Philippines Plastics Market - Segmented by Type, Technology, and Application - Growth, Trends, and Forecast (2018 - 2023)
The Philippines plastics market is expected to witness a CAGR of 6.11%, during the forecast period, 2018-2023. In 2017, the packaging application accounted for the highest market share with more than 48% in 2017, recording a steady growth over the period. The application of plastics in automotive, electronics, and construction witnessed a higher growth in the recent past.
Increasing Government support to boost the Philippines Market
The Government support for numerous industries, such as building & construction, automotive, electronics, and furniture, is providing a base for the plastics industry in the country. The Government initiatives to provide houses to the people and increase non-residential and civil engineering works to diversify and boost the economy is making a room for plastics industry to expand its market in the country. The increase in number of residential buildings, non-residential buildings have given a major boost to the building & construction industry. The Philippines Government is attracting significant investment in the automotive manufacturing industry. According to OICA, both production and consumption of automobiles are experiencing a significant growth since near past. Such Government support and initiatives for growth in the numerous end-use industries for plastics is expected to act as an important driver for the Philippines plastics market.
Bioplastics Segment to Expand at the Fastest Rate
Bioplastics is a type of plastic made from biological substances, such as vegetable oil and corn starch rather than petroleum. Bioplastics has applications in flexible packaging, rigid packaging, agriculture, horticulture, consumer goods, textiles, and others. Currently bioplastics are mostly used in the packaging and food sectors, with products, such as food trays, yogurt cups, cutlery, and others. Within the next couple of years the bioplastics sector is expected to grow quickly. Philippines has a major share in plastic consumption in the packaging sector. The growing economy and higher disposable income of Filipinos are favorable factors that are expected to drive the bioplastics market in the future.
Major Players: JG Summit Petrochemicals Group, Philippine Propylene Inc., Chemrez Technologies, Inc., NPC Alliance Corporation, Philippine Resins Industries, Inc., among others.
Reasons to Purchase the Report
Current and future of plastics market in the country
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The technology that is expected to dominate the market
Product Type that is expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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