Myanmar Plastics Market - Segmented by Type, Technology, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The Myanmar plastics market is expected to register a CAGR of 6.25% during the forecast period, 2018 to 2023. Packaging application dominated the global market, accounting for almost 49% of the market share in 2017.
Accelerating Demand from the Packaging Industry
Packaging containers are made of polymers with High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polyethylene Terephthalate (PET), Polypropylene (PP) and PVC (Polyvinyl Chloride). The growing demand for plastics in the packaging industry and the expected market growth rate for Bi-oriented Polypropylene (Bopp) of around 6%, which is twice the average global GDP growth, shows a sign for the increased demand for packaging.
Traditional Plastics dominating the Global Market
Polyolefins dominated the traditional plastic segment in 2017. Polyolefins are used in a wide variety of applications, including grocery bags, containers, toys, adhesives, home appliances, engineering plastics, automotive parts and medical applications. Polyolefins can be divided into, polyethylene (PE), polypropylene (PP) and ethyl vinyl acetate (EVA). Polyethylene is mostly used in plastic grocery bags and shrink wrap. Polypropylene is a hard plastic resin that is used in carpeting, dishwasher-safe plastic food containers and food packaging. The changing lifestyles of people and excessive consumption habits are expected to drive the demand for food & beverage sector. The consumption demand of plastics in packaging industry is expected to drive by the increasing household and commercial applications. Plastic bags have been produced for more than 20 years in Myanmar but since 2009 manufacturers are required to stamp “Reduce, Reuse and Recycle” on all plastic bags. The growing use of plastic in household and commercial applications propel the demand for polyolefins for the forecast period.
Injection Molding Technology to dominate the market through 2023
Injection molding technology is used in the production of high precision engineering components and various disposable consumer products for the housing, electronics, medical, and automotive industries. Moreover, recent developments in the injection molding technologies such as the multiple component injection technology, micro injection technology, and modern day injection molding machines results in better and efficient end products, thus driving the use of this technology in the production process of various plastics products.
The key players are POPULAR PLASTIC INDUSTRY GROUP CO., LTD., SHWE MI INDUSTRIAL CO., LTD., MYANMAR PIPES & ACCESSORIES CO., LTD. (TOKYO PIPE CO., LTD), INDORAMA VENTURES PACKAGING (MYANMAR) LIMITED, AND MYIT SHWE WAH INDUSTRY CO. LTD., while other players in the market include CHERRY PLASTIC ENTERPRISE, GREAT FOUNDATION PLASTIC MANUFACTURING FACTORY, HMWE PLASTIC BAG ENTERPRISE, NEW SUPER INDUSTRIAL CO., LTD., REVA COMPANY LIMITED, TAHHSIN INDUSTRIAL CORP.
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