Most of Southeast Asian countries use agriculture as main source to boost national economic growth despite of other potentials in each country. For example, Thailand which has agriculture as one of main source of economy. But apparently the chemical innovation Thailand also has essential role.
Fundamentally, the main economic sectors in Thailand include manufacturing, services, and agriculture. Recently Thailand expands business in chemical sector. The energy and chemical industry become trends in Thailand market opportunities.
Chemical Industry Establishment
The progress of chemical industry establishment in Thailand is quite remarkable. 5% of Gross Domestic Product (GDP) derives from petrochemical industry. Even, petrochemical industry in Thailand belongs to the most well developed one among all Asian industries.
High demand on petrochemical products leads companies to strive on new product development. chemical innovation Thailand emphasize on plastics materials production and distribution. It seems like the demand of chemical and petrochemical products always increases up to now.
Significant growth of chemical industry opens new business opportunities in Thailand. The chemical industry becomes another potential of Thailand to gain national economy. Business opportunities in chemical sectors can extend to agrochemicals, petrochemical, and chemical 4.0.
The chemical and petrochemical industries are a bit different. Chemical industry processes products from mineral such as potash, nitrates, salt, sulphur, etc. On the other hand, petrochemical industry processes products from petroleum, gas, coal, and other natural resources.
Production of Chemical Innovation Thailand
Thailand has depended on natural gas to run the chemical industry. Production process of chemical products spend a lot of energy. Surely it will become serious problem in the future, if this country only depends on natural gas.
Hence, this country decides to find alternative source of energy in chemical production industry. The production capacity roughly will reach 77,211 megawatts in 2037. This country plans to apply renewable energy for around 37% of total capacity.
Petrochemical and chemical sector will bring better performance this year since the product prices increase. It drives industries to boost manufacturing chemical or petrochemical products. High demand on this industry derives from hygiene products, PET bottles and disposable food packaging.
Strategies to Elevate Chemical Business
In order to survive in Thailand market, especially chemical and petrochemical industries, the businessmen should prepare the market entry perfectly. It is possible to consult with professional team from Market Research Thailand so they can figure out brilliant business strategies.
The team from Market Research Thailand can guide business players to enter the Thailand market with good preparation. This preparation is necessary to reduce risk of financial uncertainty. They will provide a lot of advisories for business.
Some of business advisories from the Market Research Thailand experts include circular economy, sustainability, agrochemicals, petrochemical, and chemical 4.0. This professional team recognize the market challenge well so they can design strategy to conquer Thailand’s market.
Thailand’s market is absolutely competitive. Hence, to optimize the chemical industries require comprehensive analysis on customers’ behavior, trends, and demographic. It is very crucial in developing new products so it will meet customers’ demand.
As one of promising sector, the chemical industry in Thailand opens many opportunities for industry players to join the market. The chemical industry gets more popular. With intensive advancement, it will enrich the national economy in the future.