Thai Times

Covering the Thai Renaissance
Monday, Jun 16, 2025

PSP Specialties Forecasts 15% Revenue Growth Amid Lucrative Lubricant Sales

PSP Specialties Forecasts 15% Revenue Growth Amid Lucrative Lubricant Sales

The Thai lubricant manufacturer anticipates increased sales through international markets and innovative products in 2025.
PSP Specialties, a prominent Thai lubricant manufacturer listed on the Stock Exchange of Thailand, has projected a 15% increase in revenue for the year 2025, driven by expanding its overseas market presence and introducing new products tailored for data centres and cloud computing businesses.

In 2024, the company recorded a revenue of 13.3 billion baht, marking its highest revenue in the past 35 years, up from 12.2 billion baht in 2023. The gains are attributed to a strategic emphasis on international exports as domestic demand for lubricants, particularly for internal combustion engines, shows signs of maturation and a slowdown.

Deputy Chief Executive Sakesan Krongphanich indicated that the shift in focus is essential as the domestic market is becoming saturated.

"We will increase our exports as the domestic market is becoming mature," he stated.

In 2024, PSP exported 44 million litres of lubricant products, generating revenue of 2.47 billion baht, which represented a year-on-year increase of 32%, and accounted for 20% of its total lubricant production.

Sakesan anticipates that sales in international markets will continue to grow, aiming for exports to rise to 30.8% of total production by 2028, with particular growth expected in markets such as Myanmar.

In addition to expanding its export strategies, PSP Specialties is focusing on product development, especially in specialty lubricants and coolants.

The demand for coolants is expected to surge, driven by the heating requirements of data centres and cloud businesses, along with the electric vehicle (EV) sector.

The Thai government’s promotional initiatives under the "30@30" policy envision that EVs will constitute at least 30% of total auto production by 2030. This target includes 725,000 zero-emission vehicles, 675,000 electric motorcycles, and 34,000 electric buses and trucks.

To diversify its product offerings, PSP has formed a partnership with a subsidiary of PTT Global Chemical to develop bio-lubricants derived from palm oil, which are biodegradable and reduce dependency on fossil fuel-based feedstocks.

In addition to focusing on new product lines, PSP Specialties also plans to enhance its investment in Recycle Engineering Co, a company that recycles chemical products like used solvents, by raising its ownership stake from 28% to 65%.

This investment is part of the company's broader strategy to innovate and respond to market needs.
Newsletter

Related Articles

Thailand and Cambodia Hold Border Talks Amid Rising Tensions
0:00
0:00
Open
Thailand and Cambodia Hold Border Talks Amid Rising Tensions
0:00
0:00
Close
Thailand and Cambodia Hold Border Talks Amid Rising Tensions
Bank of Thailand Implements Regulatory Framework for Hire Purchase and Leasing Industry
Thailand Urges Citizens to Return Amid Escalating Middle East Conflict
Heavy Rain Forecasted Across Upper Thailand Amidst Tropical Weather Changes
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Indonesia Cracks Down on Nickel Mining in Protected Areas
Trump Reports $57 Million Earnings from Crypto Venture
Rising Bond Yields Increase Pressure on Bank of Japan
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Thailand and Cambodia Convene Joint Boundary Commission Amid Rising Border Tensions
HSBC Accelerates Chairman Succession as Mark Tucker Prepares Departure
Vietnam to Raise Alcohol Tax to 90% by 2031 Under New Legislation
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Beata Thunberg Rebrands as Beata Ernman Amidst Sister's Activism Controversy
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Vietnam Confronts Rising Economic Pressures Amid Expanding U.S. Tariff Measures
Black Box Recovered from Air India Crash Site
Sole Survivor of Air India Crash Recounts Escape
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
China Releases Draft Rules on Cross-Border Automotive Data Transfers
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Thailand's Finance Minister Proposes Shift Towards Domestic Economic Growth
Thailand-Cambodia border closure could impact trade by 500 million baht daily
The World Bank has revised Thailand's GDP growth forecast for 2025 down by 1.1 percentage points, now estimating growth at 1.8%.
Jetstar Asia Announces Permanent Operations Cessation Amid Economic Pressures
ThaiHealth Enhances Mental Health Support for Youth Amid Rising Stress and Depression Rates
Thai Cabinet Approves Electronic Securities Bill to Modernize Capital Markets
Now Seattle:
Foreign Investors Seek Clarity Amid Thai Market Volatility
Meta to Invest $15 Billion in Scale AI to Advance AGI Goals
Thai Commerce Minister Meets Philippine Ambassador to Discuss Trade
Ministry of Culture Plans Organizational Reforms to Empower Youth
Cambodian Hacker Group Targets Thai Government Websites
Gother Travel Platform Targets Young Travelers with New Features
Thai Education Ministry Partners with Microsoft for AI Teacher Training
Confucius International Federation Hosts Global Forum in Bangkok
Thailand and China Celebrate 50 Years of Diplomatic Relations
Cambodia Assembles Legal Team to Reclaim Disputed Heritage Sites
Thai Prime Minister Orders Crackdown on Foreign Business Violations
Thailand’s Mass-Market Staples Face Slowdown Amid Weakened Household Spending
Thailand Expands EV Incentives Amid Employment Surge and Localization Goals
Thailand Launches Initiative for Local Large Language Model Development
Foreign Property Demand in Thailand Faces Continued Decline Amid The intensified crackdown on nominee ownership
Thailand Faces Rising Household Debt and Employment Challenges
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
×