The Malaysia Plastics market is estimated at USD XX billion in 2016 and is likely to reach USD XX billion by 2021, at an estimated CAGR of XX% during the forecast period 2016-2021.
Malaysia is largest exporter of plastic products, among the ASEAN countries, with major exports destination being Europe, China Singapore, Japan and Thailand. The exports of these end-user products of plastics is increasing, which is further increasing the demand for plastics in the country. Furthermore, government has been creating awareness among the consumers regarding 3Rs of plastic industry, thus reducing the threat to consumption of plastic products, due to increasing environmental awareness among people. However, due to the increased minimum wages in the country and increased taxes, the operating costs involved in the production of plastic products has been on rise, thus restraining the market. Moreover, with the increasing environmental concerns consumers and manufacturers are voluntarily refraining from the usage of plastic products in the country.
The packaging sector is the largest end-user of plastics in the country accounting for about 45% of the plastics demand in the country. Electronics & electrical industry is the second largest end-user followed by transportation sector. In electronics and electrical industry plastics is used in electrical components/parts and home appliances such as casings for TV set, VCD players, radio, air-conditioning, vacuum cleaner, fridge, telephone, computer and accessories. Electronics sector is expected to witness the highest growth rate during the forecast period.
The traditional plastics segment dominates the market share, with polyethylene leading it. The bio-plastic segment is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for the bio-degradable plastics. Furthermore, the government in the country has also been encouraging the usage of bio-degradable plastics in the country, with some local governments making laws to encourage the usage of bio-degradable plastics in the retail shops.
The free trade agreements between Malaysia and other countries, such as Trans Pacific Partnership Agreement, would widen the market for Malaysian plastic products and thus provides an opportunity for plastic market in the country. Furthermore, the increasing applications of plastics in the high-end electrical and electronics applications, as well as with the engineering plastics replacing many traditional materials, the market is set a considerable growth rate in the next five years. Moreover, the increasing new applications of plastics in electronics products and increasing usage of bio-degradable products provides further opportunity for the market. Currently, there are about 1,200 plastics manufacturing companies in the country.
Some of the players in the country include Toray Plastics Sdn Bhd, CYL Corporation, EE-LIAN, Meditop Corp. Sdn Bhd, Scientex Packaging Film Sdn Bhd, and Lam Seng Plastics
Key Deliverables in the Study
Market analysis for the Malaysia Plastics Market, with region specific assessments and competition analysis Market definition along with the identification of key drivers and restraints Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market Extensively researched competitive landscape section with profiles of major companies along with their market shares Identification and analysis of the macro and micro factors that affect the Malaysia Plastics market A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market