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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