The Thailand plastics market is estimated to witness a healthy growth, at an estimated CAGR of over 4%, over the forecast period. Key factors driving the market growth include rapid use of plastic in building and construction.

  • Stringent government regulations resulting in plastic ban are expected to hinder the market growth during the forecast period.
  • The packaging application dominated the market and is expected to grow during the forecast period.



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 Thailand, with easy access to the rapidly growing Asia-Pacific end users, the consumption of injection molded plastic pallets is expected to increase drastically. However, China leads the market, and holds a competitive edge, thereby hindering the growth of the market to an extent.
  • Owing to the increasing demand from various end-user industries, the market for injection molding is projected to increase over the forecast period.



Increasing Demand from Electrical and Electronics Industry

  • There are several applications of plastics in electrical and electronics, some of them include use of plastics in all forms of display products, audio devices, cables and wires, circuit breakers and switch gears, fuse boxes, switches and knobs, transformers, food processing units, electrical kettles, refrigerator, microwave grills, and numerous other electronic goods. Apart from safety, durability, and efficiency in electrical and electronics products, plastics provide resistivity from electrical sources and mechanical shocks.
  • Use of plastics in electronic products have been existing since the longest time. New innovations and continuous development of smaller circuit boards and components are taking place almost every day, and the demand for high-performance plastics is increasing, owing to the property of plastics to withstand stress in assembling operations. Plastics help in increasing the functionality of the circuit in use, while also contributing to the decreasing size of the circuit.
  • Electronic products, like HDD, monolithic IC, semiconductor, PCBA, and other IC, are registering a healthy growth.
  • This was primarily due to the increasing global demand for electronic products, such as ICs, which are essential components of advanced technology and are used in smartphones and tablets. In addition, semiconductors are being developed as components for smart devices and the focus is being given to smaller-sized and highly durable electronic components. Moreover, HDDs are developed for greater capacity, primarily for utilization in cloud storage.
  • With the increasing demand for computer accessories and components and electronics, the demand for plastics is expected to increase at a favorable rate.



Competitive Landscape

The Thailand plastics market is partially consolidated in nature. The major companies include Indorama Ventures Public Company Limited, SCG Chemicals Co., Ltd., and INEOS Styrolution Group GmbH, among others.

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