The injection molded plastics market in Thailand was valued at US$ 8.7 Bn in 2019 and is anticipated to expand at a CAGR of ~4% from 2020 to 2030. Based on application, the injection molded plastics market in Thailand has been divided into packaging, automotive & transportation, consumables & electronics, building & construction, and others. Packaging and consumables & electronics segments held more than 50% share of the injection molded plastics market in Thailand in 2019. The automotive & transportation segment accounted for more than 15% share of the injection molded plastics market in Thailand in 2019. Thailand is one of major manufacturing hubs of spares for automotive parts made using the injection molding method.
Major Market Indicators of Thailand Injection Molded Plastics Market
The rise in consumption of plastics in packaging, building & construction, automotive, and electrical & electronics industries is projected to boost the injection molded plastics market in Thailand during the forecast period. Growth of the plastics sector and rise in consumption of plastic in Thailand are anticipated to boost the demand for injection molded plastics in the country in the near future. The plastic production industry has grown rapidly in Thailand over the past few years with the presence of more than 5,000 companies in the country. Furthermore, the annual plastic consumption of Thailand is 40 kg per capita, ranked highest in the ASEAN region.
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Prominent Drivers of Thailand Injection Molded Plastics Market
The electronics industry is one of the leading exporters of air conditioners and prominent producers of refrigerators, cellphones, electronic integrated circuits (IC) and micro assemblies, and hard disk drives. Thailand is a major production base of smart electrical & electronics products. The electrical & electronics industry in the country is proficient in development and marketing of sophisticated electronic products across the globe.
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Furthermore, key manufacturing multinational companies such as Robert Bosch GmbH, Siemens AG, Daikin Industries, Ltd, Samsung, Seagate Technology PLC, and Western Digital Corporation operate in the country.
The availability of low cost labor in Thailand is another prominent factor that is expected to boost the production of electronic products across the country. Increase in middle class population and income of the middle class people has augmented consumer spending on the purchase of consumer electronic products in Thailand. Injection molding is extensively employed in the production of injection 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, is anticipated to drive the demand for injection molded plastics in Thailand over the next few years.
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The expansion of the packaging sector in Thailand is another prominent driver of the injection molded plastics in the country. Furthermore, growth of the economy and expansion of major players in food & beverages and personal care & cosmetics sectors in Thailand are estimated to drive the demand for injection molded plastics in packaging applications in the country. This is projected to augment the consumption of injection molded plastics in Thailand.
Volatility in Prices of Raw Materials to Hamper Market Growth
The petroleum-based plastics sector is currently facing various challenges. Increase in pollution of the ocean has compelled the Thailand Government to impose regulations on the usage of plastics. On the other hand, rise in natural limitation of petroleum resources has led to the increase in prices of resins such as acrylonitrile butadiene styrene, polypropylene, polyvinyl chloride, polystyrene, and polycarbonate. High volatility in prices of these resins is expected to pose a major threat to the injection molded plastics market in Thailand in the near future, as these resins are primarily used as raw materials in the manufacture of injection molded plastics.
Thus, volatility in prices of major polymers used in the manufacture of injection molded plastics is estimated to adversely affect the injection molded plastics market in Thailand in the near future.
Market Share of Key Players
Key players operating in the injection molded plastics market in Thailand include THAI NISSIN MOLD CO.,LTD, Kasem International Co. Ltd, HI-Q PLAS COMPANY LIMITED, Thai Newton Co., Ltd., Sanko Mold and Plastics (Thailand) Co.,Ltd, and Av plastic co.ltd. Players are focusing on export markets, as these offer higher margin and better bottom-line expansion. Suppliers of injection molded plastics in Thailand focus on increasing their profit margins in their respective countries and globally. Furthermore, companies operating in the injection molded plastics in Thailand are extensively engaged in mergers & acquisitions and strategic partnerships with local companies operating across the country to gain higher presence in the market.