NEW YORK, Feb. 9, 2022 — The plastic market in Thailand is expected to grow by USD 8.63 bn from 2021 to 2026. The report projects that the market will decelerate at a CAGR of 4.72%.
Plastic Market in Thailand: Drivers and Challenges
One of the key drivers supporting the plastic market growth in Thailand is the increasing demand for packaging materials. The demand for flexible plastic packaging from hospitals, drug manufacturers, and PPE manufacturers in the healthcare industry is expected to remain robust during the forecast period due to the pandemic.
The demand for plastics in medical devices, such as testing equipment, ventilators, syringes, and others, and PPE such as masks, face shields, and others, has been increased. The demand for packaging materials in the healthcare sector is expected to remain stable during the forecast period. The rising demand for packaging materials will drive the growth of the plastic market in Thailand during the forecast period.
Stringent regulations over the use of plastics are hindering the plastic market growth in Thailand. Discarded plastic food packaging constitutes a major part of the packaging waste generated worldwide. After use, plastic packaging is mostly discarded in landfills or in the ocean, where its non-degradable nature poses a threat to marine life. When polystyrene (PS) degrades, it breaks down into styrene monomer, styrene dimer, and styrene trimer, which are carcinogenic.
Various regulatory bodies and governments in the country are framing regulations and introducing initiatives aimed to reduce plastic waste. Flexible plastic packaging is extremely efficient in protecting the products packaged within. However, the demand for this type of packaging may decrease during the forecast period due to the increasing focus on reducing the use of plastics in packaging.
As per Technavio, the increasing demand for biodegradable plastics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2022-2026.
Plastic Market In Thailand: Vendor Analysis
BASF SE, Covestro AG, Dow Inc., EcoBlue Ltd., Huntsman Corp., Indorama Ventures Public Co. Ltd., INEOS Group Holdings SA, PTT Global Chemical Public Co. Ltd., Siam Cement PCL, and Thai Plastic Industries Co. Ltd., among others, are some of the key vendors operating in the plastic market in Thailand.
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Plastic Market In Thailand: Segmentation Analysis
This market research report segments the plastic market in Thailand by end-user (packaging, electronics and electrical appliances, construction, automotive, and others) and trade type (domestic and exports).
By end-user, the packaging segment will have significant market share growth during the forecast period. Plastic is used in the packaging segment to produce various products, such as containers, bottles, plastic bags, and others. It is an integral part of the packaging industry and is used by most manufacturers due to its durability and barrier properties. Such factors are expected to drive the segment’s growth during the forecast period.
By trade type, the domestic segment will have significant market share growth during the forecast period. The demand for flexible plastic packaging, which refers to plastic packaging that is non-rigid, lightweight, stretchable, is high in the country
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