Sri Trang Agro-Industry
Sri Trang Agro-Industry (SET: STA) is the world's leading listed natural rubber processor, parent of Sri Trang Gloves (SET: STGT). Founded 1987 in Hat Yai. Vertical integration spans rubber plantations, contracted smallholder supply, STR, latex, RSS processing, STGT gloves manufacturing. FY2024 consolidated group revenue ~THB 90B (includes STGT). Largest Thai rubber company; parent of top-5 global medical glove manufacturer.
Snapshot
Headline numbers a buyer checks first.
Ticker
SET: STA
Listed 1995
Role
World's top NR processor, STGT parent
Ongoing
Founded
1987
Hat Yai
Group revenue
~THB 90B (with STGT)
FY2024
What this company actually does
STA operates globally-leading natural rubber processing: STR block rubber (STR10, STR20 tyre-grade), concentrated latex for glove, condom, specialty, RSS premium-grade. Thailand-based processing plants, extensive contracted smallholder supply network, direct plantations. Subsidiary Sri Trang Gloves (SET: STGT) is world top-5 medical glove manufacturer. Vertical integration from rubber latex to finished gloves gives cost, supply-chain advantages.[]
Strategic position: STA, STGT combined is Thailand's integrated rubber champion. Competitive set: Halcyon Agri, Von Bundit, Southland in processing; Top Glove, Hartalega, Kossan in gloves (Malaysian peers). STA founder-family-controlled. Post-COVID glove cycle compression affected STGT; STA rubber processing cushioned partially.[]
Business segments
Core processing
Natural rubber — STR, latex, RSS
STR10, STR20 tyre-grade block rubber for global tyre manufacturers. Concentrated latex for medical gloves, condoms, specialty applications. RSS premium-grade for specialty buyers. ~12-15% estimated Thai NR market share.
Listed subsidiary
Sri Trang Gloves (STGT) — medical gloves
SET-listed (STGT) medical glove subsidiary; world top-5 producer. Parent STA owns majority. Post-COVID glove cycle compressed FY2023-2024 earnings; normalisation underway. Vertical integration from latex to finished gloves gives cost, supply-chain advantages.
Supply base
Plantations and contracted smallholders
Direct rubber plantations plus extensive contracted smallholder network in southern Thailand and Malaysia. Stability of supply base is a competitive moat vs processors without backward integration.
Sustainability risk
EUDR traceability programme
EU Deforestation Regulation applies to rubber from 2025-2026. STA's smallholder traceability system is under development; compliance cost and smallholder readiness are the binding implementation risks for EU-bound latex.
Watchpoints
Natural rubber price cycle
TOCOM, SGX futures drive NR revenue.
STGT glove cycle recovery
Post-COVID oversupply normalisation.
Vertical integration efficiency
Latex-to-gloves cost advantage.
EUDR smallholder compliance
EU deforestation regulation implementation.
Thai natural rubber — processor peer comparison
Sri Trang Agro-Industry (STA)
Listing
SGX: HALO
Primary product
STR, latex
Est. Thai NR share
~8-10%
Differentiator
Sinochem-controlled; SE Asian footprint
Listing
Private
Primary product
STR, latex
Est. Thai NR share
~8-10%
Differentiator
Private Thai processor; Songkhla base
| Company | Listing | Primary product | Est. Thai NR share | Differentiator |
|---|---|---|---|---|
| Sri Trang Agro-Industry (STA) | SET: STA | STR, latex, RSS, STGT gloves | ~12-15% | World largest listed NR processor; STGT parent |
| Halcyon Agri | SGX: HALO | STR, latex | ~8-10% | Sinochem-controlled; SE Asian footprint |
| Von Bundit | Private | STR, latex | ~8-10% | Private Thai processor; Songkhla base |
| Southland Rubber | Private | STR | ~5-7% | Private; export-focused |
Related Market profiles
Peers, parents, partners, agencies, and other Rubber actors.
Subsidiary
Sri Trang Gloves
Listed glove subsidiary (SET: STGT).
Open Market profile →
Competitor
Halcyon Agri
SGX-listed Sinochem-controlled Thai rubber processor.
Open Market profile →
Competitor
Von Bundit
Private Thai rubber processor top-3.
Open Market profile →
Sector peer
Bridgestone Thailand
Japanese Bridgestone Group's Thailand tyre manufacturing, NR sourcing; top-3 global tyre major.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Sri Trang Agro-Industry (SET: STA) FY2024 Form 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Sri Trang Agro-Industry (SET: STA) FY2024 Form 56-1 | Sri Trang Agro-Industry PCL | Primary | 2025-03-31 |
Reports featuring this profile
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World's largest integrated natural rubber company, THB 114B revenue FY2024
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Worlds largest natural rubber processor, Sri Trang Gloves parent.
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Sits alongside 2 other Atlas profilesThailand Songkhla, Southern Rubber Export Deep Dive
World largest natural rubber processor, Hat Yai-Songkhla HQ.
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subsidiary
Sri Trang Gloves
World top-5 medical, exam glove manufacturer; vertically integrated via Sri Trang Agro-Industry parent; FY2024 revenue ~THB 27B.
competitor
Halcyon Agri
SGX-listed Sinochem-controlled global NR processor with significant Thailand footprint.
competitor
Von Bundit
Private top-3 Thai natural rubber processor; STR, latex, RSS across southern Thailand plants.