Indonesia Plastics Market - Segmented by Type, Technology, and Application - Growth, Trends and Forecast (2018 - 2023)
The Indonesia plastics market is expected to witness a CAGR of 6.23% during the forecast period, 2018 to 2023. Polyolefins accounted for the largest share, more than 47%, in 2017 and the engineering plastics are expected to witness the fastest CAGR, during the forecast period. Plastics are products essential for general and industrial purposes.
Increasing Down-stream Processing Capacities
Indonesia depends heavily on imports for crude oil. Due to the growing population, economy, and middle-class income group, the consumption of oil in different industries is increasing in the country. PT KilangKaltim Continental, (KKC) is likely to build a modular refinery, at KIPI Maloy port and industrial park, Indonesia. Indonesia’s state- owned energy company, Pertamina, is expanding the Balikpapan refinery, and plans to increase its capacity by 260,000-b/d, by the end of the year, 2020. With such a rapid increase in the down-stream processing and increase in production of oil in the country, Indonesia’s refining capacity is expected to go up at healthy pace, in next 10-12 years. Thus, the increase in down-stream processing capacity additions is expected to drive the plastics market in Indonesia.
Packaging Industry to Dominate the Market
Packaging accounts for the largest application segment in the Indonesian plastics market. Plastics are primarily transparent, flexible, lightweight, and durable. They provide resistance to corrosion, chemicals, and water; have low electrical and thermal conductivity, and low toxicity. They are also easy to manufacture, and are comparatively lower in cost. The increasing demand for plastics is also fueled by the food & beverage industry, The plastic is used for various packaging applications, such as, for bottles, cups, bulk containers, pails, plastic pots, trays, returnable transit packaging, and various others applications; as it is safe and hygienic, and helps in the preservation and conservation of food. The barrier property of plastics helps to preserve the natural taste of food, while preventing external contamination.
Major Players: Pertamina, PT Chandra Asri Petrochemical Tbk, PT Lotte Chemical Titan Tbk, Toray Industries, Inc., Lyondell Basell Industries Holdings BV, Polychem Indonesia Tbk, PT Asahimas Chemical, and PTT Global Chemical Public Company Limited amongst others.
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The segment that is expected to dominate the market
End-user segments that are expected to witness fastest growth during the forecast period
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