Market Trends of asia-pacific polyethylene terephthalate (pet) Industry
Rapid growth in ASEAN countries to foster electronics production
- The Asia-Pacific region saw an increase in electrical and electronics production revenue by 13.9% from 2020 to 2021. The electronics sector accounts for 20-50% of the total value of most Asian countries' exports. Consumer electronics such as televisions, radios, computers, and cellular phones are largely manufactured in the ASEAN region.
- ASEAN leads the production of hard drives, with over 80% of hard drives being manufactured in the region. Overall, the electrical and electronics (E&E) industry in ASEAN relies more on foreign inputs and technology than other industries, with 53% of E&E exports arising from foreign value added (FVA) or foreign inputs integrated into ASEAN’s E&E exports.
- Countries like Thailand and Malaysia lead in the production of electronics in the region. Thailand, home to one of the largest electronics assembly bases in Southeast Asia, leads in the production of hard drives, integrated circuits, and semiconductors. It ranks second in manufacturing air conditioning units and fourth in the global refrigerators market.
- The electronics industry has greatly benefitted from ASEAN's integrated production networks, which foster improved trade with larger Asian economies like China and Japan.
- China held an 11.2% share of global exports in electrical products and registered a growth of 5.8% in the export of digital products from 2019 to 2020. According to the Asian Development Bank, China provides a large market for electronics in the region. Countries such as Thailand, Japan, China, Malaysia, India, and the Philippines continue to lead the region in the production of electronics.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Rapid growth of civil aviation to drive the aerospace component production
- Growing FDI, coupled with supportive government initiatives, to drive the construction industry
- Chinese exports to help Asia-Pacific maintain its dominance in global PET trade
- Films and sheets to remain dominant during the forecast period
- Electric vehicles to boost the automobile market in the coming years
- Evolving consumer trends and growing e-commerce sector to amplify plastic packaging industry
- Higher growth expected in conjunction with crude oil prices
- The PET recycling rate is high in countries like China (94%) India (90%) and Japan (86%)
