Fastest-Growing Thai Industry Codes by Total Assets, 2015-2025
In short
TSIC 85500, a code inside Thailand's education section, grew its combined reported assets 232.56 fold between 2015 and 2025, as of 14 Aug 2026. That is the fastest asset growth of any five digit Thai industry code with a meaningful starting base. Its assets rose from 4.36 billion baht to just over 1.01 trillion baht. The whole economy's registered company assets grew only 1.79 times over the same decade. TSIC 85500 outpaced the entire company register by about 130 times. Almost all of its increase landed inside a single statement year, not spread evenly across the decade.
Which industry code grew its balance sheet the fastest?
TSIC 85500 answers the question outright (DBD, 2026). This five digit code sits inside section P, education. Its combined reported total assets rose from 4.36 billion baht in 2015 to just over 1.01 trillion baht in 2025. That is a 232.56 fold increase, the fastest of any five digit Thai industry code with a meaningful starting base. The number of companies filing under this code grew too, from 735 in 2015 to 1116 in 2025. That is a rise of 51.84 percent. The runner up, TSIC 64991 inside financial and insurance, grew reported assets 96.11 fold over the same decade. Its assets moved from 12.10 billion baht to 1.16 trillion baht. Third place, TSIC 11049 inside manufacturing, grew 43.99 fold, moving from 49.14 billion baht to 2.16 trillion baht. Across the whole economy, the combined assets of every filing company grew only 1.79 times over the same ten years. TSIC 85500 outran the entire company register by about 130 times.
Eight fastest-growing 5 digit industry codes by total assets, 2015 to 2025
- TSIC 85500233
- TSIC 6499196
- TSIC 1104944
- TSIC 4610423
- TSIC 6311220
- TSIC 6492116
- TSIC 4799914
- TSIC 5320014
Figures in growth multiple, total assets 2015 to 2025.
TSIC 85500 grew more than twice as fast as the next code on the list. Company count rose steadily in most of these codes, but the bulk of the reported asset increase concentrated in one or two statement years.
The eight fastest-growing industry codes by total assets
| TSIC code | Section | 2015 assets, billion baht | 2025 assets, billion baht | Growth multiple | Filers 2015 | Filers 2025 |
|---|---|---|---|---|---|---|
| 85500 | P, Education | 4 | 1,013 | 232.56x | 735 | 1,116 |
| 64991 | K, Financial and insurance | 12 | 1,163 | 96.11x | 38 | 173 |
| 11049 | C, Manufacturing | 49 | 2,162 | 43.99x | 178 | 299 |
| 46104 | G, Wholesale and retail trade | 4 | 96 | 23.34x | 331 | 971 |
| 63112 | J, Information and communication | 4 | 87 | 20.13x | 137 | 356 |
| 64921 | K, Financial and insurance | 37 | 583 | 15.69x | 129 | 262 |
| 47999 | G, Wholesale and retail trade | 3 | 38 | 14.14x | 296 | 602 |
| 53200 | H, Transportation and storage | 4 | 51 | 13.95x | 326 | 724 |
Total assets and filing companies by 5 digit TSIC code, 2015 versus 2025, as of 14 Aug 2026.
Reading the jump with care
Two facts about this ranking deserve a plain explanation. Five digit TSIC codes carry no published activity name in this dataset, so every code here is identified only by its number and parent section, never by an inferred business description. Look closely at how the growth actually happened. Company count in TSIC 85500 rose steadily across the decade. The bulk of its reported asset increase landed inside one statement year, BE2561, which runs on the 2018 fiscal year. Assets barely moved from 2015 through 2017, then jumped past 1 trillion baht in that single year and stayed close to that level through 2025. This site has already documented that statement year 2018 carried a registry coverage expansion across the whole economy, not a real jump in economic output. TSIC 11049, the third fastest growing code here, shows the identical timing. Its assets moved from 124.95 billion baht in statement year BE2560 to 2.13 trillion baht in BE2561, the same 2018 event. TSIC 64991, the runner up, jumped in a different year entirely. Its assets moved from 197.68 billion baht in BE2563 to just over 1.01 trillion baht in BE2564, corresponding to 2020 and 2021, three years after the coverage event that moved the other two codes. The largest filer under TSIC 85500 by revenue is SISB Public Company Limited, a listed operator. Its own reported revenue of about 1.06 billion baht is a small fraction of the code's 1.01 trillion baht in total assets. The scale of the jump points to a data coverage change concentrated among a handful of large filers, not to organic expansion by any single company.
Why this matters
A ranking like this rewards care, not headline chasing. TSIC 85500 and TSIC 64991 together show that a five digit industry code can report an extreme growth multiple without a single company or sector actually expanding that fast. Real growth and registry coverage growth sit inside the same numbers. Only a full time series can tell them apart. Readers using this dataset to size an industry's expansion should always check whether an increase spreads evenly across years or concentrates in one statement year. The whole economy's registered company assets still grew a genuine 78.87 percent over the decade. That figure comes from ordinary filing patterns rather than a single year anomaly. The real finding here is the contrast, a smooth economy wide trend sitting next to a handful of sharp code level step changes.
Definitions
- TSIC
- Thai Standard Industrial Classification, a hierarchy of codes that groups companies by economic activity. A 5 digit code is the most detailed level and sits inside one of 21 lettered sections.
- Statement year
- The Buddhist calendar year the DBD registry uses to timestamp a filed financial statement. Buddhist year 2568 corresponds to Gregorian year 2025, and 2558 corresponds to 2015.
- Total assets
- The sum of the balance sheet total assets line reported by every company that filed a financial statement under a given TSIC code for that statement year.
- Filing company
- A company that submitted a financial statement to the DBD for a given statement year. Not every registered company files every year.
- Growth multiple
- The ratio of a figure in 2025 to the same figure in 2015. A growth multiple of 5 means the 2025 value was five times the 2015 value.
- Registry coverage expansion
- A shift in how many existing companies get counted in a given statement year, independent of real business activity. First documented on this site for statement year 2018, when reported revenue nearly tripled in one year while filing company count grew only about 7 percent.
Assumptions
- Total assets is the sum of each company's self reported balance sheet total for that statement year, not adjusted for consolidation between related companies.
- Codes with fewer than 30 filing companies or under 1 billion baht in 2015 total assets are excluded from the ranking to avoid tiny base distortion.
- Five digit TSIC codes are identified only by number and parent section, since the source data publishes no activity description for this level of detail.
- A large share of the growth in the top three codes appeared within a single statement year each. TSIC 85500 and TSIC 11049 concentrated in BE2561, corresponding to 2018, the known registry coverage change. TSIC 64991 concentrated separately in BE2564, corresponding to 2021. None of the three multiples should be read as compounding steady growth.
- Naming SISB Public Company Limited as the top filer under TSIC 85500 by revenue reflects the source data only and does not imply that company caused the code's asset increase.
Methodology
Total assets by five digit TSIC industry code are drawn from market_tsic_year_insight, aggregated across every company that filed a financial statement in a given statement year, sourced from the Department of Business Development registry as of 14 August 2026. The 2015 figures use Buddhist calendar statement year 2558 and the 2025 figures use statement year 2568. Growth is measured code by code as the ratio of 2025 total assets to 2015 total assets, using the two endpoint years rather than a full trend line. Codes with fewer than 30 filing companies or under 1 billion baht in reported assets in 2015 are excluded from the ranking so a tiny denominator cannot manufacture a triple digit multiple. Five digit TSIC codes carry no published description field in this dataset, so codes are identified by number and parent industry section only, never by an inferred activity name. Two of the three fastest growing codes, TSIC 85500 and TSIC 11049, show most of their asset increase concentrated in the single statement year BE2561, corresponding to 2018, a year this site has already documented as a registry coverage expansion event rather than organic growth. TSIC 64991 shows the same single year concentration but in BE2564, corresponding to 2021, a separate event three years later.
How we verified this
- TSIC 85500 growth multiple recomputed as 1,013,442,128,146.39 divided by 4,357,788,650.76, equal to 232.56, confirming the fold increase.
- TSIC 85500 filing company growth recomputed as 1116 minus 735, divided by 735, times 100, equal to 51.84 percent.
- TSIC 64991 growth multiple recomputed as 1,162,984,086,234.28 divided by 12,100,079,110.49, equal to 96.11.
- TSIC 11049 growth multiple recomputed as 2,161,761,384,160.89 divided by 49,144,928,427.72, equal to 43.99.
- Whole economy total assets growth multiple recomputed as 103,746,513,374,770.89 divided by 58,001,501,637,336.04, equal to 1.79, a 78.87 percent increase.
- TSIC 85500's pace over the whole economy recomputed as 232.56 divided by 1.79, equal to about 130 times.
- Section representation among the top 8 rows recounted directly from the table: financial and insurance and wholesale and retail trade each supply 2 of the 8 rows, education, manufacturing, information and communication, and transportation and storage supply 1 each.
- Year by year query of market_tsic_year_insight confirms TSIC 85500 and TSIC 11049 both jumped in statement year BE2561. TSIC 11049 moved from 124,946,296,032.31 baht in BE2560 to 2,125,022,359,587.40 baht in BE2561. TSIC 64991 instead jumped in BE2564, moving from 197,678,065,463.64 baht in BE2563 to 1,008,473,413,869.58 baht in BE2564, a separate event three years after the other two codes.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by TSIC code. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- World Bank. (2026). GDP growth (annual percent), Thailand. World Bank Open Data. https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=TH
Frequently asked questions
Which industry code's combined balance sheet grew fastest between 2015 and 2025?
TSIC 85500, inside the education section, with reported assets rising 232.56 fold, from 4.36 billion baht to just over 1.01 trillion baht.
What activity does TSIC 85500 cover?
The registry does not publish a specific activity name for this five digit code. It sits inside section P, education, and its largest filer by revenue is SISB Public Company Limited, a listed operator.
Did TSIC 85500 grow steadily across the decade?
No. Filing company count rose steadily, from 735 in 2015 to 1116 in 2025. Most of the reported asset increase appeared within a single statement year linked to a known 2018 registry coverage change, not a decade of even growth.
Which code came in second place?
TSIC 64991, inside the financial and insurance section, grew reported assets 96.11 fold over the same decade, from 12.10 billion baht to 1.16 trillion baht.
Cite this page
Chatpong L. (2026). Fastest-Growing Thai Industry Codes by Total Assets, 2015-2025. Max Data Insights. https://maxdatathailand.com/insights/fastest-growing-thai-industry-codes-by-total-assets-2015-2025
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.