volume in 2024 even as Thailand’s total demand rose.Shell Company of Thailand was the country's second-largest lube supplier for a second year, even as its sales volume also fell in 2024.Its 28% share of Thailand’s total lube consumption in 2024 fell from more than 30% the previous year and 32% in 2022.PSP Specialties, Thailand’s largest independent lubricant manufacturer, was the outlier.It remained Thailand’s third-largest lube supplier in 2024 with a 21% share of the totalThe share rose from less than 16% the previous year and less than 14% in 2022.Its market share expanded after total sales rose by close to 40% in 2024 from the previous year.PSP Specialties’ base oils imports surged by more than 25% in 2024 to support the rise in demand.Its share of Thailand’s base oils imports duly rose further, while Shell and PTT’s share of imports fell.PSP’s rising share of Thailand’s domestic lube and base oils import market boosted the incentive for overseas refiners to target the blender with more of their base oils supplies.PSP Specialties’ gross profit rose by 25% in the first nine months of 2024 on the back of higher average selling prices and an increase in sales volumes in both the domestic and export markets.It is targeting revenue growth of 15% in 2025.
