Thai Industry Codes With No Dominant Firm, 2026
In short
The most fragmented Thai industry code is TSIC 74101, where the largest company holds just 1.99 percent of segment revenue, as of 17 Jul 2026. Nine more codes round out the ten most fragmented, spanning construction, wholesale trade and professional services. Across 971 five digit codes with at least 20 filing companies, the median top firm still holds 23.57 percent of revenue. Only 55 codes, 5.7 percent of the total, fall below a 5 percent top company share. Thailand's economy skews concentrated overall, but this narrow tail does not.
Which Thai industry codes have no dominant firm
Ranked by the revenue share of each code's single largest filer, TSIC 74101 comes out flattest in the whole registry. Its top company, Bangkok Drugstore Company Limited, holds just 1.99 percent of the 65.1 billion baht this code reports in total revenue, as of 17 Jul 2026. That code sits inside section M, professional, scientific and technical services, and its 6,123 companies post a 99.7 percent survival rate, a stable crowd for a market this flat. Nine more codes complete the ten most fragmented in Thailand, and none of them let a single firm clear 2.8 percent of segment revenue. Construction supplies three of those ten, wholesale and retail trade supplies another three. TSIC 41002, general construction of buildings, spreads 165,550 companies across 1.03 trillion baht of revenue with a top share of only 2.03 percent, yet just 35.3 percent of those companies stay active. Flat does not always mean stable.
Top company revenue share, ten most fragmented TSIC codes
- TSIC 74101 (M)2
- TSIC 41002 (F)2
- TSIC 41001 (F)2
- TSIC 46530 (G)2
- TSIC 22220 (C)2
- TSIC 46313 (G)2
- TSIC 47721 (G)3
- TSIC 71101 (M)3
- TSIC 43301 (F)3
- TSIC 78200 (N)3
Figures in percent of segment revenue held by the largest filer.
No code on this list lets its biggest company clear three percent of segment revenue.
The ten most fragmented TSIC codes in Thailand
| TSIC code | Section | Companies | Top firm share | Largest filer |
|---|---|---|---|---|
| 74101 | M, professional and technical | 6,123 | 1.99% | Bangkok Drugstore Company Limited |
| 41002 | F, construction | 165,550 | 2.03% | China State Construction Engineering (Thailand) Co., Ltd. |
| 41001 | F, construction | 38,439 | 2.03% | Pre-Built Public Company Limited |
| 46530 | G, wholesale and retail | 4,613 | 2.15% | Charoen Pokphand Engineering Co., Ltd. |
| 22220 | C, manufacturing | 3,264 | 2.18% | Huhtamaki (Thailand) Ltd. |
| 46313 | G, wholesale and retail | 7,706 | 2.24% | Success Import and Export Company Limited |
| 47721 | G, wholesale and retail | 16,962 | 2.50% | Boots Retail (Thailand) Ltd. |
| 71101 | M, professional and technical | 10,365 | 2.53% | Index International Group Public Company Limited |
| 43301 | F, construction | 5,000 | 2.65% | Kingsmen C.M.T.I. Public Company Limited |
| 78200 | N, administrative and support | 3,798 | 2.72% | IFS Support Services Co., Ltd. |
Ranked by top company revenue share, ascending, among codes with at least 20 filing companies, as of 17 Jul 2026.
Why a flat market is worth noticing
A market where the top company holds under 3 percent of revenue is one no single balance sheet can move. Buyers in these codes face genuine price competition rather than a dominant supplier setting the terms, and a new entrant with a decent product has real room to take share without unseating an entrenched leader first. That pattern is rare. Across the 971 codes with at least 20 filing companies, the median top firm still holds 23.57 percent of its segment's revenue, and the average climbs to 29.46 percent because a subset of codes are effectively single company markets at 100 percent. Only 55 codes, 5.7 percent of the total, cross into true fragmentation below a 5 percent top company share. The OECD's 2025 peer review of Thailand's competition framework found enforcement thin, with only 12 ex ante merger filings between 2017 and 2023 and most state enterprises sitting outside the competition law's reach (OECD, 2025). Weak enforcement and a concentrated economy are not the same finding, but they point the same direction. These 55 codes are the counterexample the national picture hides, a small and specific set of corners in construction subcontracting, drugstore retail and professional services where no company, however large, has managed to pull away from the pack.
Definitions
- TSIC code
- The Thailand Standard Industrial Classification code, a 5 digit number that groups companies into one specific line of business under one of 21 lettered industry sections.
- Top company revenue share
- The reported revenue of the single largest filer in a TSIC code divided by the total reported revenue of every company that filed a financial statement in that code.
- Entity count
- The total number of registered companies classified under a TSIC code, counting both active and inactive companies.
- Survival rate
- The share of companies in a code that are still marked active rather than inactive or dissolved.
- Fragmented code
- In this analysis, a TSIC code where the top company holds less than 5 percent of the code's total reported revenue.
- Median
- The middle value of a sorted list of numbers, less sensitive to a handful of extreme codes than a simple average.
Assumptions
- Top company revenue share compares reported revenue among companies that filed a financial statement, so a code with heavy underreporting could show a distorted share in either direction.
- The entity count threshold of 20 filing companies is a deliberate cutoff chosen to exclude tiny codes where one company could look artificially dominant or artificially absent from the ranking.
- Five digit TSIC descriptions are not available in this dataset, so codes are identified by number and by their broader lettered section only, not by an assumed sub industry name.
- A low top company share describes revenue concentration only. It does not by itself prove that pricing, ownership groups or supply chains in that code are also free of coordination.
Methodology
Top company revenue share is each TSIC code's largest filer's reported revenue divided by the total reported revenue of every company with a filed financial statement in that code, drawn from the DBD registry and aggregated in the market_tsic_insight table as of 17 Jul 2026. Only 5 digit codes with at least 20 filing companies are included, so a single filer cannot mechanically dominate a tiny code with only a handful of entrants. Five digit TSIC descriptions are not published in this dataset, so codes are identified by number and by the name of their broader lettered section only, never by an assumed sub industry label.
How we verified this
- Recomputed the top company share for TSIC 74101 directly: 1,295,925,216.63 baht divided by 65,147,298,370.94 baht equals 1.9892 percent, which rounds to the reported 1.99 percent.
- Recomputed the same ratio for TSIC 41002: 20,844,707,025.99 baht divided by 1,027,752,277,908.61 baht equals 2.0282 percent, rounding to 2.03 percent.
- Counted 971 TSIC codes with an entity count of 20 or more out of 1,228 total 5 digit codes in market_tsic_insight, the denominator used for every share of codes stated in this piece.
- Recomputed the share of codes below a 5 percent top company share: 55 divided by 971 equals 5.665 percent, rounded to 5.7 percent.
- Cross checked the median, 23.573 percent, and the average, 29.457 percent, of top company share across the 971 qualifying codes with a separate aggregate query, confirming that fragmented codes are a minority tail rather than the norm.
- Confirmed TSIC 41002's survival rate directly from its active and inactive counts: 58,492 active divided by 165,550 total equals 35.33 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). OECD peer reviews of competition law and policy: Thailand. OECD Publishing. https://www.oecd.org/en/publications/oecd-peer-reviews-of-competition-law-and-policy-thailand_377b42f9-en.html
Frequently asked questions
Which Thai industry code has the least concentrated market?
TSIC 74101, in section M for professional, scientific and technical services, where the largest filer holds just 1.99 percent of the code's total reported revenue.
How many Thai industry codes have no dominant firm?
55 of the 971 five digit codes with at least 20 filing companies have a top firm holding less than 5 percent of segment revenue, 5.7 percent of the qualifying codes.
What counts as a fragmented industry code in this analysis?
A TSIC code where the single company with the highest reported revenue still holds less than 5 percent of that code's total reported revenue, among codes with at least 20 filing companies.
Which broad sectors show up most often among the most fragmented codes?
Construction and wholesale and retail trade each supply three of the ten most fragmented codes, with professional and technical services supplying two more.
Cite this page
Chatpong L. (2026). Thai Industry Codes With No Dominant Firm, 2026. Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-with-no-dominant-firm-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.