Biodiesel & Renewable DieselSilver report

Published May 2026Insight Research21 min read2026 Edition14 sources, 14 primary-gradeStrong source depth

Thailand Biodiesel & Renewable Diesel Market Intelligence

Thailand consumes ~4.4M litres B100/day under a B7/B20 mandate that absorbs ~30-35% of domestic CPO. Bangchak (SET: BCP) leads B100 and now operates ASEAN's first commercial HEFA SAF unit; PTT, Thai Oil, IRPC blend at refinery gate.

Key takeaways

1
Thailand consumed roughly 4.4 million litres B100 per day in 2024 (~1.6-2.1 million tonnes per year), with B7 and B20 diesel volumes averaging 66.8 million litres per day across the retail network.
2
Palm CPO supplies ~ of B100 feedstock; biodiesel absorbs of Thai CPO output and is the principal farmer-income stabilisation channel alongside food and oleochemical use.
3
Bangchak Group anchors capacity (BBE Ayutthaya, litres/day, 70:30 BCP-UAC JV) and now runs ASEAN's first commercial HEFA SAF unit at Phra Khanong with a Fry to Fly used-cooking-oil collection programme; first SAF export shipped May 2025.
4
PTT (SET: PTT), PTT OR (SET: OR), Thai Oil (SET: TOP), IRPC (SET: IRPC) blend at refinery gate; specialty B100 plants (Verasuwan, PA Renewable Energy, Patum Vegetable Oil) hold the long tail.
5
Mandate volatility is now the binding risk: the May 2024 simplification dropped B10, the November 2024 cut moved B7 to B5 for farmer relief, and the AEDP 2024-2037 redraft restores B7 as the diesel floor while ramping SAF from (January 2026) to (2036). EV-driven diesel-pool erosion and EUDR palm traceability frame the bear case.

Executive summary

Thailand consumed approximately 4.4 million litres of pure biodiesel (B100) per day in 2024, equivalent to roughly 1.6 to 2.1 million tonnes per year depending on blend mix. Retail diesel volumes (B7, B20) averaged 66.8 million litres per day, up on 2023 (USDA FAS, DOEB). Palm-derived methyl ester supplies roughly of B100; the mandate is the principal demand sink for domestic CPO surplus and the central tool of farmer-income stabilisation alongside food and oleochemical use.^{[, , ]}

Operator landscape: Bangchak Corporation (SET: BCP) is the scaled anchor through Bang Pa-in Biodiesel (BBE, the -litres/day Ayutthaya plant operated as a 70:30 JV with UAC Global) and the Phra Khanong refinery, which in May 2025 launched ASEAN's first HEFA-SPK SAF stand-alone unit alongside an HVO renewable-diesel pathway. PTT Group (SET: PTT) and PTT Oil and Retail Business (SET: OR) hold the largest distribution network and blend at terminal gate; Thai Oil (SET: TOP, Sriracha) and IRPC (SET: IRPC, Rayong) blend at refinery gate. Specialty B100 plants such as Verasuwan, PA Renewable Energy, Patum Vegetable Oil (SET: PATO) hold the long tail.^{[, , , , , , ]}

Policy: the AEDP 2024-2037, released October 2025, fixes B7 as the structural diesel floor (B10 was dropped in May 2024 after automaker pushback on Euro 5 compatibility; B5 was a temporary November 2024 cut for farmer relief during a CPO-price spike). SAF blending is mandated to start at from January 2026 and rise to by 2036 (DEDE, MOE). The two structural variables are EV-driven diesel-pool erosion (Krungsri models a measurable contraction by 2027) and EUDR palm-traceability compliance for any future B100 or HEFA export to the EU. HVO drop-in renewable diesel is the medium-term pivot away from FAME chemistry.^{[, , , ]}

DEDE, DOEB, MOE, USDA FAS, IEA, Bangchak, PTT, TOP, IRPC, UAC, PATO, Krungsri, RSPO

Data as of: FY2024 and through April 2026 mandates

Thai B100 demand trend (million litres per day, 2020-2024)

2020

B100 demand (mL/day)

4.9

Context

Pre-COVID peak; B7-B10 standard mix

2021

B100 demand (mL/day)

4.4

Context

COVID demand trough

2022

B100 demand (mL/day)

4.3

Context

Recovery slow; CPO price spike

2023

B100 demand (mL/day)

4.4

Context

B7-B20 mix stabilises

2024

B100 demand (mL/day)

4.4

Context

May: B10 dropped; Nov: temporary B5 cut for farmer relief

Year	B100 demand (mL/day)	Context
2020	4.9	Pre-COVID peak; B7-B10 standard mix
2021	4.4	COVID demand trough
2022	4.3	Recovery slow; CPO price spike
2023	4.4	B7-B20 mix stabilises
2024	4.4	May: B10 dropped; Nov: temporary B5 cut for farmer relief

USDA FAS Biofuels Annual 2024, DOEB monthly fuel statistics

Data as of: 2024 full-year

Product route mix (% of FY2024 B100-equivalent output)

FAME B100 methyl ester (palm CPO)

Share %

88%

Notes

Dominant chemistry; transesterification with methanol

HVO renewable diesel (refinery co-process)

Share %

Notes

Bangchak Phra Khanong, early-stage scale

HEFA SAF (Bangchak Phra Khanong)

Share %

Notes

ASEAN-first commercial unit; first export May 2025

Used cooking oil B100, animal tallow

Share %

Notes

Fry to Fly programme; advanced-feedstock pathway

Export B100, stockpile, other

Share %

Notes

Limited; mostly regional ASEAN

Product route	Share %	Notes
FAME B100 methyl ester (palm CPO)	88%	Dominant chemistry; transesterification with methanol
HVO renewable diesel (refinery co-process)	4%	Bangchak Phra Khanong, early-stage scale
HEFA SAF (Bangchak Phra Khanong)	3%	ASEAN-first commercial unit; first export May 2025
Used cooking oil B100, animal tallow	3%	Fry to Fly programme; advanced-feedstock pathway
Export B100, stockpile, other	2%	Limited; mostly regional ASEAN

Bangchak SAF disclosure, DOEB, 56-1 disclosures, USDA FAS

Data as of: FY2024

Analyst framing

Why this report

Thai biodiesel is a mature, mandate-pinned market in transition. The FAME B100 chemistry is structurally capped, automaker pushback closed the B20-as-mainstream pathway, and the next leg of demand growth runs through SAF and HVO renewable diesel rather than higher B-numbers. Bangchak's HEFA SAF launch is the watershed; PTT, Thai Oil, IRPC follow-through plus EUDR compliance decide whether Thailand keeps its regional lead.

Operator playbooks

Bangchak Corporation (SET: BCP) anchors B100 supply through Bang Pa-in Biodiesel (BBE), a 300k-litres-per-day plant in Ayutthaya operated as a 70:30 joint venture with UAC Global. The Phra Khanong refinery integrates downstream into retail forecourt (Bangchak network) and now into next-generation fuels. The May 2025 launch of the HEFA-SPK SAF stand-alone unit at Phra Khanong, sourced from used cooking oil collected via the Fry to Fly programme, makes Bangchak the first ASEAN producer to ship commercial SAF (initial export 19 May 2025) and positions the group for both SAF and HVO renewable diesel offtake.

PTT Group (SET: PTT) and PTT Oil and Retail Business (SET: OR) hold the largest Thai diesel distribution share; blending happens at PTT terminals and the captive truck-fleet B20 programme. PTT Global Chemical (SET: PTTGC) supplies methanol into the broader B100 ecosystem and has its own SAF JV ambition. Thai Oil (SET: TOP, Sriracha) and IRPC (SET: IRPC, Rayong) are the other two major refinery-gate blenders; both have publicly framed Clean Fuel Project and SAF roadmaps but are second-movers to Bangchak.

UAC Global (SET: UAC) is the 30% partner in BBE and runs an adjacent UAC Energy biogas business with Italy's Sebigas; the chemicals-trading arm also supplies methanol and catalyst to Thai biodiesel plants. Patum Vegetable Oil (SET: PATO) refines palm streams that feed third-party B100 producers as well as food and industrial buyers. Verasuwan and PA Renewable Energy operate dedicated specialty B100 plants that sell into refiner offtake contracts. The long tail of regional and captive plants accounts for the residual share.

SAF and HVO renewable-diesel roadmap

Bangchak's HEFA-SPK SAF unit at Phra Khanong is the first commercial SAF capacity in ASEAN. The pathway uses hydroprocessed esters and fatty acids from used cooking oil collected via the Fry to Fly scheme, producing synthetic paraffinic kerosene that meets ASTM D7566 specifications. The Civil Aviation Authority of Thailand has coordinated a voluntary SAF programme covering Thai Airways International, Thai AirAsia, Bangkok Airways, Nok Air, and Thai VietJet on designated international routes starting 2026.

HVO renewable diesel is the medium-term FAME replacement. Unlike B100 methyl ester, HVO is a drop-in molecule chemically identical to fossil diesel, so it sidesteps the cold-flow and Euro 5 compatibility issues that ended B10. Bangchak co-produces HVO at Phra Khanong; PTT, Thai Oil, and IRPC have all publicly scoped HVO retrofit options but are constrained by the FAME-versus-HVO economic crossover, which depends on crude-CPO differentials and EU offtake pricing. Krungsri models a measurable HVO scale-up window between 2027 and 2030 if EU SAF and HEFA premiums hold.

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Operator playbooks, BBE-UAC JV economics, refiner SAF and HVO roadmaps, mandate scenarios, AEDP 2024-2037 policy detail, RSPO and EUDR compliance, scenario strip to 2031, recommended actions.

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