| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2019 - 2023 |
| CAGR | 5.00% |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Philippines Plastics Market Analysis by Mordor Intelligence
The Philippines Plastics Market is expected to register a CAGR of greater than 5% during the forecast period.
Due to the COVID-19 impact, various end-user industries, such as automotive and transportation, building and construction, consumer goods, and electronics, went into a temporary shut-down phase due to lockdowns and trade issues. However, the packaging industry showed a significant growth rate due to the booming e-commerce business and smart packaging market. It saw increased growth in the food and healthcare industry. Such factors have affected the consumption of plastics in these end-user industries in the Philippines.
- Over the short term, growing demand from end-user industries, such as packaging, electrical and electronics, and construction major factor is driving the growth of the market studied.
- However, over-reliance on imports of raw materials and finished plastics is a key factor anticipated to restrain the growth of the target industry over the forecast period.
- Nevertheless, the innovative applications/products is likely to create lucrative growth opportunities for the global market soon.
Philippines Plastics Market Trends and Insights
Injection Molding Technology to Dominate the Market
- Injection molding is a method to obtain molded products by injecting plastic materials molten by heat into a mold and then cooling and solidifying them.
- Injection molding is mostly done using virgin or high-quality processing resins. High-performance plastic pallets are usually injection molded. Injection molding is a relatively capital-consuming process. However, it offers the advantage of high-speed processes.
- Therefore, injection molding is beneficial in the bulk production of plastic pallets. Injection molding processes are used in wire spools, packaging, bottle caps, automotive dashboards, pocket combs, etc.
- The rapid growth of local automotive, packaging, and chemical processing industries worldwide is expected to provide a favorable market for injection molding.
- According to OICA, the total production of motor vehicles reached 83,852 units in 2021 and registered a growth of 25% when compared to 67,297 units in 2020.
- Due to the advantageous geographical location of the Philippines and easy access to the rapidly growing Asia-Pacific end users, the consumption of injection-molded plastic pallets is expected to increase drastically.
- The Philippine government's legislation and recycling reforms to reduce plastic litter further strengthen the market scenario for injection molding manufacturing processes.
- Due to the increasing demand from various end-user industries, the market for injection molding is projected to grow during the forecast period.
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Growing Demand from Packaging Industry
- Packaging is the largest application segment in the Philippine plastics market. The primary factors for the growing application of engineering plastics in the packaging segment are better chemical and wear resistance, ease of molding, recyclability, puncture resistance, and high mechanical strength.
- Polyethylene terephthalate (PET) is a plastic that is mostly used for packaging purposes in the food and beverage industry. In addition, low handling hazards, low toxicity, and the absence of bisphenol A (BPA) and heavy metals are some of the other factors that allow PET to be used for food packaging.
- According to the PSA Phillippines, the gross value added generated from the food and beverage service activities industry in the Philippines amounted to around PHP 223.02 billion (USD 4.00 billion) in 2021.
- PETs are used for making clamshells, bakery and take-out containers, microwaveable food trays, carbonated soft drink bottles, and other packages. Other applications include packaging materials for shampoo, handwash, cooking oil and more products.
- According to the survey by the US Department of Agriculture, the consumption of palm oil in the Philippines amounted to approximately 1.2 million metric tons in 2021.
- Rising demand for packaged and processed foods and soft drinks in portable and convenient formats is driving the use of rigid plastic containers. The high popularity of cans in food and non-alcoholic beverages industries for their portability and convenience may continue to drive the demand for this packaging material.
- Increasing household and commercial applications for containers, plastic bags, canisters, and tableware, are expected to drive the consumption demand for plastics in the packaging sector during the forecast period.
- The aforementioned factors are contributing to the increasing demand for philippines plastics consumption in the region during the forecast period.
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Competitive Landscape
The Philippine plastics market is consolidated in nature. The major players in the market (not in any particular order) include JG Summit Petrochemicals Group, Chemrez Technologies, NPC Alliance Corporation, Petron Corporation, and Philippine Resins Industries Inc.
Philippines Plastics Industry Leaders
-
JG Summit Petrochemicals Group
-
Chemrez Technologies
-
Petron Corporation
-
NPC Alliance Corporation
-
Philippine Resins Industries Inc.
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- In April 2021, JG Summit Petrochemicals Group planned to increase production capacity by establishing new plants for polyethylene (PE) and PE products. The plant is due to be completed in 2022.
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Philippines Plastics Market Report Scope
Plastics are one of the most traded commodity products globally. Most manufacturers in the country produce resins and plastic products for different applications, such as packaging, automotive, construction, electronics, furniture, and other applications. The market is segmented by type, technology, and application. By type, the market is segmented into traditional plastics, engineering plastics, and bioplastics. By technology, the market is segmented into blow molding, extrusion, injection molding, and other technologies. By application, the market is segmented into packaging, electrical and electronics, building and construction, automotive and transportation, furniture and bedding, and other applications. For each segment, the market sizing and forecast have been done based on revenue (USD million).
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 |
| Furniture and Bedding |
| Other Applications |
| 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 | |
| Furniture and Bedding | |
| Other Applications |
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Key Questions Answered in the Report
What is the current Philippines Plastics Market size?
The Philippines Plastics Market is projected to register a CAGR of greater than 5% during the forecast period (2025-2030)
Who are the key players in Philippines Plastics Market?
JG Summit Petrochemicals Group, Chemrez Technologies, Petron Corporation, NPC Alliance Corporation and Philippine Resins Industries Inc. are the major companies operating in the Philippines Plastics Market.
What years does this Philippines Plastics Market cover?
The report covers the Philippines Plastics Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Philippines Plastics Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Philippines Plastics Market Report
The Philippines plastics market is a dynamic and essential sector contributing significantly to the country's economy. This market encompasses a wide range of plastic materials, including polyethylene, polypropylene, polyvinyl chloride (PVC), and polystyrene, among others, and serves various industries such as packaging, construction, automotive, electronics, and healthcare. The packaging industry holds the largest market share, driven by the demand for flexible and rigid packaging solutions. The construction sector also significantly consumes plastics, primarily for pipes, fittings, and insulation materials. Rapid urbanization, population growth, and the expansion of end-use industries like packaging, automotive, and electronics are key drivers of market growth. Opportunities lie in sustainable packaging solutions, circular economy initiatives, and technological advancements in bioplastics. The future outlook for plastic manufacturers in the Philippines remains positive, with steady growth anticipated in the plastic industry. The plastic production in the Philippines is expected to continue evolving, addressing both market demands and environmental concerns. For detailed statistics on the plastic market share, size, and revenue growth rate in the Philippines, including a market forecast outlook and historical overview, refer to the analysis by Mordor Intelligence™ Industry Reports. Get a sample of this industry analysis as a free report PDF download.
