Thailand Paper & Pulp Market Intelligence
Thai paper, pulp ~THB 80B. SCGP dominant ASEAN player; Double A in printing/writing. Corrugated for export packaging is largest segment. FSC, circular-economy push.
Key takeaways
- 1
Thai paper, pulp sector ~ annual revenue. Largest single player by far: SCG Packaging (SET: SCGP), spun from SCG 2020 IPO; SEA's largest paper, packaging group with operations in Thailand, Vietnam, Indonesia, Philippines, Malaysia.
- 2
Double A (SET: 1DA): listed commodity printing, writing paper producer. Smaller-tier; export-focused; price-cycle leveraged.
- 3
Product mix: corrugated, industrial paper (export packaging) ~, printing, writing ~, pulp ~, tissue ~, specialty, food-grade ~.
- 4
Demand drivers: Thai e-commerce, export packaging (corrugated demand); declining printing/writing (digital substitution); rising tissue, hygiene (urbanization, premiumization); food-grade specialty growth.
- 5
Strategic: FSC, ASC certification, recycled-content, circular-economy increasingly demanded by EU/Japanese buyers. SCGP has been aggressive on regional consolidation, ESG.
Executive summary
Thailand's paper, pulp sector generates approximately in annual revenue per FTI Paper Club estimates. The market is dominated structurally by SCG Packaging (SET: SCGP), which IPOed in October 2020 after spinning from Siam Cement Group. SCGP is Southeast Asia's largest paper, packaging group with integrated operations across Thailand, Vietnam, Indonesia, Philippines, Malaysia, vertical integration from pulp through corrugated cardboard, industrial paper, food-grade packaging.[, ]
Double A (SET: 1DA) is the listed commodity printing, writing paper player β heavy global export presence, price-cycle leveraged, less diversified than SCGP. Below the listed tier sit smaller specialist mills, Thai Union Paper, various private operators. Virgin pulp is largely imported (Indonesia, Brazil, Scandinavia); recycled fibre comes from domestic OCC (old corrugated container) collection.[, ]
Demand drivers: Thai e-commerce growth (Shopee, Lazada, TikTok Shop) drives corrugated cardboard demand sharply; export packaging for the broader Thai food, electronics manufacturing complex is structural anchor. Printing, writing paper declining structurally with digital substitution. Tissue, hygiene growing with urbanization. Sustainability, FSC, recycled-content, EU PPWR (Packaging and Packaging Waste Regulation) increasingly dictate competitive positioning. SCGP has been aggressive on regional consolidation, ESG positioning.[, , ]
Thai paper, pulp revenue trend (THB billion, 2020-2024)
2020
Revenue (THB B)
70
Context
COVID disruption, e-com surge
2021
Revenue (THB B)
73
Context
SCGP IPO, Q1 listing
2022
Revenue (THB B)
78
Context
Pulp price spike, recovery
2023
Revenue (THB B)
80
Context
E-com normalisation, tissue
2024
Revenue (THB B)
82
Context
Stable demand, ESG capex
| Year | Revenue (THB B) | Context |
|---|---|---|
| 2020 | 70 | COVID disruption, e-com surge |
| 2021 | 73 | SCGP IPO, Q1 listing |
| 2022 | 78 | Pulp price spike, recovery |
| 2023 | 80 | E-com normalisation, tissue |
| 2024 | 82 | Stable demand, ESG capex |
Product mix (% FY2024 value)
Corrugated, industrial (export packaging)
Share %
Drivers
E-com, export demand
Printing, writing
Share %
Drivers
Declining structurally
Pulp (virgin, recycled)
Share %
Drivers
Upstream input
Tissue, hygiene
Share %
Drivers
Urbanisation, premiumisation
Specialty, food-grade
Share %
5%
Drivers
Growth niche
| Product | Share % | Drivers |
|---|---|---|
| Corrugated, industrial (export packaging) | 50% | E-com, export demand |
| Printing, writing | 20% | Declining structurally |
| Pulp (virgin, recycled) | 15% | Upstream input |
| Tissue, hygiene | 10% | Urbanisation, premiumisation |
| Specialty, food-grade | 5% | Growth niche |
Analyst framing
Why this report
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Key figures
Selected anchors from the report evidence pack.
Thailand Total Paper Consumption
Thai Paper Manufacturers Association, Forest Industry Organization, RISI/Fastmarkets
SCG Packaging Domestic Market Share β Containerboard
SCGP Annual Report, SET filings, TPMA
Recycled Fiber Input Ratio β Thai Paper Mills
TPMA, FIO, Bureau of International Recycling
Double A Eucalyptus Plantation Area
Double A, FIO
ASEAN Destination Share of Thai Paper Exports
Thai Customs Department, Department of Foreign Trade, TPMA
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