Thailand Asphalt Market (2025-2031) | Share, Trends, Revenue, Companies, Value, Analysis, Growth, Outlook, Industry, Size & Forecast

Thailand Asphalt market Highlights

Topics Covered in the Thailand Asphalt Market Report

The Thailand Asphalt market report thoroughly covers the market by type and by application. The report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Thailand Asphalt Market Size & Analysis

In 2025, the Thailand Asphalt market is valued at approximately $ 9 million, with a projected compound annual growth rate (CAGR) of 8.4% over the next five years. Additionally, by 2031, the market is expected to reach around $ 12 million. The construction sector holds significant position in the overall market.

Thailand Asphalt Market Synopsis

The asphalt market in Thailand is experiencing steady growth, primarily driven by the country’s increasing infrastructure development and urbanization. With government investments in large-scale transportation projects such as road construction, highway expansion, and the development of airports and ports, the demand for asphalt products has surged. Thailand’s strategic position as a transportation hub in Southeast Asia further contributes to the growing need for quality asphalt in both domestic and regional infrastructure projects. Additionally, the adoption of sustainable construction practices, including the use of recycled asphalt and environmentally friendly solutions, is gaining momentum. As the nation continues to modernize its infrastructure, the asphalt market in Thailand is expected to expand, fueled by both public and private sector investments and the growing emphasis on road quality and durability.

According to 6Wresearch, Thailand Asphalt market size is projected to grow at a CAGR of 8.4% during 2025-2031. The growth of the Thailand asphalt market is primarily driven by substantial government investments in infrastructure, particularly in road construction, highway expansion, and urban development projects aimed at improving transportation networks. The ongoing development of the Eastern Economic Corridor (EEC) and various international trade routes has further boosted the demand for high-quality asphalt. Additionally, Thailand’s role as a regional transportation hub in Southeast Asia increases the need for durable paving materials. Technological advancements, including the growing use of polymer-modified asphalt and sustainable solutions like recycled asphalt, are enhancing performance and reducing environmental impact, which aligns with global trends. However, the market faces challenges such as fluctuations in crude oil prices, which directly affect the cost of asphalt production, and supply chain disruptions that can delay large infrastructure projects. The market must also contend with environmental concerns and stricter regulations on emissions from asphalt production facilities, requiring continued innovation in eco-friendly solutions. Despite these challenges, the market is expected to continue expanding as Thailand invests in its infrastructure to support economic growth and regional connectivity.

Thailand Asphalt Market Trends

• Government Infrastructure Investments - Significant focus on road networks, highways, and urban development, including large-scale projects like the Eastern Economic Corridor (EEC).
• Sustainability and Recycling - Growing adoption of recycled asphalt and eco-friendly production methods to reduce environmental impact and meet sustainability goals.
• Technological Advancements - Use of polymer-modified and warm-mix asphalt to enhance durability, reduce energy consumption, and improve performance in harsh weather conditions.
• Increased Urbanization - Rising demand for quality asphalt materials to support the construction and maintenance of roads in urban and industrial areas.
• Regional Trade Growth - Expansion of Thailand’s transportation infrastructure to facilitate increased trade and connectivity within Southeast Asia.

Investment Opportunities in the Thailand Asphalt Market

• Recycled Asphalt Plants - Establishing facilities for the production of recycled asphalt to meet the growing demand for sustainable construction materials and reduce material costs.
• Polymer-Modified Asphalt - Investment in the production of polymer-modified asphalt (PMA) to cater to the increasing demand for high-performance and durable paving materials.
• Infrastructure Projects - Engaging in large-scale government infrastructure projects, particularly in the Eastern Economic Corridor (EEC) and regional transportation networks.
• Asphalt Production Facilities - Setting up or expanding local asphalt production plants to meet rising demand and reduce dependence on imports.
• Eco-Friendly Asphalt Solutions - Investment in the development of low-emission, environmentally friendly asphalt technologies to comply with sustainability regulations.

Key Players in the Thailand Asphalt Market

Key companies in the Thailand asphalt market include Tipco Asphalt PCL, one of the largest producers of asphalt and bitumen in Thailand, with a strong market presence in road construction and maintenance projects. Siam Asphalt Public Company Limited is another major player, supplying a wide range of asphalt products used in infrastructure projects across the country. Bangchak Corporation Public Company Limited is involved in the production and supply of high-quality asphalt materials, alongside its energy sector operations. Cemex Thailand also contributes to the market, offering asphalt solutions as part of its comprehensive construction materials portfolio. Additionally, some of these players hold majority of the Thailand Asphalt market share. Moreover, Thai Oil Public Company Limited plays a significant role in the production of bitumen, a key component of asphalt, and is one of the leading players in the Southeast Asian region. These companies are integral to the growth and development of Thailand’s asphalt market, supporting a range of infrastructure projects and technological innovations.

Government Regulations in the Thailand Asphalt Market

In Thailand, government regulations governing the asphalt market focus on ensuring environmental sustainability, safety, and quality standards. The Ministry of Transport, through agencies like the Department of Highways (DOH) and Thailand National Public Road Administration (TNPRA), sets guidelines for the quality and durability of asphalt used in road construction and maintenance projects. Regulations mandate the use of specific asphalt standards to ensure roads are durable and resilient under heavy traffic conditions. Environmental regulations, enforced by the Pollution Control Department, require asphalt production plants to adhere to emission standards, limiting air pollution and minimizing environmental impact. The government also encourages the use of recycled materials in asphalt to promote sustainability and reduce waste. Further, these initiatives have further boosted the Thailand Asphalt market revenues. Furthermore, safety standards set by the Occupational Safety and Health Administration (OSHA) govern the health and safety protocols for workers involved in the production and application of asphalt. These regulations ensure that the asphalt market operates in compliance with both local standards and international environmental requirements.

Future Insights of the Thailand Asphalt Market

The future of the Thailand asphalt market looks promising, with continued growth driven by robust infrastructure development and urbanization. As Thailand advances its transportation networks, especially through large-scale projects like the Eastern Economic Corridor (EEC) and regional trade routes, the demand for high-quality asphalt will rise. The adoption of more sustainable practices, such as using recycled asphalt and eco-friendly production methods, will play a critical role as environmental regulations tighten globally. Technological innovations, including polymer-modified and warm-mix asphalt, will enhance performance, reduce energy consumption, and lower emissions, aligning with the country's commitment to green construction. Additionally, the market will benefit from increased public-private partnerships and digitalization in construction processes, making asphalt paving more efficient and precise. As Thailand continues to modernize its infrastructure and strengthen regional trade links, the asphalt market is poised for sustained growth in the coming years.

Paving Petroleum Asphalt Category to Dominate the Market - By Type

According to Ravi Bhandari, Research Head, 6Wresearch, the paving petroleum asphalt category in Thailand is experiencing steady growth, driven by the increasing demand for durable and cost-effective materials in road construction and infrastructure projects. As the Thai government prioritizes the development of transportation networks, including highways, urban roads, and bridges, the demand for petroleum-based asphalt remains strong due to its excellent performance in high-traffic and heavy-load areas. With the rise of urbanization and growing regional trade, paving petroleum asphalt continues to be the material of choice for infrastructure development. Additionally, advancements in production technologies, such as the use of polymer-modified asphalt and warm-mix asphalt, are enhancing the performance and sustainability of petroleum-based asphalt.

Paving to Dominate the Market – By Application

The growth of the paving application segment in Thailand is fueled by the country’s expanding infrastructure needs, particularly in road construction and urban development. As urbanization accelerates and transportation networks are modernized, the demand for durable and efficient paving materials, such as asphalt, is on the rise. Government initiatives focused on enhancing road quality, including the development of highways, bridges, and urban road networks, have driven the need for advanced paving solutions. The adoption of innovative technologies like polymer-modified and warm-mix asphalt is also contributing to the segment's growth by improving the durability, cost-efficiency, and environmental impact of paving materials.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2021 to 2024.
• Base Year - 2024.
• Forecast Data until 2031.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Thailand Asphalt Market Overview
• Thailand Asphalt Market Outlook
• Market Size of Thailand Asphalt Market, 2024
• Forecast of Thailand Asphalt Market, 2031
• Historical Data and Forecast of Thailand Asphalt Revenues & Volume for the Period 2021-2031
• Thailand Asphalt Market Trend Evolution
• Thailand Asphalt Market Drivers and Challenges
• Thailand Asphalt Price Trends
• Thailand Asphalt Porter's Five Forces
• Thailand Asphalt Industry Life Cycle
• Historical Data and Forecast of Thailand Asphalt Market Revenues & Volume, By Type for the Period 2021-2031
• Historical Data and Forecast of Thailand Asphalt Market Revenues & Volume, By Paving Petroleum Asphalt for the Period 2021-2031
• Historical Data and Forecast of Thailand Asphalt Market Revenues & Volume, By Industrial Petroleum Asphalt for the Period 2021-2031
• Historical Data and Forecast of Thailand Asphalt Market Revenues & Volume, By Others for the Period 2021-2031
• Historical Data and Forecast of Thailand Asphalt Market Revenues & Volume, By Application for the Period 2021-2031
• Historical Data and Forecast of Thailand Asphalt Market Revenues & Volume, By Paving for the Period 2021-2031
• Historical Data and Forecast of Thailand Asphalt Market Revenues & Volume, By Roofing for the Period 2021-2031
• Historical Data and Forecast of Thailand Asphalt Market Revenues & Volume, By Others for the Period 2021-2031
• Thailand Asphalt - Import Export Trade Statistics
• Thailand Asphalt - Market Opportunity Assessment, By Type
• Thailand Asphalt - Market Opportunity Assessment, By Application
• Thailand Asphalt Market - Top Companies Market Share
• Thailand Asphalt Market - Competitive Benchmarking, By Technical and Operational Parameters
• Thailand Asphalt Market - Company Profiles
• Thailand Asphalt Market - Key Strategic Recommendations

Markets Covered

The Thailand Asphalt market report provides a detailed analysis of the following market segments -

By Type

• Paving Petroleum Asphalt
• Industrial Petroleum Asphalt
• Others

By Application

• Paving
• Roofing
• Others