Philippines Plastics Market - Growth, Trends, and Forecast (2020 - 2025)
The market for Philippines plastics is expected to grow at a CAGR of over 6% globally during the forecast period. Growing demand from the end-user industries such as packaging, electrical & electronics, as well as construction industry are driving the market growth.
- Over-reliance on imports of raw materials and finished plastics are expected to hinder the growth of the market.
- Innovative applications in electronic products as well as rising usage of bio-degradable plastics are expected to offer various opportunities for the growth of market.
Key Market Trends
Injection Molding Technology to Dominate the Market
- Injection molding is mostly done using virgin or high-quality processing resins. High-performance plastic pallets are usually injection molded. Injection molding is a relatively capital-consuming process, but offers the advantage of high-speed processes.
- Therefore, injection molding is found to be beneficial in the bulk production of plastic pallets. Injection molding processes are used in wire spools, packaging, bottle caps, automotive dashboards, pocket combs, etc.
- The explosive growth of local automotive, packaging, and chemical processing industries, across the world, is expected to provide a favorable market for injection molding.
- Owing to the advantageous geographical location of Philippines, with easy access to the rapidly growing Asia-Pacific end users, the consumption of injection molded plastic pallets is expected to increase drastically.
- Philippines government legislations and recycling reforms, in order to reduce plastic litter, further strengthen the market scenario for injection molding manufacturing processes.
- Owing to the increasing demand from various end-user industries, the market for injection molding is projected to increase over the forecast period.
Growing Demand from Packaging Industry
- Packaging accounts for the largest application segment in the Philippines plastics market. The prime reasons for the growing application of engineering plastics, in the packaging segment, are better wear and chemical resistance, ease of molding, recyclability, puncture resistance, and high mechanical strength.
- Some of the major applications of engineering plastics, in the packaging segment, are as follows: packaging of bottled water, flexible packaging, such as sausage skin, flexible foils, such as shopping bag.
- Polyethylene terephthalate (PET) is one of the plastics majorly used for packaging purposes, mostly in the food and beverage industry. Portability, design flexibility, ease of cleaning, light weight, and protection against moisture, are a few properties of PET, which makes it suitable for packaging purposes. In addition, low handling hazards, low toxicity, and absence of bisphenol A (BPA) and heavy metals are some of the other factors that allow PET to be used for food packaging.
- PETs are used for making clamshells, bakery and take-out containers, microwaveable food trays, carbonated soft drink bottles, and other packages. Other applications include packaging materials for cooking oils, shampoo, hand wash, and more products.
- Polyamide is another major engineering plastic that finds major application in the packaging sector. Bi-axially oriented and non-oriented polyamide films are used in medical and food packaging, owing to the former’s high impact strength and good heat resistance.
- Increasing household and commercial applications for containers, plastic bags, canisters, and tableware, among others, are expected to drive the consumption demand for plastics in the packaging sector, during the forecast period.
- The usage of plastics for packaging products is expected to experience a fairly steady demand, during the forecast period. Requirements for rubber gloves in the healthcare sector, stretch films, garbage bags, and other medical devices, are anticipated to witness greater demand, in the coming years.
The philippines plastics market is consolidated with the top five players accounting for major share of the market. Most of the market leaders are vertically integrated, with a broad product portfolio of plastics for packaging and building & construction, among others. The prominent players in the market include JG Summit Petrochemicals Group, Chemrez Technologies, NPC Alliance Corporation, Petron Corporation, and Philippine Resins Industries, Inc., among others.
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- 1 INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
- 2 RESEARCH METHODOLOGY
- 3 EXECUTIVE SUMMARY
- 4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Growing Demand from the End-user Industries
- 4.1.2 Other Drivers
- 4.2 Restraints
- 4.2.1 Over-reliance On Imports Of Raw Materials and Finished Plastics
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Degree of Competition
- 4.5 Raw Material Analysis
- 4.6 Price Analysis
- 4.7 Imports and Exports
- 5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Traditional Plastics
- 5.1.2 Engineering Plastics
- 5.1.3 Bioplastics
- 5.2 Technology
- 5.2.1 Blow Molding
- 5.2.2 Extrusion
- 5.2.3 Injection Molding
- 5.2.4 Other Technologies
- 5.3 Application
- 5.3.1 Packaging
- 5.3.2 Electrical and Electronics
- 5.3.3 Building and Construction
- 5.3.4 Automotive and Transportation
- 5.3.5 Housewares
- 5.3.6 Furniture and Bedding
- 5.3.7 Other Applications
- 6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share/Ranking Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 BASF SE
- 6.4.2 Chemrez Technologies Inc.
- 6.4.3 Dupont
- 6.4.4 JG Summit Petrochemicals Group
- 6.4.5 LyondellBasell Industries Holdings B.V.
- 6.4.6 Nan Ya Plastics Corporation (Formosa Plastics Corporation)
- 6.4.7 NPC Alliance Corporation
- 6.4.8 Philippine Polypropylene Inc. (Petron)
- 6.4.9 Philippine Resins Industries Inc. (Tosoh Corporation)
- 6.4.10 SGS Philippines Inc.
- 6.4.11 Sumitomo Chemical Co. Ltd
- 7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Innovative Applications/Products
- 7.2 Other Opportunities