Dublin, July 16, 2024 (GLOBE NEWSWIRE) -- The "Philippines Plastic Industry Research Report 2024-2033" report has been added to ResearchAndMarkets.com's offering.
The plastics industry in the Philippines is highly dependent on imports, with over US$ 2 billion worth of plastic raw materials and products imported annually. According to the publisher, in 2023, the import value of plastic raw materials and products in the Philippines reached US$ 2.68 billion, accounting for 2.1% of the country's total imports for the year.
Driven by the growth of the manufacturing sector and the booming e-commerce industry, the demand of the plastics industry in the Philippines has increased rapidly. According to the publisher, plastics are widely used in the manufacturing sector in the Philippines, especially in the packaging and automotive industries. Injection molding systems are in high demand in these industries for producing items such as bottle caps, packaging materials, car dashboards, trays, etc. In addition, extrusion molding is an important production process used for manufacturing plastic parts such as drinking straws, pipes, curtain tracks, wall components, wall protection parts, and automotive parts.
Despite the driving factors, the plastics industry in the Philippines faces some market obstacles. Although the country's economic growth is commendable, it is essentially still a developing country, and many regions remain at the poverty line, leading to widespread use of plastic bags. Filipinos use over 163 million small plastic bags, 480,000 shopping bags, and 450,000 thin film bags daily, with less than 9% being recycled.
Environmental organizations in the Philippines have long advocated for a ban on single-use plastic products, submitting hundreds of proposed laws and resolutions to Congress over the past decade to support this call. Finally, in 2022, the Philippine Congress passed the Extended Producer Responsibility (EPR) Act, requiring companies with assets exceeding 100 million Philippine pesos to develop a plan to recycle an equivalent amount of the plastic they produce, or face fines of at least 5 million Philippine pesos.
The market concentration of the plastics industry in the Philippines is high. According to the publisher, the key players in the Philippine plastics market include JG Summit Petrochemicals Group, Chemrez Technologies, NPC Alliance Corporation, Dupont, Philippines Polypropylene Inc., SGS Philippines Inc., and Philippine Resins Industries Inc.
With the continuous growth of the Philippine economy and population, the market size of the plastics industry in the Philippines is expected to continue to grow, and the import value of plastic raw materials and products will also increase. According to the publisher, the import value of plastic raw materials and products in the Philippines is expected to reach US$3.66 billion by 2033, with a compound annual growth rate (CAGR) of 3.5% from 2024 to 2033.
Topics covered:
- Overview of the Philippines' Plastics Industry
- Economic Conditions and Policies for the Philippines' Plastics Industry
- How Foreign Investment Enters the Philippines' Plastics Market
- Market Size of the Philippines' Plastics Industry (2024-2033)
- Analysis of Major Plastics Manufacturers in the Philippines
- Key Drives and Market Opportunities for the Plastics Industry in the Philippines
- What are the Major Drivers, Challenges, and Opportunities for the Plastics Industry in the Philippines during the Forecast Period 2024-2033?
- Who are the Main Players in the Philippines' Plastics Market and What are their Competitive Advantages?
- What is the Expected Revenue of the Philippines' Plastics Market during the Forecast Period 2024-2033?
- What Strategies have the Major Market Players Adopted to Increase their Market Share in the Industry?
- Which Segment of the Philippines' Plastics Market is Expected to Dominate the Market by 2032?
- What are the Main Adverse Factors Facing the Philippines Plastics Industry?
Company Profiles
- JG Summit Petrochemicals Group
- Chemrez Technologies
- NPC Alliance Corporation
- Dupont
- Philippines Polypropylene Inc.
- SGS Philippines Inc.
- Philippine Resins Industries Inc.
Key Topics Covered:
1. Overview of the Philippines
1.1 Geography
1.2 Demographics of the Philippines
1.3 Economic of the Philippines
1.4. Minimum Wage in the Philippines, 2015-2024
1.5. Impact of COVID-19 on the Philippines' Plastics Industry
2. Development Environment of the Plastics Industry in the Philippines
2.1. History of the Plastics Industry in the Philippines
2.2. Categories of Plastics in the Philippines
2.3. Policies for the Plastics Industry in the Philippines
3. Supply and Demand of the Plastics Industry in the Philippines
3.1. Supply of the Plastics Industry in the Philippines
3.1.1. Production Capacity
3.1.2. Production Volume
3.2. Demand of the Plastics Industry in the Philippines
3.2.1. Demand Volume
3.2.2. Market Size
4. Import and Export of the Plastics Industry in the Philippines
4.1. Import of the Plastics Industry in the Philippines
4.1.1. Import Volume and Value of Plastics in the Philippines
4.1.2. Main Suppliers of Plastics Imports in the Philippines
4.2. Export of the Plastics Industry in the Philippines
4.2.1. Export Volume and Value of Plastics in the Philippines
4.2.2. Main Destinations of Plastics Exports in the Philippines
5. Market Competition of the Philippines' Plastics Industry
5.1. Barriers to Entry in the Philippines' Plastics Industry
5.1.1. Brand Barriers
5.1.2. Quality Barriers
5.1.3. Capital Barriers
5.2. Competitive Structure of the Philippines' Plastics Industry
5.2.1. Bargaining Power of Plastics Suppliers
5.2.2. Bargaining Power of Consumers
5.2.3. Competitive Landscape of the Philippines' Plastics Industry
5.2.4. Potential Entrants in the Plastics Industry
5.2.5. Substitutes for Plastics Products
6. Analysis of Major Plastics Brands in the Philippines
6.1. History
6.2. Main Products
6.3. Operating Model
For more information about this report visit https://www.researchandmarkets.com/r/pnade8
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