Summary
Malaysia Plastics Market-Segmented by Type and Application-Trends and Forecasts( 2017-2022). plastics is used in electrical components / parts and home appliances such as casings for TV set, VCD players, radio, air-conditioning, vacuum cleaner, fridge, telephone, computer and accessories.
Description
The Malaysia Plastics market is estimated at USD XX billion in 2016 and is likely to reach USD XX billion by 2021, at an estimated CAGR of XX % during the forecast period 2016-2021.
Malaysia is largest exporter of plastic products, among the ASEAN countries, with major exports destination being Europe, China Singapore, Japan and Thailand. The exports of these end-user products of plastics is increasing, which is further increasing the demand for plastics in the country. Furthermore, government has been creating awareness among the consumers regarding 3Rs of plastic industry, thus reducing the threat to consumption of plastic products, due to increasing environmental awareness among people. However, due to the increased minimum wages in the country and increased taxes, the operating costs involved in the production of plastic products has been on rise, thus restraining the market. Moreover, with the increasing environmental concerns consumers and manufacturers are voluntarily refraining from the usage of plastic products in the country.
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The packaging sector is the largest end-user of plastics in the country accounting for about 45 % of the plastics demand in the country. Electronics & electrical industry is the second largest end-user followed by transportation sector. In electronics and electrical industry plastics is used in electrical components / parts and home appliances such as casings for TV set, VCD players, radio, air-conditioning, vacuum cleaner, fridge, telephone, computer and accessories. Electronics sector is expected to witness the highest growth rate during the forecast period.
The traditional plastics segment dominates the market share, with polyethylene leading it. The bioplastic segment is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for the bio-degradable plastics. Furthermore, the government in the country has also been encouraging the usage of bio-degradable plastics in the country, with some local governments making laws to encourage the usage of bio-degradable plastics in the retail shops.
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The free trade agreements between Malaysia and other countries, such as Trans Pacific Partnership Agreement, would widen the market for Malaysian plastic products and thus provides an opportunity for plastic market in the country. Furthermore, the increasing applications of plastics in the high-end electrical and electronics applications, as well as with the engineering plastics replacing many traditional materials, the market is set a considerable growth rate in the next five years. Moreover, the increasing new applications of plastics in electronics products and increasing usage of bio-degradable products
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