30% of Thailand's Narrow Industries Are One-Company Markets 2026
In short
29.85 percent of Thailand's narrow five digit industry codes have one company earning at least half of all reported revenue, as of 7 July 2026. That is 357 of 1,196 codes with usable revenue data. 14.55 percent, 174 codes, clear an even higher 80 percent threshold. At the broad 21 section level almost nothing looks this concentrated. The highest real sector is mining at 19.04 percent. Concentration hides inside the narrow codes and disappears once industries get bundled together into sections.
How many of Thailand's industries does one company own?
Among the 1,196 narrow five digit TSIC codes with usable revenue data, 357 have a single company earning at least half of all reported revenue, 29.85 percent of the total (DBD, 2026). Push the bar to 80 percent and 174 codes still qualify, 14.55 percent. Push it to 90 percent and 136 codes qualify, 11.37 percent. The average top company across every narrow code holds 38.97 percent of that code's revenue. Thailand's business registry, once you split it into its narrowest pieces, is full of markets where one firm effectively sets the terms.
Where narrow industry codes fall on single company revenue share
- Under 10%168
- 10 to 25%351
- 25 to 50%320
- 50 to 80%183
- 80 to 95%63
- 95 to 100%111
Figures in number of narrow industry codes.
The top two bands alone hold 357 codes where one company owns at least half the market. 111 codes sit above 95 percent, close to total ownership.
Six real markets one company nearly owns outright
| TSIC code | Section | Registered companies | Leading company | Revenue share |
|---|---|---|---|---|
| 46621 | G, wholesale and retail trade | 2,070 | MTS Gold Company Limited | 97.87% |
| 26800 | C, manufacturing | 70 | Western Digital (Thailand) Company Limited | 99.96% |
| 61209 | J, information and communication | 166 | DTAC Trinet Company Limited | 97.71% |
| 26301 | C, manufacturing | 54 | Canon Hi-Tech (Thailand) Ltd. | 98.77% |
| 33133 | C, manufacturing | 26 | Essilorluxottica Wholesale (Thailand) Ltd. | 97.58% |
| 08931 | B, mining and quarrying | 26 | Pimai Salt Company Limited | 96.71% |
Narrow TSIC codes with at least 20 registered companies where the leading company still captures the large majority of revenue, as of 7 Jul 2026.
Where the dominance concentrates
Manufacturing supplies more of these one company markets than any other section, 108 of the 357 dominated codes, 30.25 percent of the total, out of 414 manufacturing codes analyzed. Mining runs the highest dominance rate among sections with real scale, 11 of its 20 codes clear the 50 percent bar, 55 percent. Agriculture also runs hot, 45 of its 100 codes clear the bar, 45 percent. None of this shows up at the 21 section level. Only three sections clear a 50 percent single company share there, public administration, household employers and extraterritorial bodies, and all three have fewer than 40 registered companies each. Among the eighteen sections that run at ordinary economic scale, the highest single company share is mining and quarrying at 19.04 percent, about half the average share found inside the narrow codes. Concentration is real and it stays invisible until the economy is split into its roughly 1,200 narrow pieces.
Why this matters
A concentrated narrow code is not automatically a data artifact of too few filers. 58 of the 357 dominated codes have two or fewer registered companies, 16.25 percent, where one firm topping the revenue table is close to mechanical. The remaining 299 codes, 83.75 percent, have three or more registered companies and one company still clears half of reported revenue. The clearest case is TSIC code 46621, where 2,070 companies are registered yet MTS Gold Company Limited alone reports 97.87 percent of the code's revenue. A lender, a supplier or a would be competitor reading only section level data would miss every one of these markets. The section level view says Thailand's wholesale and retail trade is a crowded, low margin business with a top company share of just 14.34 percent. Zoom into code 46621 alone and one company owns nearly the whole thing. Broad sector statistics average away exactly the concentration that a narrow code reveals.
Definitions
- TSIC code
- Thailand's Standard Industrial Classification code. The five digit version is the narrowest level, one level below the 21 lettered broad sections such as manufacturing or wholesale and retail trade.
- Single company revenue share
- The leading company's reported revenue in a given industry code divided by the total reported revenue of every company with a filed financial statement in that code.
- Dominated code
- A narrow industry code where the single company revenue share is 50 percent or higher, meaning one firm accounts for at least half of all reported revenue in that code.
- Reported revenue
- Revenue as declared in a company's most recent filed financial statement with the Department of Business Development. Companies that never filed a statement are excluded from the revenue calculation.
Assumptions
- Revenue share is computed only among companies that filed a financial statement in a code, not among every company registered in that code, so a code's true competitive picture could differ if unfiled companies also generate meaningful revenue.
- Codes with zero or negative total reported revenue, 4 of 1,200, are excluded from every share calculation in this analysis.
- Narrow five digit code descriptions are not available in this dataset, so codes are referenced by number and parent section only, never by an assumed product or service description.
- A high single company share in a code with very few registered companies can be closer to a mechanical result than a competitive outcome, which is why the two or fewer company codes are called out separately.
Methodology
Revenue share is computed for each five digit TSIC industry code as the leading company's reported revenue divided by the sum of reported revenue for every company with a filed financial statement in that code, drawn from the DBD registry as of 7 Jul 2026. Of 1,228 narrow codes in the registry, 1,200 have both a leading company revenue figure and a total revenue figure, and 4 of those have zero or negative total revenue and are excluded, leaving 1,196 codes in the share calculation. Section level shares use the same method applied to the 21 lettered TSIC sections. Narrow five digit code descriptions are not published in this dataset, so codes are identified only by their number and their parent section letter, never by an assumed product description.
How we verified this
- 357 divided by 1,196 equals 29.85 percent, the share of narrow codes with a top company holding 50 percent or more of revenue.
- 174 divided by 1,196 equals 14.55 percent, the share clearing an 80 percent single company threshold, and 136 divided by 1,196 equals 11.37 percent at the 90 percent threshold.
- The six distribution bands, 168, 351, 320, 183, 63 and 111, sum to 1,196, matching the total analyzed code count.
- 108 divided by 357 equals 30.25 percent, manufacturing's share of all dominated codes, and 108 divided by 414 equals 26.09 percent, manufacturing's own dominance rate.
- 58 divided by 357 equals 16.25 percent, the share of dominated codes with two or fewer registered companies, leaving 83.75 percent with three or more.
- Section level top company shares were pulled directly and sorted, confirming mining and quarrying at 19.04 percent is the highest among the 18 sections with more than 40 registered companies.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- OECD. (2021). Methodologies to measure market competition. OECD Publishing. https://www.oecd.org/content/dam/oecd/en/publications/reports/2021/06/methodologies-to-measure-market-competition_acd00bf0/29bf31c1-en.pdf
Frequently asked questions
How many Thai industries are dominated by a single company?
357 of Thailand's 1,196 narrow five digit industry codes with usable revenue data, 29.85 percent, have one company earning at least half of all reported revenue as of 7 July 2026.
Is this concentration visible at the broad sector level?
No. Among the 18 broad TSIC sections with more than 40 registered companies, the highest single company share is mining and quarrying at 19.04 percent, roughly half the average share found inside the narrow codes.
Could this just be codes with only one or two companies?
Some of it, but not most. 58 of the 357 dominated codes have two or fewer registered companies. The remaining 299, 83.75 percent, have three or more companies yet one still earns half the revenue.
What is the most concentrated real world example?
TSIC code 46621, with 2,070 registered companies, where MTS Gold Company Limited alone reports 97.87 percent of the code's revenue.
Cite this page
Chatpong L. (2026). 30% of Thailand's Narrow Industries Are One-Company Markets 2026. Max Data Insights. https://maxdatathailand.com/insights/how-many-of-thailands-narrow-industries-are-one-company-markets-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.