HANOI, Vietnam, Dec. 15, 2025 /PRNewswire/ — As Vietnam’s rubber and plastic products sector surges with 24.9% annual growth in 2024 and tire production exceeding 30 million units annually—90% destined for export markets—P.S.P. Specialties Public Company Limited, Thailand’s leading specialty oils manufacturer with over 30 years of expertise, is expanding into Vietnam’s dynamic manufacturing landscape with specialized process oil solutions. The market entry capitalizes on Vietnam’s emergence as the world’s second-largest footwear exporter with USD 22.9 billion in exports and the tire industry projected to reach 52 million units by 2033, and the country’s USD 188 million industrial rubber market growing at 4.02% CAGR through 2028—creating unprecedented demand for high-performance process oils.
Mr. Sakesan Krongphanich, Deputy Chief Executive Officer of P.S.P. Specialties Public Company Limited
Capitalizing on Vietnam’s Rubber Manufacturing Leadership
Mr. Sakesan Krongphanich, Deputy Chief Executive Officer of P.S.P. Specialties Public Company Limited, emphasized Vietnam’s strategic importance. “Vietnam has emerged as a dominant force in Southeast Asia’s rubber manufacturing sector. The convergence of world-class tire production, leading footwear manufacturing, and expanding industrial applications creates exceptional opportunities for specialized process oil solutions,” said Mr. Sakesan.
Three Strategic Market Segments
Tire Manufacturing: Vietnam’s tire manufacturers produce over 30 million units annually, with exports forecast to reach 52 million units by 2033. Major facilities require consistent supplies of aromatic, naphthenic, and TDAE process oils.
Industrial Rubber: Vietnam’s market serves automotive components, construction materials, and electronics manufacturing with growing demand for specialized process oils.
Footwear Industry: With 2,200 footwear companies producing USD 22.9 billion exports in 2024, Vietnam serves global brands. Process oils provide flexibility, durability, and surface finish quality demanded internationally.
Comprehensive Product Portfolio
PSP Specialties offers solutions tailored to Vietnamese manufacturing: Aromatic Process Oils deliver compatibility with natural rubber for tire manufacturing. Naphthenic Process Oils provide Low-PAHs content meeting EU directives. TDAE represents non-carcinogenic alternatives aligning with Vietnam’s Extended Producer Responsibility regulations implemented April 2024.
Competitive Advantages
PSP Specialties brings 44 million liters of annual rubber process oil capacity with 45% market share in Thailand, leading global and local tire manufacturers. Strategic facilities in Thailand and Myanmar enable efficient logistics. The company plans to introduce bio-based process oils by mid-2026.
Supporting Sustainable Manufacturing
“Vietnamese manufacturers increasingly face sustainability and environmental requirements from European buyers,” Mr. Sakesan emphasized. “Our Low-PAHs, non-carcinogenic process oils meet European Union standards while maintaining superior performance.”
“PSP Specialties is committed to becoming a trusted partner for Vietnam’s rubber manufacturing industry,” Mr. Sakesan concluded. “We provide technical consultation that enables manufacturers to optimize production efficiency and meet international standards.”
About P.S.P. Specialties Public Company Limited
P.S.P. Specialties Public Company Limited (PSP), listed on the Stock Exchange of Thailand, is a leading specialty oils manufacturer with over 30 years of experience and more than 300 specialized formulations serving industrial applications worldwide. For more information: https://specialtyoils.psp.co.th
