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1、 2566THAILAND INDUSTRY OUTLOOK 2023-25PetrochemicalsKrungsri ResearchApril 2023Subscribe UsAuthorThian ThiumsakSenior AnalystT+662 296 4742 All material presented in this report,unless specifically indicated otherwise,is under copyright to Krungsri Research.None of the material,nor its content,nor a

2、ny copy of it,may be altered in anyway,or copied to any other party,without the prior express written permission of Krungsri Research.This document is based on public information believed to be reliable.Nevertheless,Krungsri Research would not affirm the accuracy and completeness of this information

3、.We accept no liability whatsoever for any direct or consequential loss arising from any use of this document or its content.Information,opinions and estimates contained in this report are our own,which are not necessarily the opinions of Bank of Ayudhya Public Company Limited and its affiliates.It

4、reflects a judgment at its original date of publication by Krungsri Research and are subject to change without notice.DisclaimerFor research subscription,EXECUTIVE SUMMARYRecovery in the tourism sector and the reopening of China will support domestic economic growth through 2023,and this will feed i

5、nto stronger demand for petrochemical products.Ongoing expansion in both the domestic and global economies will then add to demand growth and widen spreads through 2024 and 2025.However,headwinds blowing against the industry through the next few years will include:(i)potentially worsening geopolitic

6、al tensions and an accompanying rise in risk;(ii)lingering shortages of semiconductors;(iii)volatility in global oil markets;and(iv)the risk of oversupply,which may then depress both prices and spreads.These factors may then drag on sales growth and keep profits below prior trends.Recovery in the to