Market Size of Philippines Plastics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Philippines Plastic Market Analysis
The Philippine plastics market is projected to register a CAGR of over 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.
