Plastic Industry in the Philippines Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Future of Plastic Industry in the Philippines and it is Segmented by Type (Traditional Plastics, Engineering Plastics, and Bioplastics), Technology (Blow Molding, Extrusion, Injection Molding, and Other Technologies), and Application (Packaging, Electrical and Electronics, Building and Construction, Automotive and Transportation, Furniture and Bedding, and Other Applications). The report offers market size and forecast for the Philippine plastics in revenue (USD million) for all the above segments.

Philippines Plastic Market Size

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Philippines Plastic Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 5.00 %
Market Concentration High

Major Players

Philippines Plastic Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Philippines Plastic Market Analysis

The Philippine plastics market is projected to register a CAGR of over 5% during the forecast period.

Due to the COVID-19 impact, various end-user industries, such as automotive and transportation, building and construction, consumer goods, and electronics, went into a temporary shut-down phase due to lockdowns and trade issues. However, the packaging industry showed a significant growth rate due to the booming e-commerce business and smart packaging market. It saw increased growth in the food and healthcare industry. Such factors have affected the consumption of plastics in these end-user industries in the Philippines.

  • Over the short term, growing demand from end-user industries, such as packaging, electrical and electronics, and construction major factor is driving the growth of the market studied.
  • However, over-reliance on imports of raw materials and finished plastics is a key factor anticipated to restrain the growth of the target industry over the forecast period.
  • Nevertheless, the innovative applications/products is likely to create lucrative growth opportunities for the global market soon.

Philippines Plastic Market Trends

This section covers the major market trends shaping the Philippines Plastics Market according to our research experts:

Injection Molding Technology to Dominate the Market

  • Injection molding is a method to obtain molded products by injecting plastic materials molten by heat into a mold and then cooling and solidifying them.
  • 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. However, it offers the advantage of high-speed processes.
  • Therefore, injection molding is 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 rapid growth of local automotive, packaging, and chemical processing industries worldwide is expected to provide a favorable market for injection molding.
  • According to OICA, the total production of motor vehicles reached 83,852 units in 2021 and registered a growth of 25% when compared to 67,297 units in 2020.
  • Due to the advantageous geographical location of the Philippines and easy access to the rapidly growing Asia-Pacific end users, the consumption of injection-molded plastic pallets is expected to increase drastically.
  • The Philippine government's legislation and recycling reforms to reduce plastic litter further strengthen the market scenario for injection molding manufacturing processes.
  • Due to the increasing demand from various end-user industries, the market for injection molding is projected to grow during the forecast period.
Philippines Plastic Market : Motor Vehicle Production, in Units, Philippines, 2019-2022

Growing Demand from Packaging Industry

  • Packaging is the largest application segment in the Philippine plastics market. The primary factors for the growing application of engineering plastics in the packaging segment are better chemical and wear resistance, ease of molding, recyclability, puncture resistance, and high mechanical strength.
  • Polyethylene terephthalate (PET) is a plastic that is mostly used for packaging purposes in the food and beverage industry. In addition, low handling hazards, low toxicity, and the absence of bisphenol A (BPA) and heavy metals are some of the other factors that allow PET to be used for food packaging.
  • According to the PSA Phillippines, the gross value added generated from the food and beverage service activities industry in the Philippines amounted to around PHP 223.02 billion (USD 4.00 billion) in 2021. 
  • PETs are used for making clamshells, bakery and take-out containers, microwaveable food trays, carbonated soft drink bottles, and other packages. Other applications include packaging materials for shampoo, handwash, cooking oil and more products.
  • According to the survey by the US Department of Agriculture, the consumption of palm oil in the Philippines amounted to approximately 1.2 million metric tons in 2021.
  • Rising demand for packaged and processed foods and soft drinks in portable and convenient formats is driving the use of rigid plastic containers. The high popularity of cans in food and non-alcoholic beverages industries for their portability and convenience may continue to drive the demand for this packaging material.
  • Increasing household and commercial applications for containers, plastic bags, canisters, and tableware, are expected to drive the consumption demand for plastics in the packaging sector during the forecast period.
  • The aforementioned factors are contributing to the increasing demand for philippines plastics consumption in the region during the forecast period.
Philippines Plastic Market : Gross Value Added Generated From the Food and Beverage Service Activities Industry, in PHP billion, Philippines, 2019 - 2021

Philippines Plastic Industry Overview

The Philippine plastics market is consolidated in nature. The major players in the market (not in any particular order) include JG Summit Petrochemicals Group, Chemrez Technologies, NPC Alliance Corporation, Petron Corporation, and Philippine Resins Industries Inc.

Philippines Plastic Market Leaders

  1. JG Summit Petrochemicals Group

  2. Chemrez Technologies

  3. Petron Corporation

  4. NPC Alliance Corporation

  5. Philippine Resins Industries Inc.

*Disclaimer: Major Players sorted in no particular order

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Philippines Plastic Market News

  • In April 2021, JG Summit Petrochemicals Group planned to increase production capacity by establishing new plants for polyethylene (PE) and PE products. The plant is due to be completed in 2022.

Philippines Plastic Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from End-user Industries

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Over-reliance on Imports of Raw Materials and Finished Plastics

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Type

      1. 5.1.1 Traditional Plastics

      2. 5.1.2 Engineering Plastics

      3. 5.1.3 Bioplastics

    2. 5.2 Technology

      1. 5.2.1 Blow Molding

      2. 5.2.2 Extrusion

      3. 5.2.3 Injection Molding

      4. 5.2.4 Other Technologies

    3. 5.3 Application

      1. 5.3.1 Packaging

      2. 5.3.2 Electrical and Electronics

      3. 5.3.3 Building and Construction

      4. 5.3.4 Automotive and Transportation

      5. 5.3.5 Furniture and Bedding

      6. 5.3.6 Other Applications

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Chemrez Technologies Inc.

      2. 6.4.2 Dupont

      3. 6.4.3 JG Summit Petrochemicals Group

      4. 6.4.4 LyondellBasell Industries Holdings BV

      5. 6.4.5 Nan Ya Plastics Corporation (Formosa Plastics Corporation)

      6. 6.4.6 NPC Alliance Corporation

      7. 6.4.7 Philippine Polypropylene Inc. (Petron)

      8. 6.4.8 Philippine Resins Industries Inc. (Tosoh Corporation)

      9. 6.4.9 SGS Philippines Inc.

      10. 6.4.10 Sumitomo Chemical Co. Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Innovative Applications/Products

    2. 7.2 Other Opportunities

**Subject to Availability
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Philippines Plastic Industry Segmentation

Plastics are one of the most traded commodity products globally. Most manufacturers in the country produce resins and plastic products for different applications, such as packaging, automotive, construction, electronics, furniture, and other applications. The market is segmented by type, technology, and application. By type, the market is segmented into traditional plastics, engineering plastics, and bioplastics. By technology, the market is segmented into blow molding, extrusion, injection molding, and other technologies. By application, the market is segmented into packaging, electrical and electronics, building and construction, automotive and transportation, furniture and bedding, and other applications. For each segment, the market sizing and forecast have been done based on revenue (USD million).

Type
Traditional Plastics
Engineering Plastics
Bioplastics
Technology
Blow Molding
Extrusion
Injection Molding
Other Technologies
Application
Packaging
Electrical and Electronics
Building and Construction
Automotive and Transportation
Furniture and Bedding
Other Applications
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Philippines Plastic Market Research FAQs

The Philippines Plastics Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

JG Summit Petrochemicals Group, Chemrez Technologies, Petron Corporation, NPC Alliance Corporation and Philippine Resins Industries Inc. are the major companies operating in the Philippines Plastics Market.

The report covers the Philippines Plastics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Philippines Plastics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Plastic in the Philippines Industry Report

Statistics for the 2024 Plastic in the Philippines market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Plastic in the Philippines analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Plastic Industry in the Philippines Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)