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The Thailand Plastic Market size is forecast to increase by USD 10.75 billion, at a CAGR of 5.18% between 2023 and 2028.
The growth rate of the market depends on several factors, including the ongoing advancements in plastic manufacturing technology, the increased investments, mergers, and acquisitions in the plastic market in Thailand and the innovation in plastic technologies, including lightweight materials and advanced applications. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018 - 2022, besides analyzing the current market scenario.
Plastic is a multipurpose synthetic material made from polymers, which is primarily produced from petrochemical feedstocks such as ethylene. Plastic includes a wide spectrum of polymers with a range of qualities, such as durability, flexibility, and malleability. Plastic, which is widely used in the manufacturing of packaging, construction, consumer goods, and other industries, has become ubiquitous in modern life. Its versatility, low cost, and wide range of applications contribute to its popularity across different industries.
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Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Ongoing advancements in plastic manufacturing technology drive market growth. The continuous developments in plastic production technology, especially the creation of biodegradable plastics and the introduction of innovative recycling processes such as chemical recycling, are a crucial driving force behind the growth of the market in Thailand. In addition, these technological advances are critical in resolving the environmental challenges surrounding the disposal of plastic waste.
Moreover, biodegradable polymers, which degrade naturally, provide a sustainable alternative to traditional non-biodegradable plastics, which ultimately reduces the long-term impact of plastic waste on the environment. In addition, this is consistent with the global trend toward the use of eco-friendly materials, reflecting shifting consumer tastes and rigorous environmental legislation across the world. Therefore, it is positively impacting the market in Thailand. Hence, such factors are driving the market growth during the forecast period.
Increasing adoption of circular economy practices is an emerging trend in the market. The growing adoption of circular economy practices is becoming a noticeable trend in the regional, signifying a shift toward sustainability. In addition, this trend is distinguished by the use of closed-loop recycling systems and a dedication to sustainable sourcing throughout the entire plastic manufacturing process.
Moreover, plastics manufacturers in Thailand are increasingly focused on building a circular economy in which plastic materials are recycled, repurposed, and reused to reduce the volume of plastic waste disposed of in landfills and their environmental effects. Furthermore, there is a growing emphasis on sustainable sourcing, including the use of eco-friendly raw materials and responsible buying processes. Therefore, it is positively impacting the market in Thailand. Hence, such factors are driving the market growth during the forecast period.
Volatility in prices of raw materials used in plastic production is hindering the market growth. Ethylene, propylene, benzene, and styrene are some of the main raw materials used for the production of plastics. In addition, the oil and gas industry is one of the major suppliers of these raw materials. Furthermore, fluctuations in global crude oil prices adversely affect the prices of fractional petroleum products, which, in turn, affects the production cost of injection molded and other types of plastics.
For example, in February 2022, the global price of ethylene was USD700-USD800 per metric ton. Moreover, frequent fluctuations in global crude oil prices impact the price of raw materials significantly, including polyethylene and propylene, which are used in manufacturing plastics. Therefore, the regional market depends heavily on crude oil derivatives, whose prices may fluctuate widely. Thus, such factors are hindering the market growth during the forecast period.
The packaging segment is estimated to witness significant growth during the forecast period. The rise of this segment has been spurred by the rising demand for packaged goods, which, in turn, is being driven by urbanization, population growth, and changing consumer lifestyles. In addition, the food and beverage industry, in particular, has seen an increase in demand for plastic packaging due to its low cost, lightweight nature, and ability to extend the shelf life of products.
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The packaging segment was the largest segment and was valued at USD 10.73 billion in 2018. Moreover, the boom in the e-commerce industry has boosted the growth of the packaging industry, with an increase in online retail resulting in a greater demand for safe and long-lasting packaging materials. In addition, as more consumers prefer the convenience of online purchasing, the need for plastic packaging solutions has risen dramatically. Furthermore, due to its convenience and economic advantages, plastic packaging provides improved product protection and enables more efficient transportation. In addition, manufacturers of different products are also using inventive packaging designs to entice customers and differentiate their products in a highly competitive market. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the technique, the market has been segmented into injection molding, blow molding, roto molding, casting, and others. The injection molding segment will account for the largest share of this segment. In Thailand, injection molding has developed as the major technique segment within the nation's plastic market, resulting in significant growth of the regional market. In addition, the market situation is characterized by increased demand for precision-engineered plastic components in a variety of end-user industries, including automotive, electronics, and packaging. Furthermore, injection molding is becoming increasingly popular among manufacturers in these industries because of its low cost, high efficiency in terms of the process, and ability to mold plastics into complex shapes and sizes Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Arkema Group: The company offers LED lighting such as Bajaj Ivora 10-Watt LED Bulkhead Ceiling Light, Bajaj LED Deco Ping Pong 0.5W, Bajaj Ivora Plus LED Panel 12W SQR CDL.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
3M Co., BASF SE, Berry Global Inc., Celanese Corp., Covestro AG, Dow Chemical Co., Eastman Chemical Co., EcoBlue Ltd., Formosa Plastics Corp., HMC Polymers Co. Ltd., Huhtamaki Oyj, INEOS Group Holdings SA, Kama Holdings Ltd., MITSUI and CO. LTD., Polyplex Corp. Ltd., PTT Public Co. Ltd., Siam Cement PCL, Thai Plastic Industries Co. Ltd., and Toray Industries Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market plays a pivotal role in diverse sectors like supply chain, industrial activities, building and construction, and food and beverage packaging. Despite government regulations and plastic bans, the market witnesses a shift towards biodegradable plastics and the use of Polyethylene Terephthalate (PET) in various applications. PET resins with specific melt flow characteristics enhance molding tolerances and productivity, making them ideal for electrical applications such as motor housings, switches, and sensors. Polyolefins contribute to the plastic packaging industry, offering recyclability, strength, and versatility.
Moreover, in the food industry, PET is extensively used for containers, including takeout containers, frozen foods, carbonated drinks, juices, ketchup, bottled water, jars, baked goods containers, clamshells, deli containers, and microwave food trays. The market's focus on barrier properties and recycling operations attracts green-minded beverage producers, fostering the integration of recycled materials and enhancing recycling capacity in Thailand's plastic industry.
Thailand Plastic Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.18% |
Market Growth 2024-2028 |
USD 10.75 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.84 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Arkema Group, BASF SE, Berry Global Inc., Celanese Corp., Covestro AG, Dow Chemical Co., Eastman Chemical Co., EcoBlue Ltd., Formosa Plastics Corp., HMC Polymers Co. Ltd., Huhtamaki Oyj, INEOS Group Holdings SA, Kama Holdings Ltd., MITSUI and CO. LTD., Polyplex Corp. Ltd., PTT Public Co. Ltd., Siam Cement PCL, Thai Plastic Industries Co. Ltd., and Toray Industries Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Technique
8 Market Segmentation by Product
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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