THAILAND PLASTIC MARKET

Thailand plastic market is anticipated to see a CAGR of 4.5% during the forecast period owing to the increasing plastic usage across different sectors along with government initiatives to support the industry.

Major Market Drivers and Emerging Trends

Thailand plastic market size expansion is propelled by swift urbanization and the increasing demand for consumer products. With greater purchasing power, people often buy more items for daily use, many of which come in plastic packaging. The Thailand Plastics Industry Association highlights a rising demand for plastic packaging in Thailand particularly in the home goods along with food and beverage. Plastic is commonly used in food packaging due to its affordability and versatile physical properties.

In 2021, Thailand plastic market share constituted 7.7% of the national GDP and acts as a vital link between the upstream petrochemical industry that supplies resins and end-user sectors that uses these products in finished or semi-finished forms. The major industrial consumers propelling the growth of the plastic market in Thailand include those involved in producing construction materials and electrical appliances along with medical equipment.

Thailand is a major player in the global plastic market with its production benefiting from a strong and highly efficient domestic petrochemical industry which surpasses its ASEAN competitors. Thai industry leaders are skilled in developing new products that cater to an evolving market. By offering diverse resins at various price points, they meet the demands from multiple industries. Thailand produced 9.5 million tons of plastics in 2021 while imports stood at just 2 million tons.

The government has implemented dynamic initiatives to boost the bioplastics sector with the ambition to turn the country into the renewable plastic center for ASEAN. The National Innovation Agency has been assigned by the government to create a roadmap aimed at expanding the bioplastics industry. The National Innovation Agency is regarded as the primary entity for bringing the roadmap to life through practical projects. As part of the roadmap, the Thai government plans to support the construction of a plastic resin production facility.

Based on type, Polyethylene and PET rank among the top materials used especially in plastic packaging due to their strength and versatility. The growing demand for PET is being supported by companies including Indorama Ventures that are ramping up their recycling operations to cater to environmentally aware consumers. The growing use of engineering plastics in automotive components along with the rise of electric vehicles is also expected to drive higher plastic demand in Thailand.

Based on end-use industry, packaging is the leading market segment as plastics are widely used by manufacturers for their durability and effectiveness in blocking moisture to safeguard products. The positive economic outlook fueled by the recovery in tourism along with the growing public health and hygiene concerns will prompt many industries particularly in food and beverages to expand their use of plastics including for frozen and processed products. The segment is anticipated to grow further due to the ongoing expansion of e-commerce sectors which leads to increased demand for products like films along with plastic bags and bottles.

The infrastructure & construction segment will also grow driven by higher investment in significant projects especially those linked to the EEC, along with ongoing major infrastructure initiatives and the development of new production facilities and industrial zones. The initiative is anticipated to drive more private investment especially in residential developments situated along newly established mass transit and transportation corridors. This will likely lead to an increase in demand for plastic construction materials including sheet plastic along with rigid or flexible tubing.

Top Market Players

Several major companies in the market are BASF SE, Dow Chemical, Arkema Group, Eastman Chemical, Indorama among others.

Key Developments

• • In 2024, Dow and SCGC formalized an MoU for an innovative partnership that will convert 200,000 tonnes of plastic waste into sustainable circular products. The first phases are anticipated to involve creating a strategic partnership with existing suppliers for recycled materials from consumer products while working on technological solutions for waste sorting in Thailand.
  • In 2022, Inabata Thai founded Clover Plastics (Thailand) that is a company which produces and distributes recycled plastics. It further strengthens Inabata’s established plastics business.

Segments covered in the Report:

The Thailand Plastic Market has been segmented on the basis of type and end-use industry. Based on the type, the market is segmented into polypropylene, polyethylene, polyvinyl chloride, polyethylene terephthalate, polycarbonate, polyamide, polystyrene, polyurethane and others. Based on the end-use industry, the market is segmented into automotive & transportation, packaging, consumer goods, infrastructure & construction, healthcare & pharmaceuticals, electrical & electronics, others.

 Market Segmentation

Thailand Plastic Market by Type

• • Polyethylene
  • Polypropylene
  • Polyethylene Terephthalate
  • Polyvinyl Chloride
  • Polyamide
  • Polycarbonate
  • Polyurethane
  • Polystyrene
  • Others

Thailand Plastic Market by End-Use Industry

• • Packaging
  • Automotive & Transportation
  • Infrastructure & Construction
  • Consumer Goods
  • Healthcare & Pharmaceuticals
  • Electrical & Electronics
  • Others

Thailand Plastic Market Leading players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BASF SE
  • Dow Chemical
  • Arkema Group
  • Eastman Chemical
  • Indorama