SugarBronze report

Published April 2026Insight Research12 min read2026 Edition14 sources, 13 primary-gradeStrong source depth

Thailand Sugarcane Ethanol Deep Dive

Thai ethanol ~1B litres from sugarcane, molasses, cassava. Mitr Phol, KTIS, KSL, TRR, Buriram lead. E10/E20/E85 gasohol MOE mandate. Bagasse biomass power SPP/VSPP.

Key takeaways

1
Thai ethanol production ~1 billion litres annually from sugarcane molasses, direct cane juice, cassava feedstock. Used primarily in E10/E20/E85 gasohol mandate, alcohol, industrial.
2
Producer mix: Mitr Phol Sugar Group (largest private) ~, KTIS (SET: KTIS) ~, KSL, KSL Green Innovation (SET: KSL) ~, TRR (SET: TRR) ~, BRR, KBS, Suwanchai, other ~.
3
E10 ( ethanol gasohol) is baseline standard since 2013; E20 ( ethanol) broader, promoted; E85 ( ethanol) flex-fuel niche. MOE EPPO, DEDE policy, Oil Fund subsidise gasohol.
4
Bagasse biomass power: sugar mills co-generate electricity from bagasse (cane residue), sell to EGAT via SPP, VSPP structure. Incremental income, renewable energy contribution.
5
Farmer income: OCSB (Office of Cane, Sugar Board), MOC coordinate cane quota, sugar pricing, cane-sugar-ethanol policy to stabilise farmer income. EV-transition, sugar-ethanol-SAF aviation bio-jet are long-term variables.

Executive summary

Thailand produces ~1 billion litres of ethanol annually from sugarcane molasses (primary feedstock), direct cane juice, cassava. Ethanol flows into E10/E20/E85 gasohol programme, alcohol industry, pharmaceutical, industrial. Producer mix: Mitr Phol Sugar Group (largest private Thai sugar, ethanol, cassava ethanol player) ~, KTIS Group (SET: KTIS, Kaset Thai International Sugar) ~, Khon Kaen Sugar (SET: KSL), KSL Green Innovation (KSL's dedicated ethanol, green business arm) ~, Thai Roong Ruang Sugar (SET: TRR) ~, Buriram Sugar (SET: BRR), KBS (Khon Buri Sugar), Suwanchai, smaller ~.^{[, , , , , ]}

Gasohol mandate: E10 ( ethanol blend) is baseline Thai gasohol standard since 2013 — nearly all Thai retail gasoline stations offer E10. E20 ( ethanol) is broader, promoted for flex-fuel vehicles. E85 ( ethanol) flex-fuel niche (limited flex-fuel vehicle penetration). MOE (Ministry of Energy) EPPO, DEDE coordinate policy, AEDP biofuel target; Thai Oil Fund subsidy mechanism buffers gasohol retail pricing. DOEB (Department of Energy Business), EPPO set fuel specifications, blend ratios, adjust periodically based on CPO price, ethanol price, crude oil vs farmer income. ERC regulates SPP, VSPP bagasse biomass power tariff.^{[, , ]}

Bagasse biomass power: sugar mills co-generate electricity from bagasse (cane fibre residue after juice extraction), sell to EGAT via SPP (Small Power Producer), VSPP (Very Small) adder structure. Incremental income stabilises mill economics, contributes renewable electricity. Farmer income, cane quota, cane-sugar-ethanol policy coordinated via OCSB (Office of Cane, Sugar Board, under MOC), MOC Sugar Act. Farmer income is politically sensitive — northeastern, central Thai provinces are major cane-growing regions; sugar, ethanol, farmer-income policy responds to political cycle. Long-term variables: EV-transition, diesel-decline, aviation bio-jet SAF (Sustainable Aviation Fuel) pathway via sugarcane ethanol, ATJ (alcohol-to-jet) technology — potential specialty-export market.^{[, , , , ]}

MOE, EPPO, DEDE, ERC, OCSB, MOC, Mitr Phol, KTIS, KSL, TRR, BRR, KBS, PTT OR, TEPA, USDA FAS, SCB EIC, Krungsri

Data as of: FY2024

Thai ethanol producer share (% of FY2024 production volume)

Mitr Phol Sugar Group

Share %

32%

Ownership, feedstock

Private Thai group; cane molasses, cassava feedstock

KTIS (SET: KTIS)

Share %

20%

Ownership, feedstock

Listed sugar, ethanol, bioenergy

KSL, KSL Green (SET: KSL)

Share %

18%

Ownership, feedstock

Listed sugar, KSL Green Innovation ethanol subsidiary

TRR (SET: TRR)

Share %

12%

Ownership, feedstock

Listed sugar, ethanol, bagasse power

BRR, KBS, Suwanchai, other

Share %

18%

Ownership, feedstock

Buriram Sugar, Khon Buri Sugar, Suwanchai, smaller

Producer	Share %	Ownership, feedstock
Mitr Phol Sugar Group	32%	Private Thai group; cane molasses, cassava feedstock
KTIS (SET: KTIS)	20%	Listed sugar, ethanol, bioenergy
KSL, KSL Green (SET: KSL)	18%	Listed sugar, KSL Green Innovation ethanol subsidiary
TRR (SET: TRR)	12%	Listed sugar, ethanol, bagasse power
BRR, KBS, Suwanchai, other	18%	Buriram Sugar, Khon Buri Sugar, Suwanchai, smaller

TEPA, listed producer 56-1, USDA FAS triangulation

Data as of: FY2024

Analyst framing

Why this report

Thai ethanol is Mitr Phol, KTIS, KSL, TRR, BRR-led, E10/E20/E85 gasohol mandate, bagasse biomass power, farmer-income-stabilisation coordinated. EV-transition, SAF ATJ pathway are long-term variables.

Producer, gasohol, bagasse, SAF playbooks

Mitr Phol Sugar Group (private): largest Thai sugar, ethanol, cassava ethanol producer, Asian export footprint. Diversified cane, cassava ethanol, sugar, bagasse power, bio-plastic. KTIS Group (SET: KTIS), KSL, KSL Green Innovation (SET: KSL): listed integrated sugar, ethanol, bagasse, green business. Thai Roong Ruang Sugar (SET: TRR), Buriram Sugar (SET: BRR), Khon Buri Sugar (SET: KBS) round out listed tier. Smaller: Suwanchai, regional mills.

Gasohol mandate: E10 baseline since 2013 (~nearly all retail gasoline E10-blended); E20 broader promoted; E85 flex-fuel niche. MOE, EPPO, DEDE, AEDP biofuel target, Thai Oil Fund subsidy mechanism buffers gasohol retail pricing relative to unblended gasoline. DOEB sets fuel specification, blend ratios, periodic adjustment based on CPO price, ethanol price, crude oil, farmer income. PTT OR, Bangchak, Shell, Esso, Caltex, Susco forecourt retailers sell gasohol; ethanol supply via pipeline, truck from mills.

Bagasse biomass power: sugar mills co-generate ~150-200 kWh/tonne cane from bagasse (cane fibre residue). Excess electricity sold to EGAT via SPP, VSPP structure — adder/tariff incentives via ERC. Incremental income stabilises mill economics. Farmer income, cane quota, ethanol policy coordinated via OCSB (Office of Cane, Sugar Board), MOC Sugar Act. OCSB cane-sugar-ethanol policy includes cane farmer guarantee price, quota, 70:30 mill-farmer revenue share on sugar. EV-transition, diesel-decline, aviation bio-jet SAF (Sustainable Aviation Fuel) ATJ (alcohol-to-jet) pathway via sugarcane ethanol are long-term opportunities — potential specialty, premium-priced export market offsetting domestic gasohol demand erosion. Mitr Phol, Global Green Chemicals (GGC, PTT subsidiary), Thai Oil explore SAF ATJ pilot. TEPA, USDA FAS, SCB EIC, Krungsri biofuel outlook.

Scenarios to 2031

Bull: E20 scale, SAF ATJ pilot, bagasse export

~1.5B litres ethanol

E20 mandate scales at retail; SAF ATJ pilot commercialises, premium export; bagasse biomass power, bio-plastic diversifies; farmer income stabilised.

Base case

~1B litres ethanol

Steady production; E10 baseline stable; E20 gradual; EV-transition, diesel-decline create gradual demand erosion offset by industrial, export.

Bear: EV-transition, cassava competition, farmer politics

~700-800M litres ethanol

Accelerated BEV sales, gasohol demand drops; cassava ethanol competition; farmer politics disrupts mandate; sugar mill consolidation accelerates.

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Producer playbooks, gasohol mandate, bagasse biomass, farmer income, SAF ATJ, scenarios.

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