PSP Highlights Key to Success in Expanding into International Markets, Aims to Increase Overseas Sales Proportion to 30% Within Three Years

P.S.P. Specialties Public Company Limited (PSP), the leading lubricant solutions partner, outlines strategy for exporting lubricant products, including automotive and industrial lubricants, greases, rubber processing oils, and transformer oils. The company highlights four key factors for success in international markets, aiming to continuously increase export volumes each year. PSP targets 20% export growth by 2025, with a long-term goal of increasing the proportion of overseas sales to 30% by 2028, in line with rising global demand. The company showcases competitive advantages in product quality, manufacturing standards, cost efficiency, and strategic geographic location that supports exports. PSP stands out with 35 years of business experience, the expertise of personnel, the highest production capacity in ASEAN, and world-class product standards, supported by a fully equipped testing laboratory. Currently, PSP exports to five continents across more than 40 countries worldwide and plans to increase sales in Africa and Central America this year.

Mr. Sakesan Krongphanich, Deputy CEO of P.S.P. Specialties Public Company Limited (PSP), stated that PSP sees opportunities in international markets driven by the demand for automotive and industrial lubricants, grease, rubber process oil, and transformer oil. With strong domestic market leadership and the highest market share, the company has adjusted strategies to place greater emphasis on international expansion. PSP began studying foreign markets for export 15 years ago. In the early stages, the company exported base oils, specialty products, and ready-to-sell lubricants to the Philippines, Indonesia, Hong Kong, Taiwan, and Myanmar, with an export volume of less than 10 million liters per year.

“We began to expand more aggressively into international markets about eight years ago, increasing our export volume to 13 million liters per year by securing large-volume orders from major customers in Singapore,” said Mr. Sakesan. “PSP’s export growth rate averaged 5% per year and has risen to an average of 13% over the past ten years. In the early stages, PSP mainly exported base oils and rubber processing oils, while lubricants accounted for only a small portion. This contrasts with today, where lubricants now represent more than 50% of our total exports.”

The key factors driving PSP’s growth targets in international markets are: 1. Product Quality and Manufacturing Standards — PSP has the capability to produce products with superior quality compared to other manufacturers in the market, with internationally certified production standards. The company also operates a fully equipped laboratory that supports a wide range of testing services tailored to customer needs. 2. Production Costs — In addition to having a labor cost advantage over other countries, PSP benefits from business scale with the highest production capacity in ASEAN, exceeding 250 million liters per year, allowing efficient cost management. 3. Geographic Location— PSP’s production facilities enjoy a strategic advantage with more than five private ports, enabling the efficient receipt of raw materials from abroad. 4. 35 Years of Business Experience — PSP’s personnel possess extensive knowledge, experience, and expertise developed over decades of operations.

PSP’s export growth trend in international markets showed that in 2024, export volume reached 43.9 million liters, an increase of 30.8% compared to 33.6 million liters in 2023. Last year, the company recorded export revenue totaling 2,470.2 million baht, representing a growth of 32.7% from 1,861.8 million baht in 2023. For 2025, the company targets a 20% increase in international market expansion and has set a long-term strategy to raise the proportion of overseas sales from 19.2% in 2024 to 30% by 2028.

“The international market still holds significant opportunities. Data from Kline reports that lubricant consumption in ASEAN alone amounts to around 4 billion liters,” said Mr. Seksan. “Moreover, there are increasing numbers of players entering Thailand’s lubricant market to build their brands. Once they reach a certain stage domestically, brand owners typically seek local manufacturing facilities to reduce costs, and PSP is being considered as a hub for regional exports. We see considerable room for expansion in the export market. Importantly, PSP has sufficient production capacity to support market expansion without needing additional investment. In 2024, we expanded into new markets such as Japan, Ghana, and Panama. For 2025, PSP will maintain existing export base across five continents, covering more than 40 countries worldwide, while also expanding further into Africa and Central America to drive continuous international market growth,” Mr. Sakesan concluded.