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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Philippines Plastic Market Growth
In 2022, the Philippines’ exports of electronics goods and semiconductors surged by 62% to reach $49 billion. This can be attributed to the competitive business environment in the country and favourable government policies. As the Philippines seeks to emerge as a key player in the global electronics industry, which is expected to grow at a rate of 10%-15% up till 2027, the demand for plastics in integrated circuits and other electronic goods is increasing.
The Philippines’ construction sector is expected to grow at an average rate of 6% per annum in the next 15 years. This is expected to lead to a surge in the demand for housing pipes, floor coverings, insulation, cables, and roofing materials, among other plastic-based goods, thereby leading to the market growth.
As per the Truck Manufacturers Association and the Chamber of Automotive Manufacturers of the Philippines, Inc., January 2023 witnessed a year-on-year increase of 42% in vehicle demand. The sale of Asian utility vehicles surged by 87.1%, followed by commercial vehicles (46.8%), light commercial vehicles (40.9%), and light trucks (10.8%). The automotive industry is expected to raise the demand for versatile plastics that can be used in engine parts, dashboards, bumpers, and interior panels, thereby driving the market expansion.
Philippines Plastic Market Report Snapshots
Philippines Plastic Market Size
Philippines Plastic Market Growth
Philippines Plastic Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached nearly USD 1929.2 million in 2023.
The market is projected to grow at a CAGR of 6.4% between 2024 and 2032.
The market is assessed to witness healthy growth in the forecast period to reach around USD 3371.6 million in 2032.
The different types of plastics in the market are polyethylene, polyethylene terephthalate, polyvinyl chloride, polypropylene, polycarbonate, polyurethane, and polystyrene, among others.
The different applications of plastics are injection moulding, blow moulding, casting, thermoforming, and extrusion, among others.
The different end users of plastics include packaging, building and construction, automotive and transportation, electrical and electronics, housewares, furniture, and medical devices, among others.
The key market players are Sumitomo Chemical Co. Ltd., DuPont de Nemours Inc., JG Summit Holdings, Inc. (JG Summit Olefins Corporation), LyondellBasell Industries N.V., NPC Alliance Corporation (NPCA), Petron Corporation, Philippine Resins Industries, Inc., Chemrez Technologies, Inc., and Nan Ya Plastic Corporation, among others.
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