9 Thai Industry Codes Where Medium Firms Outnumber Small Ones
In short
Medium sized companies outnumber small ones in only 9 of Thailand's 1,228 five digit industry codes, as of 17 July 2026. That is 0.73 percent of all codes. A further 129 codes are tied, and the remaining 1,090 keep the normal pattern of more small firms than medium ones. Nationwide, small companies outnumber medium companies by 11.3 to 1. Seven of the nine inversions sit inside manufacturing, and five of the nine involve fewer than 30 companies total.
In how many Thai industry codes do medium firms outnumber small ones?
Nine. Out of 1,228 five digit TSIC industry codes in the registry, only nine have a medium sized company count that exceeds the small company count (DBD, 2026). That works out to 0.73 percent of all codes. A further 129 codes, or 10.50 percent, run exactly tied between the two size bands. The remaining 1,090 codes, 88.76 percent of the total, follow the pattern every economist expects: more small firms than medium ones. Nationwide there are 441,008 small companies against 38,942 medium companies, an 11.3 to 1 ratio. Finding even nine codes that break that ratio is the exception, not a trend.
How 1,228 industry codes split on medium versus small company counts
- Small outnumbers medium88.8%1,090
- Tied10.5%129
- Medium outnumbers small0.7%9
The normal pyramid, more small firms than medium ones, holds in nearly 9 out of 10 codes.
The nine industry codes where medium firms outnumber small firms
| TSIC code | Section | Total companies | Small | Medium | Large | Survival rate |
|---|---|---|---|---|---|---|
| 10622 | C Manufacturing | 412 | 28 | 34 | 68 | 41.50% |
| 10302 | C Manufacturing | 302 | 25 | 35 | 26 | 37.09% |
| 16102 | C Manufacturing | 124 | 10 | 14 | 2 | 33.06% |
| 20114 | C Manufacturing | 52 | 6 | 9 | 10 | 69.23% |
| 10411 | C Manufacturing | 28 | 0 | 1 | 0 | 14.29% |
| 13991 | C Manufacturing | 13 | 1 | 2 | 2 | 76.92% |
| 10614 | C Manufacturing | 11 | 3 | 4 | 0 | 63.64% |
| 45100 | G Wholesale and retail trade | 9 | 0 | 2 | 1 | 11.11% |
| 46490 | G Wholesale and retail trade | 7 | 0 | 1 | 0 | 0.00% |
Company counts by size band, five digit TSIC codes, as of 17 Jul 2026.
Why a size inversion like this matters
A missing middle is the usual complaint about developing economies, too few medium firms bridging micro and large. These nine codes show the opposite defect can happen too, just at a much smaller scale. Four of the nine, led by TSIC 10622 with 412 companies, run on real volume and a genuine tilt toward mid sized operators. The other five survive on fewer than 30 registered companies each, so a single medium sized firm is enough to flip the ratio. Two of the smallest, TSIC 45100 and TSIC 46490, carry survival rates of 11.11 percent and zero, meaning these codes are thin and largely inactive rather than genuinely medium heavy. Seven of the nine sit inside manufacturing, section C, where capital equipment and minimum production scale push a company out of the small band faster than in trading or services. That is a structural story, not a policy failure. Readers screening a niche manufacturing code for competitors should check the raw company count before trusting any size ratio, because with only a handful of registered firms, one company's growth can rewrite the whole distribution.
Definitions
- TSIC code
- The Thailand Standard Industrial Classification code assigned to a registered company. The five digit code is the most detailed level in the registry.
- Size band
- A company's classification as micro, small, medium or large, assigned in the registry based on its reported financial and employment profile.
- Inversion
- In this page, an industry code where the number of medium sized companies is strictly greater than the number of small companies, the reverse of the usual pattern.
- Survival rate
- The share of companies registered under a code that are still active, as opposed to dissolved or struck off.
- Section code
- The single letter TSIC classification that groups five digit codes into broad industries, such as C for manufacturing or G for wholesale and retail trade.
Assumptions
- The size band on each company record is taken as given from the registry and not independently re-derived.
- Five digit TSIC descriptions are not available in this dataset, so the nine codes are identified by number and section only, not by an industry name.
- The live snapshot used here is dated 17 July 2026, ten days later than the 7 July 2026 snapshot referenced in earlier company size pages, and the small counts differ by well under 1 percent between the two dates.
- Codes with very low total company counts are more likely to show an inversion by chance and are flagged separately in the analysis rather than excluded.
Methodology
Company counts by size band come from the DBD registry, aggregated per five digit TSIC industry code, as captured in the Max Data registry snapshot dated 17 July 2026. Size bands, micro, small, medium and large, follow the classification already assigned to each registered company in the source data. A code counts as an inversion when its medium company count strictly exceeds its small company count. Codes with equal counts are reported separately as ties. Five digit TSIC descriptions are not available in this dataset, so codes are identified by number and by their one letter TSIC section only.
How we verified this
- Queried market_tsic_insight live with set role readonly_user and counted all 1,228 rows, confirming count_medium is not null and count_small is not null for every row, so all 1,228 rows are valid comparisons.
- count_medium > count_small returned exactly 9 rows, count_medium = count_small returned 129 rows, count_medium < count_small returned 1,090 rows, and 9 plus 129 plus 1,090 equals 1,228, matching the total row count.
- 9 divided by 1,228 recomputes to 0.7329 percent, rounded to 0.73 percent in the text.
- 129 divided by 1,228 recomputes to 10.5049 percent, rounded to 10.50 percent in the text.
- 1,090 divided by 1,228 recomputes to 88.7622 percent, rounded to 88.76 percent in the text.
- Summing count_small and count_medium across all 1,228 rows gives 441,008 small and 38,942 medium nationwide, and 441,008 divided by 38,942 recomputes to 11.325, rounded to 11.3 in the text.
- Of the 9 inversion codes, 7 carry section_code C and 2 carry section_code G, and 7 divided by 9 recomputes to 77.78 percent, rounded to 77.8 percent in the text.
- Of the 9 inversion codes, entity_count is 50 or higher for 4 codes, 10622, 10302, 16102 and 20114, and under 30 for the other 5, confirming the four versus five split stated in the closing section.
References
- Department of Business Development. (2026). Registered juristic persons and company size classification. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Office of SME Promotion. (2020). MSME definition and criteria under the 2020 ministerial regulation. Office of the Prime Minister, Thailand. https://en.sme.go.th/en/
Frequently asked questions
How many Thai industry codes have more medium companies than small companies?
Nine, out of 1,228 five digit TSIC industry codes, as of 17 July 2026. That is 0.73 percent of all codes.
Which industry section holds most of these inversions?
Manufacturing, TSIC section C, accounts for 7 of the 9 codes. The other 2 are in wholesale and retail trade, section G.
Is a small company count of zero the same as a strong medium sized industry?
Not necessarily. Five of the nine codes have fewer than 30 companies total, so a single medium sized firm can outnumber zero or one small firm without the code being a genuinely medium heavy industry.
What is the normal ratio of small to medium companies in Thailand?
Nationwide, small companies outnumber medium companies 11.3 to 1, with 441,008 small companies against 38,942 medium companies.
Cite this page
Chatpong L. (2026). 9 Thai Industry Codes Where Medium Firms Outnumber Small Ones. Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-where-medium-firms-outnumber-small-2026
Data & corrections
Download the data (CSV)Spot something off, or want to ask about the data? Email insights@maxsolutions.co.th. We publish corrections.
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.