Southeast Asia Plastics Market Size
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 30.48 Million tons |
| Market Volume (2029) | 38.36 Million tons |
| CAGR (2024 - 2029) | > 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Southeast Asia Plastics Market Analysis
The South-East Asia Plastics Market size is estimated at 30.48 Million tons in 2024, and is expected to reach 38.36 Million tons by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).
The COVID-19 pandemic severely affected countries across Southeast Asia. The pandemic affected the production and supply of plastics, thereby affecting the market. However, the demand from the packaging segment surged due to the increasing use of online food and retail e-commerce services during the pandemic. However, post-COVID pandemic, the market registered a significant growth rate due to rising demand from packaging, electrical and electronics, building and construction, automotive, and transportation industries.
- Over the medium term, The rising demand from the food and beverage packaging, and the rapid increase in the downstream processing capacity additions are expected to drive the market's growth.
- However, government regulations on the use of plastics and over-reliance on the imports of raw materials are the major factors hindering the growth of the studied market.
- The potential growth in the aerospace sector and the increasing usage of bio-degradable plastics are expected to offer various opportunities for the growth of the market.
Southeast Asia Plastics Market Trends
Injection Molding Technology to Dominate the Market
- Injection molding technology is used to manufacture high-volume plastic products used in various industries. The plastic injection molding technology is used in various applications, such as building and construction, consumer goods, packaging, electronics, automotive, and healthcare industries.
- In terms of food packaging, the region has one of the major food industries in the world. The growing demand for food in these countries is a major driving factor for the packaging sector, which further increases the demand for packaging in the region. According to USDA Foreign Agriculture Services, the retail sales value of packaged foods registered at USD 37.51 million in 2022, compared to USD 32.97 million registered in the previous year. Furthurmore, the Indonesian Food e-commerce market is predicted to reach USD 6,329.5 million by 2023. Thus, the growth in the country's food market is expected to drive the demand for plastics in the country.
- Further, the demand for plastic packaging is increasing in Thailand. The country has more than 10,000 10,000 F&B processing companies, of which most of them are small-to-medium size. The food and beverage industry is the country's third-largest industry, contributing 21% to the country's Gross Domestic Product (GDP). Such factors are driving the demand for food packaging in the region.
- Thailand is one of the largest hubs for tourists. It has been witnessing considerable investments in the expansion and construction of malls, luxury hotels, etc. The Pattaya Marriott Marquis Hotel is the largest project in Thailand's pipeline, which may be in operation by 2024, with over 900 guest rooms. This new Marriott Marquis will be part of a dual-property development, which will also include the 398-room JW Marriott and the Pattaya Beach Resort & Spa. Marriott may add four new hotels under three of its brands across Bangkok and Pattaya in Thailand by 2027.
- The automotive industry is growing at a significant rate in Vietnam. In November 2022, Hyundai opened a new car factory in the country with a capacity of 100,000 units. Chinese electric vehicle player BYD, in January 2023, revealed its plan to build a plant in Vietnam to produce car parts. Thus, the growth of the automotive industry is expected to increase the demand for plastics in the country.
- Thus, Injection molding technology is expected to dominate the Southeast Asia plastics market during the forecast period.
Indonesia Country to Dominate the Market
- Indonesia is a significant market for plastics in the region. Plastics are used in various end-user industries such as packaging, electrical and electronics, building and construction, automotive, and furniture industries. In Indonesia, the automotive and packaging industries registered a significant growth rate, thereby driving the demand for plastics in the country.
- Indonesia is Southeast Asia's most significant automotive production hub. In 2022, the production volume of automotive vehicles in Indonesia registered at 1,470,146 units as compared to 11,21,967 units manufactured in the previous year, at a growth rate of 31%. Thus, the growth in the automotive industry is expected to drive the demand for plastics in the country.
- The building and construction activities are increasing in Indonesia. The number of high-rise buildings in Indonesia has been growing significantly. Recently, the government of Indonesia revealed that the new capital city would be built on the island of Borneo with an investment of USD 33.59 million, and construction would take ten years.
- Furthermore, infrastructural construction activities are increasing in the country with the rising government investments. The government of Indonesia has planned to invest around USD 430 billion in public infrastructure development by the year 2024, a 20% increase compared to its previous investment of USD 359.2 billion.
- Similarly, residential construction activities are increasing in Indonesia. Moreover, the Indonesian government has started a program to build about 10,00,000 housing units across Indonesia, for which the government has allocated about USD 1 billion in the budget. Thus, the growth in residential and infrastructural construction activities will drive the demand for plastics in the country.
- The usage of plastics in Indonesia is expanding since the e-commerce industry necessitates the packaging of items. Several FMCG companies, including Wilmar Group, Mayora, and Indofood, have established integrated packaging production units in Indonesia. Exxon Mobil is also investing in the Indonesian plastic industry and signed a memorandum of understanding with PT Indomobil Prima Energi (IPE) in November 2022 regarding the application of advanced plastic recycling technology on a large scale in Indonesia.
- Thus, the growth in the automotive and residential industries is expected to increase the market for plastics during the forecast period.
Southeast Asia Plastics Industry Overview
The South-East Asia plastics market is consolidated. Some of the major players in the market (not in any particular order) include BASF SE, Chemrez Technologies, Inc., LyondellBasell Industries Holdings B.V.,Petron Corporation, and Philippine Resins Industries, Inc., among others.
South-East Asia Plastics Market Leaders
BASF SE
Chemrez Technologies, Inc.
LyondellBasell Industries Holdings B.V.
Petron Corporation
Philippine Resins Industries, Inc.
*Disclaimer: Major Players sorted in no particular order
Southeast Asia Plastics Market News
- The recent developments pertaining to the major players in the market are being covered in the complete study.
Southeast Asia Plastics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Demand from Food and Beverage Packaging
4.1.2 Rapid Increase in the Downstream Processing Capacity Additions
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Stringent Government Regulations against Plastic Pollution
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Type
5.1.1 Traditional Plastics
5.1.2 Engineering Plastics
5.1.3 Bioplastics
5.2 Technology
5.2.1 Blow Molding
5.2.2 Extrusion
5.2.3 Injection Molding
5.2.4 Other Technologies
5.3 Application
5.3.1 Packaging
5.3.2 Electrical and Electronics
5.3.3 Building and Construction
5.3.4 Automotive and Transportation
5.3.5 Housewares
5.3.6 Furniture and Bedding
5.3.7 Other Applications
5.4 Geography
5.4.1 Indonesia
5.4.2 Thailand
5.4.3 Malaysia
5.4.4 Singapore
5.4.5 Philippines
5.4.6 Vietnam
5.4.7 Rest of South-East Asia
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Plastic Resin Manufacturers
6.4.1.1 AGC Chemicals Vietnam Co., Ltd.
6.4.1.2 BASF SE
6.4.1.3 Chemrez Technologies, Inc.
6.4.1.4 Dow
6.4.1.5 DuPont
6.4.1.6 JG summit Petrochemical Corporation
6.4.1.7 LyondellBasell Industries Holdings B.V.
6.4.1.8 Nan Ya Plastics Corporation (Formosa)
6.4.1.9 NPC Alliance Corporation
6.4.1.10 Petron Corporation
6.4.1.11 Philippine Resins Industries, Inc.
6.4.2 Plastic Product Manufacturers
6.4.2.1 Ampac Holdings, LLC
6.4.2.2 Bavico Ltd.
6.4.2.3 Binh Minh Plastic
6.4.2.4 Chan Thuan Thanh Plastic Mechanical & Trading Co. Ltd.
6.4.2.5 Cholon Plastic Co. Ltd.
6.4.2.6 City Long (Cambodia) Co., Ltd.
6.4.2.7 Duy Tan Plastics Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Potential Growth in the Aerospace Sector?
7.2 Increasing Usage of Bio-degradable Plastics
Southeast Asia Plastics Industry Segmentation
Plastic is a synthetic material made from a wide range of organic polymers such as polyethylene, PVC, nylon, etc., that can be molded into shape while soft and then set into a rigid or slightly elastic form.
The South-East Asia Plastics Market is segmented by product type, technology, application, and geography. By product type, the market is segmented into traditional plastics (polyethylene(PE), polypropylene(PP), polyvinyl chloride(PVC), and polystyrene(PS)), engineering plastics (polyethylene terephthalate (PET), polybutylene terephthalate (PBT), polycarbonates (PC), styrene polymer (ABS)/(SAN), fluoropolymers, polyoxymethylene (POM), polymethyl methacrylate (PMMA), polyamide (PA), and other engineering plastics), and bioplastics. By technology, the market is segmented into injection molding, extrusion molding, blow molding, and other technologies (compression molding, reaction injection molding, etc.). By application, the market is segmented into packaging, automotive and transportation, building and construction, electrical and electronics, furniture and bedding, and other applications (aerospace, consumer goods, etc.). For each segment, the market sizing and forecasts have been done based on volume (Tons).
| Type | |
| Traditional Plastics | |
| Engineering Plastics | |
| Bioplastics |
| Technology | |
| Blow Molding | |
| Extrusion | |
| Injection Molding | |
| Other Technologies |
| Application | |
| Packaging | |
| Electrical and Electronics | |
| Building and Construction | |
| Automotive and Transportation | |
| Housewares | |
| Furniture and Bedding | |
| Other Applications |
| Geography | |
| Indonesia | |
| Thailand | |
| Malaysia | |
| Singapore | |
| Philippines | |
| Vietnam | |
| Rest of South-East Asia |
Southeast Asia Plastics Market Research FAQs
How big is the South-East Asia Plastics Market?
The South-East Asia Plastics Market size is expected to reach 30.48 million tons in 2024 and grow at a CAGR of greater than 4% to reach 38.36 million tons by 2029.
What is the current South-East Asia Plastics Market size?
In 2024, the South-East Asia Plastics Market size is expected to reach 30.48 million tons.
Who are the key players in South-East Asia Plastics Market?
BASF SE, Chemrez Technologies, Inc., LyondellBasell Industries Holdings B.V., Petron Corporation and Philippine Resins Industries, Inc. are the major companies operating in the South-East Asia Plastics Market.
What years does this South-East Asia Plastics Market cover, and what was the market size in 2023?
In 2023, the South-East Asia Plastics Market size was estimated at 29.26 million tons. The report covers the South-East Asia Plastics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South-East Asia Plastics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South-East Asia Plastics Industry Report
Statistics for the 2024 South-East Asia Plastics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South-East Asia Plastics analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
