Thai Industry Codes Where Large Firms Outnumber Medium 2026
In short
Large companies outnumber medium ones in 120 of Thailand's 1,228 five-digit industry codes as of 17 July 2026. That is 9.8 percent of all codes. Manufacturing holds 77 of the 120. Another 376 codes tie, and 732 keep the normal ladder with more medium than large firms. Across the whole economy, medium companies still outnumber large ones nearly three to one.
How many industry codes have more large companies than medium ones?
There are 120 of them out of 1,228 five-digit TSIC codes (DBD, 2026). That is 9.77 percent. A tie between the two bands covers 376 codes, or 30.62 percent. The remaining 732 codes, 59.61 percent, follow the ordinary ladder with more medium than large firms. The national picture explains why inversion is rare. Medium companies number 38,942 and large companies 13,875 across these codes, a ratio of about 2.8 medium firms for every large one. For a code to flip that, it has to be a niche shaped by giants.
Inverted codes by industry section
- Manufacturing77
- Financial and insurance13
- Agriculture7
- Transportation and storage7
- Information and communication5
- Mining and quarrying4
- Administrative and support2
- Accommodation and food service2
- Human health and social work1
- Electricity and gas1
- Other services1
Figures in codes where large outnumber medium.
Manufacturing alone supplies 77 of the 120 inverted codes. Sections with zero inversions are omitted.
Inversion rate by section
| Industry section | Codes | Inverted codes | Share inverted |
|---|---|---|---|
| Manufacturing | 421 | 77 | 18.3% |
| Financial and insurance | 46 | 13 | 28.3% |
| Agriculture | 105 | 7 | 6.7% |
| Transportation and storage | 64 | 7 | 10.9% |
| Information and communication | 65 | 5 | 7.7% |
| Mining and quarrying | 22 | 4 | 18.2% |
| Administrative and support | 52 | 2 | 3.8% |
| Accommodation and food service | 23 | 2 | 8.7% |
| Human health and social work | 23 | 1 | 4.3% |
| Electricity and gas | 8 | 1 | 12.5% |
| Other services | 37 | 1 | 2.7% |
| All other sections combined | 362 | 0 | 0.0% |
| All sections | 1,228 | 120 | 9.8% |
Five-digit codes per section, and how many have more large than medium companies, as of 17 Jul 2026.
Where the giants take over
Manufacturing is the volume story. It has 421 codes and 77 of them are inverted, which is 18.3 percent. Financial and insurance is the intensity story. Only 46 codes exist there, yet 13 are inverted, a 28.3 percent rate and the highest of any section with more than ten codes. Mining and quarrying is close to manufacturing at 18.2 percent. Wholesale and retail trade has 200 codes and not one inversion. Construction, real estate and professional services also have none. Sectors built on many mid-sized operators never flip.
Why this matters
An inverted code is a market where mid-sized firms are scarce and big ones are not. That tells a supplier, lender or investor something a headcount never will. Thirty-three of the 120 inverted codes have no medium company at all, so there is no stepping stone between small and large. A founder aiming to grow into such a niche faces a gap, not a ladder. A buyer looking for mid-market acquisition targets should skip these codes. Treat the list as a map of giant-led niches, then check each code for how many firms are actually active.
Definitions
- TSIC
- Thailand Standard Industrial Classification, the national industry code system. Five-digit codes are its most detailed level.
- Inverted size ladder
- A code where large companies outnumber medium companies, the reverse of the usual pattern.
- Size band
- The registry grouping of companies into micro, small, medium and large.
Assumptions
- Five-digit codes have no English description in the source, so only sections are named.
- Counts include all registered companies with a size band, active or not.
- Many codes hold very few firms, so a one-company difference can create an inversion.
- The source refreshed after the 7 July 2026 national figures. Totals here come from the 17 July rows and differ from the earlier anchors by a handful of companies.
Methodology
Counts come from the Department of Business Development registry, aggregated by 5-digit TSIC code as of 17 July 2026, the computation date of the rows queried. Each code carries a count of micro, small, medium and large companies using the registry size bands. A code is inverted when its large count exceeds its medium count. Ties are counted separately. Codes with no medium and no large firms are included in the 1,228 denominator and count as ties. Section groupings use each code's section letter. Counts are registered companies, not only active ones.
How we verified this
- Inverted codes by section sum to 77+13+7+7+5+4+2+2+1+1+1 = 120, matching the national count.
- Inverted 120 + tied 376 + normal 732 = 1,228 codes.
- 120 / 1,228 = 9.77 percent. 376 / 1,228 = 30.62 percent. 732 / 1,228 = 59.61 percent.
- 77 / 421 = 18.29 percent for manufacturing. 13 / 46 = 28.26 percent for financial and insurance. 4 / 22 = 18.18 percent for mining.
- 77 / 120 = 64.17 percent. 38,942 / 13,875 = 2.81 medium firms per large firm.
- Codes with large above medium and zero medium firms numbered 33 in the query.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
Frequently asked questions
How many Thai industry codes have more large than medium companies?
120 of 1,228 five-digit codes, or 9.77 percent, as of 17 July 2026 (DBD, 2026).
Which sector has the most inverted codes?
Manufacturing, with 77 of its 421 codes. Financial and insurance has the highest rate among larger sections at 13 of 46 codes.
Does an inverted code mean large firms dominate revenue?
Not necessarily. The count only compares how many firms sit in each size band. It says nothing about revenue share.
Cite this page
Chatpong L. (2026). Thai Industry Codes Where Large Firms Outnumber Medium 2026. Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-with-more-large-than-medium-companies-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.