Do Large-Company Heavy Thai Industries Survive Longer 2026
In short
The correlation is 0.05, essentially zero, between how large-company heavy a Thai industry code is and how well its companies survive, as of 17 July 2026. The analysis covers 745 Thai industry codes with at least 100 registered companies each. Split those codes into four quartiles by large-company share and the weighted survival rate rises from 44.70 percent in the lowest quartile to 53.85 percent in the highest. That gap is 9.15 points. Among the 20 codes most packed with large companies, survival still swings from 24.66 percent to 80.10 percent. A heavy large-company mix does not reliably buy durability.
Does a heavier large-company mix predict survival?
Not reliably, no. The 745 Thai industry codes in this analysis each have at least 100 registered companies. Their correlation between large-company share and survival rate is 0.05, close enough to zero to call random (DBD, 2026). Split those codes into four quartiles by their share of large companies and the picture moves only a little. The bottom quartile, industry codes almost stripped of large companies, holds a weighted survival rate of 44.70 percent. The top quartile holds 53.85 percent. There, large companies average 5.14 percent of registrations. Nine points separate the two ends of the entire large-company spectrum. That is a mild lift, not the durability premium a heavy large-company presence might promise.
Survival rate of the 20 Thai industry codes most packed with large companies
- TSIC 1072273
- TSIC 1042055
- TSIC 2219247
- TSIC 1012080
- TSIC 2420474
- TSIC 1062242
- TSIC 1021262
- TSIC 2211147
- TSIC 2011157
- TSIC 2610368
- TSIC 2219144
- TSIC 2594946
- TSIC 2930960
- TSIC 2011363
- TSIC 2813275
- TSIC 6512025
- TSIC 2420263
- TSIC 1103077
- TSIC 2030072
- TSIC 6511032
Figures in percent survival rate.
Even the most large-company-heavy codes swing wildly. Survival ranges from 24.66 percent to 80.10 percent. That is a 55.44 point spread.
The 20 industry codes with the heaviest large-company mix
| TSIC code | Section | Companies | Large-company share | Survival rate |
|---|---|---|---|---|
| 10722 | Manufacturing | 169 | 29.59% | 72.78% |
| 10420 | Manufacturing | 373 | 22.52% | 54.69% |
| 22192 | Manufacturing | 163 | 20.25% | 46.63% |
| 10120 | Manufacturing | 201 | 18.91% | 80.10% |
| 24204 | Manufacturing | 131 | 18.32% | 74.05% |
| 10622 | Manufacturing | 412 | 16.50% | 41.50% |
| 10212 | Manufacturing | 214 | 14.95% | 62.15% |
| 22111 | Manufacturing | 251 | 14.34% | 47.01% |
| 20111 | Manufacturing | 150 | 14.00% | 56.67% |
| 26103 | Manufacturing | 280 | 13.57% | 67.86% |
| 22191 | Manufacturing | 396 | 13.13% | 44.44% |
| 25949 | Manufacturing | 178 | 12.36% | 46.07% |
| 29309 | Manufacturing | 3,461 | 12.34% | 60.27% |
| 20113 | Manufacturing | 503 | 12.13% | 63.42% |
| 28132 | Manufacturing | 102 | 11.76% | 75.49% |
| 65120 | Financial and insurance | 446 | 10.99% | 24.66% |
| 24202 | Manufacturing | 519 | 10.60% | 62.62% |
| 11030 | Manufacturing | 100 | 10.00% | 77.00% |
| 20300 | Manufacturing | 151 | 9.93% | 71.52% |
| 65110 | Financial and insurance | 355 | 9.58% | 31.55% |
Large-company share and survival rate by TSIC code, as of 17 Jul 2026.
Survival rate barely moves across the large-company spectrum
| Quartile | Avg large-company share | Companies in group | Weighted survival rate |
|---|---|---|---|
| Q1 lowest share | 0.03% | 537,890 | 44.70% |
| Q2 | 0.34% | 870,571 | 51.00% |
| Q3 | 1.08% | 403,794 | 53.25% |
| Q4 highest share | 5.14% | 160,398 | 53.85% |
Thai industry codes grouped into four quartiles by large-company share, as of 17 Jul 2026.
Why this matters for reading an industry code
Investors often treat a heavy large-company presence as a signal of a stable industry. This data does not support that assumption at the industry-code level. TSIC 65120 and TSIC 65110 are both financial and insurance codes, and both rank among the twenty most large-company-heavy codes in the country. TSIC 65120 survives at only 24.66 percent. TSIC 65110 survives at only 31.55 percent. TSIC 10120, a manufacturing code, also ranks in that top twenty. It survives at 80.10 percent. Two codes with a similarly heavy large-company mix land on opposite ends of the durability scale. The lesson is blunt. Check the survival rate of the specific industry code, not the size distribution of the companies inside it.
Definitions
- Survival rate
- The share of registered companies in a group still marked active in the DBD registry, computed as active companies divided by total registered companies in that group.
- TSIC code
- The five digit Thailand Standard Industrial Classification code the Department of Business Development assigns to each registered company, the finest level of industry detail available in the registry.
- Large company
- A size band in the DBD registry, the largest of four tiers alongside micro, small and medium, typically reflecting the biggest companies by revenue or capital.
- Large-company share
- The percentage of a TSIC code's registered companies that fall into the large size band.
- Correlation coefficient
- A single number from negative one to positive one describing how closely two variables move together, where zero means no linear relationship.
- Quartile
- One of four equal sized groups formed by sorting all values from lowest to highest and splitting them into four parts.
- Weighted survival rate
- Total active companies across a group divided by total companies in that group, as opposed to a simple average of each code's own survival rate.
Assumptions
- Analysis includes only TSIC codes with at least 100 registered companies, to keep each code's survival rate statistically stable.
- Large-company share is calculated as the count of large size band companies divided by the code's total entity count, both drawn from the DBD registry.
- Correlation measures a linear relationship only, so a nonlinear or threshold pattern between large-company share and survival would not be captured by this figure.
- Codes with fewer than 100 companies are excluded, so very small or newly formed TSIC codes are not represented in the quartile and correlation figures.
Methodology
Large-company share is the count of DBD-registered companies with a large size band divided by all registered companies in that five digit TSIC code, drawn from the DBD registry as of 17 July 2026. Survival rate is active companies divided by total registered companies in the code. The analysis covers only TSIC codes with at least 100 registered companies, 745 of the 1,228 codes in the registry, so isolated or newly formed codes with unstable ratios are excluded. The correlation coefficient is calculated across all 745 codes using their large-company share and survival rate. Because description_en is not populated for five digit TSIC codes in this registry snapshot, codes are identified by their numeric TSIC code and industry section only.
How we verified this
- Pearson correlation was computed directly across the 745 TSIC codes with at least 100 registered companies each, returning 0.0485, rounded to 0.05.
- Quartile weighted survival was recomputed as active companies divided by total companies in each group: bottom quartile 240,416 divided by 537,890 equals 44.70 percent, top quartile 86,381 divided by 160,398 equals 53.85 percent.
- The gap between the top and bottom quartile was recomputed as 53.85 minus 44.70, equal to 9.15 percentage points.
- The 20 codes with the highest large-company share were re-sorted by large-company share, count of large companies divided by entity count, confirming TSIC 10722 ranks first at 29.59 percent and TSIC 65110 ranks twentieth at 9.58 percent.
- Coverage was checked: the 745 codes with at least 100 companies account for 1,972,653 of 1,986,709 sized companies, 99.29 percent, and 13,490 of 13,875 large companies, 97.23 percent.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Bosio, E., Djankov, S., Jolevski, F., & Ramalho, R. (2020). Survival of firms during economic crisis (Policy Research Working Paper No. 9239). World Bank. https://documents1.worldbank.org/curated/en/140091589221773664/text/Survival-of-Firms-during-Economic-Crisis.txt
Frequently asked questions
Do industries with more large companies survive longer in Thailand?
Barely. The correlation between large-company share and survival rate across 745 Thai industry codes is just 0.05, and the weighted survival rate only rises from 44.70 percent to 53.85 percent between the lowest and highest large-company quartiles.
Which Thai industry code combines a heavy large-company mix with high survival?
TSIC 10120, a manufacturing code, survives at 80.10 percent while ranking fourth among all codes by large-company share.
Which large-company-heavy code has the weakest survival rate?
TSIC 65120, a financial and insurance code, survives at only 24.66 percent despite ranking sixteenth by large-company share.
Cite this page
Chatpong L. (2026). Do Large-Company Heavy Thai Industries Survive Longer 2026. Max Data Insights. https://maxdatathailand.com/insights/do-thai-industries-with-more-large-companies-survive-longer-2026
Data & corrections
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Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.