Malaysia Plastics Market - Segmented by Type, Technology, and Application - Growth, Trends and Forecast (2018 - 2023)
The Malaysia plastics market was estimated at USD 3,305.39 million, by revenue, in 2017 and is likely to expand at an estimated CAGR of 5.27%, during the forecast period 2018-2023. Malaysia is an open economy with a stronger trade flow.
The Malaysian plastics market is expected to show healthy growth in the near future, due to the rising demand from the food & beverages and pharmaceutical industries. Additionally, the growing demand for electronic products is also expected to propel the demand in the Malaysian market.
Substitute Supply to Counter the Industrial Slowdown
Malaysia is largest exporter of plastic products, among the ASEAN countries, with major exports destination being Europe, China, Singapore, Japan, and Thailand. Malaysia has more than 1500 plastic product manufacturing companies that export to different ASEAN countries. The industry has faced stiff challenges due to the volatile raw material prices and strong hold of the Chinese plastic manufacturers on the Asian market. However, the Chinese industrial slowdown is likely to become a boosting factor for the Malaysian plastic manufacturers. In addition, as the developed countries go deeper into recession, the cost incurred for every product may be acute and a substitute supply might be required to counter this scenario. This is likely to become a strong opportunity for Malaysia.
The Packaging Industry to Lead the Market
Packaging is the leading application among all others applications of plastics market, and is expected to record a significant CAGR during the forecast period. One of the major factors driving the growth of the Malaysian plastics market is increasing demand from the food, beverage, and pharmaceutical industries. The pharmaceutical industry in Malaysia holds a great potential, both in the domestic and international markets. An increase in the demand for plastics from the pharmaceutical sector has significantly benefitted the market. This demand is likely to increase during the forecast period, further boosting the market for plastics in Malaysia. The growing use of recycled plastics with the government support is expected to drive the market during the forecast period. Continuous shift in the packaging industry from aluminum to plastics as soft packs, due to lower cost is propelling the demand from the packaging industry and is expected to continue during the forecast period.
Notable Developments in the Market
March 2018: Chinaplas, the biggest plastic exhibition in Asia will be held in Shanghai from April 24th to 27th, 2018. Polyplastics will be demonstrating their cutting-edge material technology in this industry.
Feb 2018: WinTech Polymer and Polyplastics have continued to concentrate on stable supply of products and quality improvement and are making every effort group-wide to streamline operations.
Major Players: Toray Plastics Malaysia, Lotte Chemicals, Behn Meyer Polymers Sdn. Bhd., Polyplastics Co. Ltd, and Malayan Electro-Chemical Industry Co. Sdn. Bhd., among others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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