Valve World Magazine August 2025 | Page 63

Market outlook in EV charging standards and installation guidelines, says the Malaysian Investment Development Authority. The US-ASEAN Business Council highlights foreign direct investment as crucial for overcoming these barriers and accelerating EV adoption in Southeast Asia.

Medical technology filling the prescription for growth

Southeast Asia’ s medical devices sector is expanding rapidly, driven by rising healthcare demand, an aging population, and technological advancements. The market is projected to reach US $ 12 billion by 2025 and US $ 16 billion by 2029(+ 7.5 % CAGR), according to Statista. Southeast Asia’ s rapid integration of advanced technologies, such as automation, telemedicine, AI-driven healthcare solutions and robotics, plus healthcare infrastructure expansion – new hospitals, care facilities, and strengthening of medical workforce support- will amplify the need for increased capital flow and business opportunities. Malaysia is emerging as the fastest-growing market, focusing on ultrasound machines, MRI machines, in-vitro diagnostics, as well as orthopaedic and dental implants, according to Fitch Solutions. Vietnam is strengthening its position by investing in facilities that manufacture plastic-based medical consumables, while the Philippines and Indonesia are focusing on domestic demand for PPEs and medical supplies. In Singapore, the market for medical devices is experiencing rapid growth due to the government’ s focus on enhancing healthcare infrastructure and promoting innovation in the medical technology sector. However, the market faces regulatory hurdles, such as the recently introduced Cybersecurity Labelling Scheme for Medical Devices, which may increase compliance costs for manufacturers and limit market access to unlabelled products.

Hotspots for sustainable plastics solutions

In terms of sustainable plastics, Malaysia and Thailand are leading the Southeast Asian market. Malaysia utilises empty fruit bunches( EFBs) and palm oil waste to produce bioplastics such as polylactic acid( PLA), polysaccharides, lignin, and polyhydroxyalkanoates( PHA) through microbial fermentation. The country positions itself as a strong competitor to Thailand in sustainable plastics, according to the Malaysian Palm Oil Council. On the other hand, Thailand, exports 90 % of its bioplastics

Close up of a plastic lamination machine and its rollers.

to markets including Italy, the Netherlands, China, South Korea and the US. Major investors in Thailand include French energy major Total and Dutch biochemical giant Corbion’ s joint venture, Total Corbion PLA, which manufactures sugarcane-based PLA, and has scaled up production from 75,000 to 100,000 tonnes / year, running at nameplate capacity. Similarly, NatureWorks, a joint venture between Thailand’ s PTT Global Chemical and Cargill, is building a 75,000 tonne / year-PLA facility in Nakhon Sawan Province, to be in full production this year. It will be an integrated plant with production sites for lactic acid, lactide and polymer, to support the Asia Pacific region in sectors such as 3D printing, nonwovens for hygiene, compostable coffee capsules / food serviceware, tea bags and flexible packaging. Furthermore, Brazilian biopolymer producer Braskem and Thailand’ s SCG Chemicals have set up a joint venture, Braskem Siam Company, and are touting the production of the“ first of its kind in Southeast Asia” bio-ethylene and bio-based polyethylene to support regional and global demand. Meanwhile, PTT MCC, a joint venture between PTT Global Chemical and Japan’ s Mitsubishi Chemical Corporation, has since 2017 produced bio-polybutylene succinate( bio-PBS), which consists of a succinic acid derived from sugar / cassava and 1,4-butanediol.

Challenges to the growth of bioplastics in Asia

Though the market for bioplastics in Asia is driven by growing environmental concerns and changing consumer preferences, especially in the packaging sector, its growth could be hindered by a variety of factors. A key barrier is the lack of coherent government policies related to bioplastics production, usage and waste management. This regulatory uncertainty makes it difficult for stakeholders to plan strategically or invest in value chain improvements. Another major deterrent is the high costs involved, especially in the processing of sugarcane and cassava bio-plastic resins. In addition, the region has only a limited number of bioplastics manufacturers, most of which operate on a small scale. Unlike conventional plastics, which benefit from mature infrastructure and economies of scale, bioplastics remain structurally disadvantaged. The price volatility of agricultural feedstocks such as sugarcane and corn also adds to economic uncertainty, as prices are strongly influenced by weather conditions and harvest yields. Meanwhile, not all bioplastics are biodegradable, and even those that may require specific conditions to decompose effectively. For instance, some biodegradable plastics require industrial composting facilities to break down, and these are not widely available in most Asian countries.

Boom in recycling investments in Southeast Asia

As plastic waste increasingly pollutes Southeast Asia’ s environment, there is a growing emphasis on plastic waste recycling. Indonesia, where only 10 % of plastic waste is currently recycled, is targeting a 70 % reduction in marine plastic through a governmentbacked USD 18 billion strategy( 2017 – 2040) to expand collection, boost recycling capacity, and improve disposal systems. Key initiatives include a 36,000-tonne / year rPET facility by PT Alba Tridi Plastics Recycling( a joint venture with Alba Group Asia) and a large-scale PET recycling plant in East Java by Danone-Aqua and Veolia. Indorama Ventures is also building a site in Karawang to recycle 2 billion PET bottles / year and has secured a π www. valve-world. net Valve World August 2025

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