Is the quality of work done in PhD a measure of my abilities to pursue academia? As a fifth year PhD student in chemical engineering (in North America) who's about to submit his thesis in 4 months, I have a serious doubt about my capabilities. 

My PhD thesis was in an area not exactly in my PhD supervisors forte and I did not think that to be an issue when I accepted the PhD offer. Though, he was always available to offer ideas when I was stuck or guide me with a problem, I did not get much help on the technicalities of my works. Infact, he learned more about the future scope of my modeling technique, my research area as I continued to work on it.

However, since my PhD work is (in a way) entirely my own idea, it also meant that I was limited by my technical skills. I have tried my best to make my work as much rigorous as possible. But I think I did not do a good job.

My supervisor on the other hand seems very pleased by my work. He never complained about my productivity and rigorour of the work. The experimental collaborators also seemed satisfied by my work. 

However, I think I have wasted my PhD time, which has resulted in a weak work. My manuscripts are about to be submitted, so I don't know if the work I have done is upto the mark in academic community or not.

I have been to many conferences, but I have neither got any praise for my work, nor any critique on them. So, I am not at all confident about my contribution to academia.

I am losing my passion for academia, and I don't think I have the necessary skills to survive in industry. 

If I look at the quality of my PhD work, I think I am not the correct person to pursue further in academia. Can my PhD thesis be an indication of my suitability for a future academic career?
I think you are overly harsh with yourself, actually. There are several things going on here. First is that you are now more mature intellectually than you were when you began the work so are more likely to discount it than others might be. You know it best and if you were starting now, with what you now know, you would start higher up the ladder. That is just growth. 

Just as important to answer your wider question is that for successful academics their first work, the dissertation, is seldom their best work. The more you work, the better you get. Just like an athlete. 

I'm impressed, actually, that you taught your advisor something about your methodology and, it sounds like, developed that yourself. 

But, the work doesn't get easier as you go along. It is just as hard, but you gain additional insight into the nature of things, especially that which it is important to study. I'll predict that if you don't give up you will do pretty well. A bit of letdown burnout is pretty common at your current stage. Power through it.