ThailandInjection Molded Plastics Market: Introduction
The injection moldedplastics market in Thailand was valued at US$8.7 Bn in 2019 and isanticipated to expand at a CAGR of ~4% from 2020 to 2030.Based on application, the injection molded plastics market in Thailand has beendivided into packaging, automotive & transportation, consumables &electronics, building & construction, and others. Packaging and consumables& electronics segments held more than 50% share ofthe injection molded plastics market in Thailand in 2019.The automotive & transportation segment accounted for more than 15% shareof the injection molded plastics market in Thailand in 2019.Thailand is one of major manufacturing hubs of spares for automotive parts madeusing the injection molding method.
Major Market Indicators of ThailandInjection Molded Plastics Market
The rise inconsumption of plastics in packaging, building & construction, automotive,and electrical & electronics industries is projected to boost the injectionmolded plastics market in Thailand during the forecast period. Growth of theplastics sector and rise in consumption of plastic in Thailand are anticipatedto boost the demand for injection molded plastics in the country in the nearfuture. The plastic production industry has grown rapidly in Thailand over thepast few years with the presence of more than 5,000 companiesin the country. Furthermore, the annual plastic consumption of Thailand is 40kg per capita, ranked highest in the ASEAN region.
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Prominent Drivers of ThailandInjection Molded Plastics Market
Theelectronics industry is one of the leading exporters of air conditioners andprominent producers of refrigerators, cellphones, electronic integratedcircuits (IC) and micro assemblies, and hard disk drives. Thailand is a majorproduction base of smart electrical & electronics products. The electrical& electronics industry in the country is proficient in development andmarketing of sophisticated electronic products across the globe. Furthermore,key manufacturing multinational companies such as Robert Bosch GmbH, SiemensAG, Daikin Industries, Ltd, Samsung, Seagate Technology PLC, and WesternDigital Corporation operate in the country.
Theavailability of low cost labor in Thailand is another prominent factor that isexpected to boost the production of electronic products across the country.Increase in middle class population and income of the middle class people hasaugmented consumer spending on the purchase of consumer electronic products inThailand. Injection molding is extensively employed in the production ofinjection molded plastics products such as computer housings, telecom devices,electrical hardware, equipment housings, electronic extruded wire covering,electronic connectors, and various other electronic goods. This, in turn, isanticipated to drive the demand for injection molded plastics in Thailand overthe next few years.
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Theexpansion of the packaging sector in Thailand is another prominent driver ofthe injection molded plastics in the country. Furthermore, growth of theeconomy and expansion of major players in food & beverages and personalcare & cosmetics sectors in Thailand are estimated to drive the demand forinjection molded plastics in packaging applications in the country. This isprojected to augment the consumption of injection molded plastics in Thailand.
Volatility in Prices of RawMaterials to Hamper Market Growth
Thepetroleum-based plastics sector is currently facing various challenges.Increase in pollution of the ocean has compelled the Thailand Government toimpose regulations on the usage of plastics. On the other hand, rise in naturallimitation of petroleum resources has led to the increase in prices of resinssuch as acrylonitrile butadiene styrene, polypropylene, polyvinyl chloride,polystyrene, and polycarbonate. High volatility in prices of these resins isexpected to pose a major threat to the injection molded plastics market inThailand in the near future, as these resins are primarily used as rawmaterials in the manufacture of injection molded plastics.
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Thus,volatility in prices of major polymers used in the manufacture of injectionmolded plastics is estimated to adversely affect the injection molded plasticsmarket in Thailand in the near future.
Market Share of Key Players
Key playersoperating in the injection molded plastics market in Thailand include THAINISSIN MOLD CO.,LTD, Kasem International Co. Ltd, HI-Q PLAS COMPANY LIMITED,Thai Newton Co., Ltd., Sanko Mold and Plastics (Thailand) Co.,Ltd, and Avplastic co.ltd. Players are focusing on export markets, asthese offer higher margin and better bottom-line expansion. Suppliers ofinjection molded plastics in Thailand focus on increasing their profit marginsin their respective countries and globally. Furthermore, companies operating inthe injection molded plastics in Thailand are extensively engaged in mergers& acquisitions and strategic partnerships with local companies operatingacross the country to gain higher presence in the market.
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