Latest TMR Report Explores Impact of COVID-19 Outbreak on Thailand Injection Molded Plastics Market
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.
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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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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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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.
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