Thailand Plastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021Posted by Statzy Market Research on April 21st, 2021 The outbreak of coronavirus pandemic had adverse impact on plastics market for application in electrical & electronics, building & construction, automotive & transportation, etc. due to lockdown, temporary shutdowns and halted production. However, the pandemic has unintentionally benefited plastics manufacturers in Thailand, as the government has advised in the country to take all necessary hygiene protection. Moreover, e-commerce has also augmented the demand for plastic packaging in the country, due to the COVID-19 outbreak, as online delivery has been on a rapid rise to avoid public gatherings. For instance, TPBI, Thailand's major plastic maker, announced that the company had observed growing revenues from plastic bags and e-commerce packaging since March 2020. Additionally, BG Packaging has planned a three-year expansion in Thailand through mergers and acquisitions. The company is planning for a sustainable growth to become a one-stop service, by offering the full package of caps, bottles, and labels, among others. Furthermore, due to the spread of COVID-19, Thailand's use of disposable plastics, which had been declining, is increasing again as bags for groceries and garbage and plastic food packaging and containers are increasing in demand and thus benefited the plastic market. - On the flip side, stringent government regulations resulting in the plastic ban are expected to hinder the market growth during the forecast period. - Increasing usage of bio-degradable plastics is expected to act as an opportunity over the forecast timeline. - PET and polyolefins are the most widely used materials in the plastic packaging industry. Some of the major properties of PET as a packaging material are recyclability, strength, and versatility, which drive the demand for these products. - These products mainly include take-out containers, frozen foods, carbonated drinks and juices, ketchup, bottled water, jars, and baked good containers. They are also used in the food industry for clamshells, deli containers, as well as microwave food trays. - PET also has great barrier properties that protect and preserve the contents of the product. PET keeps the fizz in carbonated soft drinks, the vitamins in juices, and the color in ketchup intact. In other words, it protects products and keeps them on the shelves and out of the rubbish bin. - Thailand's Indorama Ventures, the world's top producer of PET, announced to spend USD 1.5 billion to triple its plastics recycling operations, an ambitious goal backed by growing demand among green-minded beverage producers. Indorama has been acquiring companies that recycle polyethylene terephthalate in recent years. It aims to expand its recycling capacity to 750,000 tons a year by 2025 from the current roughly 250,000 tons. The goal is to have recycled materials account for around 20% of the ~4 million tons of PET Indorama supplies to the beverage industry a year. - Owing to the above mentioned factors, the demand for PET is expected to increase in the country over the forecast period. Free Sample report for this report is available :- https://www.statzyreports.com/report/sr496949/thailand-plastics-market Packaging Industry to Dominate the Market - The most commonly used plastics in the packaging industry include: - High Density Polyethylene (HDPE): It is the most common type of plastic used in the manufacturing of bottles and containers. HDPE provides good chemical resistance and is also used for packaging many household and industrial chemicals, including detergents and bleach. - Low Density Polyethylene (LDPE): It is used for packaging applications, due to its toughness, flexibility, and relative transparency. Its applications include flexible lids, bottles, and other wire and cable applications. - Polyethylene Terephthalate (PET): It is clear and tough and possesses good gas and moisture barrier properties. It is most commonly used in beverage bottles and other injection molded consumer product containers. - Polypropylene (PP): It possesses characteristics, such as good chemical resistance, and has a high melting point that makes it a good choice for hot-fill liquids. It is used for flexible and rigid packaging applications and other large molded parts that are required for automotive and consumer products. - Polystyrene (PS): It is a versatile plastic that can be both rigid and foamed. Its typical application includes protective packaging, food service packaging, bottles, and food containers. - The packaging industry has gained momentum after the COVID-19 outbreak. For instance, SGC Chemicals Co., Ltd a leading Thai manufacture and supplier of full range of petrochemical products, saw a 33% year-on-year increase in sales of packaging materials and containers in the first quarter of 2020, owing to increased demand for plastic containers and bags for food deliveries to stay-at-home customers. - Owing to the afore-mentioned factors, the demand for plastics for packaging application is expected to increase in the country over the forecast period. - The market estimate (ME) sheet in Excel format For sample report please visit : https://www.statzyreports.com/report/sr496949/thailand-plastics-market Like it? Share it! More by this author |