39 Thai Industry Codes Grew Revenue as Assets Shrank, 2015-2025
In short
39 of Thailand's 5-digit industry codes grew revenue between 2015 and 2025 even as their combined asset base shrank. Combined revenue across those codes rose 29.1 percent, from 1.11 trillion baht to 1.44 trillion baht. Combined assets fell 22.5 percent over the same decade, from 1.82 trillion baht to 1.41 trillion baht. Manufacturing supplies 13 of the 39 codes, the single largest group. Nationally, assets grew faster than revenue over the same years, so this pocket of the economy moved in the opposite direction from everyone else.
Which industry codes grew revenue while shrinking assets?
Exactly 39 of Thailand's 5-digit industry codes grew revenue from 2015 to 2025 while their combined assets fell, based on registry data as of 14 August 2026 (DBD, 2026). That is 4.16 percent of the 938 codes with a usable revenue and asset figure in both years. Revenue across those 39 codes climbed 29.11 percent, from 1.11 trillion baht to 1.44 trillion baht. Assets fell 22.53 percent over the same stretch, from 1.82 trillion baht to 1.41 trillion baht. Manufacturing accounts for 13 of the 39 codes, more than a third of the group. Transportation and storage supplies five, construction supplies three, and the rest scatter across ten other sections. One code did most of the damage to the group's balance sheet on its own. TSIC 41002, a construction code, shed 318.9 billion baht of assets between 2015 and 2025, 78 percent of the entire group's asset decline, while its own revenue still rose 20.9 percent.
Asset change, 2015 to 2025, for the twelve codes with the largest revenue gains
- 41002 Construction-28
- 29101 Manufacturing-3
- 24101 Manufacturing-7
- 66123 Financial and insurance-14
- 51201 Transportation and storage-2
- 28211 Manufacturing-1
- 92001 Arts and entertainment-45
- 43223 Construction-15
- 49400 Transportation and storage-19
- 43120 Construction-38
- 10774 Manufacturing-16
- 17011 Manufacturing-22
Figures in percent change in combined assets.
Every code shown here grew revenue over the decade. Every one also shrank its combined balance sheet, from a one percent trim to a near halving.
The twelve largest revenue gainers among the 39 asset-shrinking codes
| TSIC code | Section | Revenue 2015 | Revenue 2025 | Revenue growth | Asset change |
|---|---|---|---|---|---|
| 41002 | Construction | 616.3B | 745.2B | +20.9% | -27.9% |
| 29101 | Manufacturing | 137.9B | 181.4B | +31.5% | -3.2% |
| 24101 | Manufacturing | 51.0B | 83.7B | +64.3% | -7.5% |
| 66123 | Financial and insurance | 36.0B | 60.9B | +68.9% | -13.9% |
| 51201 | Transportation and storage | 43.1B | 58.5B | +35.9% | -2.0% |
| 28211 | Manufacturing | 47.1B | 61.6B | +30.8% | -1.0% |
| 92001 | Arts and entertainment | 2.4B | 16.8B | +593.8% | -44.7% |
| 43223 | Construction | 33.0B | 44.3B | +34.0% | -14.9% |
| 49400 | Transportation and storage | 12.4B | 18.6B | +49.4% | -18.6% |
| 43120 | Construction | 11.5B | 17.0B | +48.1% | -38.4% |
| 10774 | Manufacturing | 32.9B | 37.5B | +14.1% | -15.7% |
| 17011 | Manufacturing | 15.0B | 18.8B | +25.0% | -22.2% |
Ranked by absolute revenue growth in baht, 2015 to 2025. Revenue and assets shown in billions of baht.
Why an asset-light pocket matters in a capital-heavy economy
The direction here runs against the national grain. Combined revenue across every 5-digit code grew 66.35 percent from 2015 to 2025, but combined assets grew even faster, up 78.87 percent. That pushed the national capital intensity ratio, assets held per baht of revenue, from 1.42 baht up to 1.53 baht, a rise of 7.53 percent. The 39 codes in this analysis moved the opposite way. Their own capital intensity ratio fell from 1.63 baht of assets per baht of revenue in 2015 to 0.98 baht in 2025, a drop of nearly 40 percent. Company counts inside the group still grew 12.29 percent, from 38,540 to 43,277 firms, so this was not simply older firms exiting and shrinking the totals. More companies produced more revenue with a lighter combined balance sheet. That pattern fits how asset-light operating models spread through Thai business over the past decade, leasing capacity, outsourcing production, or writing down older fixed assets rather than owning more of them. A construction code and a handful of manufacturing codes drove most of the swing, so this is a narrow current inside a much larger capital-intensive economy, not yet a broad shift in how Thai companies are built.
Definitions
- 5-digit TSIC code
- The most granular level of Thailand's industry classification, assigned by the DBD to each registered company, one step below the 21 lettered industry sections.
- Statement year
- The fiscal year of a company's filed financial statement, recorded in the Buddhist calendar in the source data. Statement year 2558 corresponds to 2015 and statement year 2568 corresponds to 2025 in the Gregorian calendar.
- Combined assets or combined revenue
- The sum of total assets or revenue reported by every company under a given code that filed a statement in that year. It is an aggregate total, not a matched panel of the same companies across years.
- Capital intensity
- The ratio of combined assets to combined revenue for a group of companies. A higher ratio means more baht of assets are needed to generate one baht of sales.
Assumptions
- Revenue and asset totals for each code sum every company that filed a statement under that code in a given year, so entries and exits from the registry between 2015 and 2025 affect both years' totals.
- A code needed a positive combined revenue and a positive combined asset figure in both 2558 and 2568 to be included in the comparison, which excludes codes with no filed statement in either year.
- The 2018 statement year carried an unusual registry-wide revenue spike as coverage expanded, but this analysis compares only the 2015 and 2025 endpoints, so that spike does not enter these figures.
- Public industry names are not available for 5-digit codes in this dataset, so codes are identified by their number and their parent lettered section only.
Methodology
For every 5-digit TSIC industry code, combined revenue and combined total assets were summed across all companies that filed a financial statement under that code in statement year 2558, the Buddhist calendar year equal to 2015, and again in statement year 2568, equal to 2025, drawn from the DBD registry as of 14 August 2026. A code is included only if it reported a positive combined revenue and a positive combined asset figure in both years, leaving 938 comparable codes. The 39 codes in this analysis had higher combined revenue in 2025 than 2015 and lower combined assets in 2025 than 2015. Totals are aggregate sums for each year, not a matched panel following the same set of companies, so entries and exits from the registry between 2015 and 2025 affect both figures. Five-digit codes have no public industry name in this dataset, so codes are identified by number and by their parent lettered section only.
How we verified this
- Counted codes meeting both conditions, revenue 2025 greater than revenue 2015 and assets 2025 less than assets 2015, among codes with positive revenue and assets in both years: 39 of 938, which is 39 divided by 938 equals 4.16 percent.
- Recomputed combined revenue growth as 1,439,269,679,568.54 minus 1,114,773,077,733.02, divided by 1,114,773,077,733.02, equals 29.11 percent.
- Recomputed combined asset decline as 1,406,143,379,264.37 minus 1,815,001,999,517.51, divided by 1,815,001,999,517.51, equals negative 22.53 percent.
- Recomputed the group's capital intensity ratio as combined assets divided by combined revenue: 1.6281 in 2015 and 0.9770 in 2025, a change of negative 39.99 percent, against a national ratio that moved from 1.4216 to 1.5287, a change of positive 7.53 percent.
- Recounted the 39 codes by parent section: manufacturing 13, agriculture 4, transportation and storage 5, construction 3, wholesale and retail trade 2, financial and insurance 2, arts and entertainment 2, mining and quarrying 2, and one each in electricity and gas, water and waste, professional and technical services, administrative and support, education, and human health, summing to 39.
- Isolated TSIC 41002 and confirmed its asset decline of 318,889,099,194.05 baht is 318,889,099,194.05 divided by 408,858,620,253.14, equal to 77.98 percent of the group's total asset decline, while its own revenue rose 20.9 percent.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- OECD. (2025). The corporate sector. In OECD Capital Market Review of Thailand 2025. OECD Publishing. https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/the-corporate-sector_008c96e5.html
Frequently asked questions
How many Thai industry codes grew revenue while their assets shrank between 2015 and 2025?
39 of the 938 five digit TSIC codes with usable data in both years, which is 4.16 percent of that comparable set.
Which industry code drove the biggest asset decline in this group?
TSIC 41002, a construction code, alone lost 318.9 billion baht of assets, 78 percent of the group's total decline, while its own revenue still grew 20.9 percent.
Is a shrinking asset base with rising revenue an economy-wide trend in Thailand?
No. Nationally, combined assets grew 78.87 percent while combined revenue grew 66.35 percent between 2015 and 2025, so the broader economy became more capital intensive, the opposite of these 39 codes.
Which sector shows up most often among the 39 codes?
Manufacturing, with 13 of the 39 codes, more than a third of the group. Transportation and storage follows with five.
Cite this page
Chatpong L. (2026). 39 Thai Industry Codes Grew Revenue as Assets Shrank, 2015-2025. Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-growing-revenue-while-shrinking-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.