Malaysia Plastics Market Outlook 2031
The malaysia plastics market size was valued at USD 3.59 Billion in 2022 and is expected to reach USD 5.07 Billion by 2031, expanding at a CAGR of 3.9% during the forecast period, 2023-2031. The growth of the market is attributed to growing plastic usage in the automotive, construction, and electrical & electronics industries.
Plastic has wide range of semi-synthetic and synthetic materials and always contain hydrogen and carbon. The polymer that is utilized to produce plastics is mixed with additives such as stabilizers, colorants, and fillers that affects the physical and chemical properties. Plastics have wide use in many industries such as textile, transportation, construction, healthcare, and electronics.
Plastics, also called as polymers, are utilized to make a wide variety of products, ranging from paper clips to rocket owing to their flexibility, simple assembling, foldability, lightweight, waterproof nature, and minimal expense. They are synthesized from flammable gas and oil.
The diminishing source of polymers have urged producers to utilize renewable sources. The plastics fabricated utilizing inexhaustible biomass sources, for example, sawdust, food waste, corn starch, vegetable fats and oil are known as bioplastics.
The outbreak of COVID-19 has impacted the Malaysia plastic market by decreasing demand for plastics from building & construction and automotive industries. The lockdown had put restriction on manufacturing activities along with the collapse in demand and shortage of storage capacity for extra supply.
However, the product supply for manufacturing healthcare personal protective equipment for example, face shields, goggles, gloves, masks, respirators, gowns, and other medical supplies is propelling the market growth.
Malaysia Plastics Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for engineering plastics is expected to propel the growth of the market during the forecast period.
- Rising demand for plastics from packaging industry is anticipated to drive the market growth.
- Growing demand from food and beverage packaging is estimated to spur the growth of the market.
- Environmental restrictions and unfavorable conditions arising due to the COVID-19 outbreak can hamper the growth of the market.
- Lack of resources can create challenges for the market growth.
- Expanding usage of biodegradable plastics and potential growth in the aerospace sector can create lucrative opportunities for the market during the forecast period.
Scope of Malaysia Plastics Market Report
The report on the Malaysia plastics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Plastics Market - Malaysia Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Engineering Plastics, Traditional Plastics, and Bioplastics), Technology (Extrusion, Blow Molding, Injection Molding, and Others), and Applications (Automotive & Transportation, Building & Construction, Electrical & Electronics, Furniture & Bedding, Housewares, Packaging, and Others)
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Country
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Malaysia
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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LOTTE CHEMICAL TITAN HOLDING BERHAD; Polyplastics Asia-Pacific Sdn. Bhd.; Toray Plastics Sdn. Bhd.; and Behn Meyer Polymers Sdn Bhd
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Malaysia Plastics Market Segment Insights
Types Segment Analysis
In terms of types, the market is segregated into engineering plastics, traditional plastics, and bioplastics. The traditional plastics segment is projected to expand at a considerable CAGR during the forecast period. Traditional plastics are prepared from petroleum-based raw ingredients, containing polypropylene, polyvinyl chloride, polyethylene, and polystyrene. Polyethylene utilization in daily application such as pipes, medical, packaging is driving the segment growth.
Technology Segment Analysis
Based on technology, the Malaysia plastics market is divided into extrusion, blow molding, injection molding, and others. The injection molding segment is estimated to grow at a rapid pace, as it’s commonly used method for manufacturing of custom plastic parts. This method utilizes a broken cycle as the plastic parts are created in molds and required to be cooled prior to being eliminated.
This interaction requires an infusion shaping machine, molds, and plastic materials. The molten plastic is infused into a shape cavity and afterward cooled to make the eventual outcome. It has large utilization in the creation of vehicle parts, compartments, and medical devices, among others.
Applications Segment Analysis
In terms of applications, the market is classified as automotive & transportation, building & construction, electrical & electronics, furniture & bedding, housewares, packaging, and others. The packaging segment is expected to constitute a key share of the market during the forecast period due to rising application of plastics in the packaging sector.
This industry requires materials that contain enhanced chemical and wear resistance, recyclability, high mechanical strength, ease of molding, and puncture resistance. High-density polyethylene is the most widely used type of plastic in the manufacturing of containers and bottles. Low-density polyethylene is used for packaging owing to its flexibility, toughness, and relative transparency. It is generally used in bottles, flexible lids, and other cable & wire applications.
Segments
The Malaysia plastics are segmented on the basis of:
Types
- Engineering Plastics
- Traditional Plastics
- Bioplastics
Technology
- Extrusion
- Blow Molding
- Injection Molding
- Others
Applications
- Automotive & Transportation
- Building & Construction
- Electrical & Electronics
- Furniture & Bedding
- Housewares
- Packaging
- Others
Country
Key players
Competitive Landscape
The key players competing in the Malaysia plastics market are LOTTE CHEMICAL TITAN HOLDING BERHAD; Polyplastics Asia-Pacific Sdn. Bhd.; Toray Plastics Sdn. Bhd.; and Behn Meyer Polymers Sdn Bhd
In December 2018, Toray Industries Inc. declared to expand the manufacturing ability of ABS resin TOYOLAC that is prepared by Toray Plastics (Malaysia) Sdn. Bhd.