Thailand Injection Molded Plastics Market
Thailand Injection Molded Plastics Market (Application: Packaging, Consumables & Electronics, Automotive & Transportation, Building & Construction, and Others [including Enclosures]) - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Consultation Services Help Combat Challenges Thrown by COVID-19 Crisis
Injection molding consultants are making generous efforts to help companies in the Thailand injection molded plastics market address industry-wide challenges caused by the novel coronavirus (COVID-19) pandemic. For instance, John Bozzelli - a veteran injection molding consultant and trainer has urged popular news outlets to spread the message regarding his availability for injection molding consultation services to help manufacturers tackle the challenges thrown by the COVID-19 pandemic. Delayed shipments and volatility in raw material availability are key problems that manufacturers are strategizing to overcome during the crisis.
Manufacturers have raised concerns to troubleshoot problems associated with production speeds, as many plants are partially or completely shut down amidst the COVID-19 crisis. Consultants are bolstering their credibility by charging extra fee for their services, which are channelized toward charity. As such, manufacturers are abiding by the regulations suggested by local authorities to contain the spread of the novel virus. These factors are expected to drive the Thailand injection molded plastics market during the forecast period.
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Manufacturers Invest in High-quality Mold Makers to Expand Business in Medical Industry
Breakthrough innovations in injection molding machines are making an impression on plastic product manufacturers. Strategic partnerships between companies of the Thailand injection molded plastics market are the key to steer innovation in products. Apart from opportunities in packaging and consumables sectors, manufacturers are scurrying revenue opportunities in the medical business. This is because the medical industry is not primarily criticized for the use of single-use plastic components, owing to cleanliness and hygiene requirements in hospital settings.
Companies of the Thailand injection molded plastics market are raising demand for high-quality mold makers that help reduce the expenditure of producing consumables. Key aspects of circular economy, sustainability, and environment-friendly plastic use are becoming important focus points for manufacturers. In order to increase the uptake of single-use injection molded plastics in the medical business, manufacturers are investing in small tie-barless machines to enhance production.
Operational Recycling Options Bolstering Credibility of Environment-conscious Manufacturers
Although the coronavirus pandemic has dulled the advancement of the Thailand injection molded plastics market, experts are casting new trends and predictions for the current year. However, increasing volume of plastic waste ending up in landfills is a challenge that manufacturers are facing. Hence, consulting experts are offering solutions to manufacturers that revolve around optimizing their operational recycling options. Since recycling has become an industry in itself, stringent regulations regarding injection molded products have compelled manufacturers to adopt 100% recyclability norms at their production facilities.
Every material in the injection molding and turnkey assembly is being pushed toward circular practices. Such constructive production practices bode well for the revenue growth of the Thailand injection molded plastics market, which is estimated to surpass the value of US$ 13.7 Bn by the end of 2030.
Automation and Software Technologies Give Rise to Better-engineered Products
Better automation and software technologies are attracting investor sentiment. Companies in the Thailand injection molded plastics market are using analysis software to design and verify plastic flow through an injection mold to deliver accuracy and eliminate the need for testing & refinement for products. As such, packaging and consumables & electronics applications dictate more than 50% value share of the market. Using artificial intelligence (AI) and machine learning (ML), manufacturers will be able to replace single-use cardboard and plastic with recyclable materials in the packaging business.
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Automation and software technologies are being used to develop better-engineered injection molded plastic products that have less thickness but increased strength to meet requirements of end users. Thinner packaging will ultimately reduce costs and decrease the overcall cost of products. Thus, material selection has become a turning point for companies in the Thailand injection molded plastics market.
Renewable Resources Used for Injection Molded Plastics Enhance Recyclability
Bio-plastics are anticipated to capture a significant share of the Thailand injection molded plastics market during the assessment period, as manufacturers aim to make changes in packaging materials. Thus, product innovation and material selection go hand-in-hand, as manufacturers are scurrying to tap business opportunities in segments such as agriculture, electrical, and biomedical products. Manufacturers are increasing their R&D capabilities to design bio-plastics from renewable biomass materials such as corn and sugarcane. Thus, renewable resources can be naturally recycled through biological decomposition and helps reduce the burden of recycling for manufacturers.
The demand for high-performance materials is surging in the Thailand injection molded plastics market. Manufacturers are increasingly utilizing engineered resins to develop lightweight and strong injection molded products that have longer product life. They are exploring opportunities in the aerospace industry where industry’s stakeholders are considering strong and lightweight materials.
Turnkey Solution Providers Help Manufacturers Gain Competitive Edge in Product Detailing
With increasing number of product launches in the Thailand injection molded plastics market, the competition is intensifying by the day. However, complex processes involving minute details in material selection and other factors become cumbersome for manufacturers. In order to gain a competitive edge in the market, turnkey solution providers have stepped in to help manufacturers with production of injection molded plastic products. Nowadays, manufacturers desire consultation of experts to obtain intricate details of products.
Consulting experts are increasing their design capabilities, tooling manufacturing, and inventory management services to help companies in the Thailand injection molded plastics market gain a competitive edge over other market players. Thus, the trend of partnering with offshoring businesses is gripping the market in order to streamline business activities.
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In order to adhere to cleanliness and hygiene practices in various end-use cases, especially in hospital settings, manufacturers are eyeing incremental opportunities as the coronavirus pandemic gives the much-maligned single-use plastics a leg up. Environmental sustainability and automation innovations are the key focus points for companies in the Thailand injection molded plastics market. However, the market is expected to progress at a modest CAGR of ~4% during the forecast period, as prominent players pose a stiff competition to emerging market players in terms of rigorous R&D and automation technologies. Hence, emerging market players should collaborate with consultation experts to manufacture better-engineered products that help reduce production expenditures.
Thailand Injection Molded Plastics Market: Overview
- The injection molding process is adopted to manufacture plastic products, which are higher in density. The process is also used in the production of plastic parts with high precision. Low labor cost required for the injection molding process makes it a preferred process over other molding processes such as extrusion and blow molding. Prominent applications of injection molded plastics include housewares, knobs, electronic housings & insulation materials, bumpers, covers, trims, bearings, covers, fuel system components, and electrical connectors.
- Based on application, the packaging segment dominated the injection molded plastics market in 2019. The segment is expected to offer lucrative opportunities in the injection molded plastics market in Thailand by the end of the forecast period. However, the consumables & electronics segment is likely to expand at a faster CAGR in the injection molded plastics market in Thailand, owing to rapid expansion of the consumables & electronics sector in the country.
- The automotive & transportation segment is expected to expand at a slower pace than that of packaging and consumables & electronics segments of the injection molded plastics market in Thailand in the near future. Building & construction applications of injection molded plastics include hand tools, fasteners, and accessories. Increase in strength and stiffness of injection molded plastics has led to a rise in consumption of these plastics in building & construction applications.
Key Indicators of Thailand Injection Molded Plastics Market
- Plastic is one of the most functional, esthetic, and sustainable materials in the modern world. It has replaced several materials such as metal, concrete, and wood as it is lightweight, economical, and esthetically appealing. Increase in replacement of steel with plastics in wide range of industries, including packaging, automotive & transportation, and consumables & electronics is anticipated to drive the demand for injection molded plastics during the forecast period.
- Improved performance against wear and tear, enhanced shelf life of food products, and increased durability are some of the features of plastic materials, which are required to meet the demand in packaging applications. Growth in population and rise in demand for consumer products are estimated to drive the demand for injection molded plastics in Thailand in the near future.
Major Growth Drivers of Thailand Injection Molded Plastics Market
- According to the Bank of Thailand, the country was ranked the 13th largest exporter of electronic products across the globe in 2017. It was also reported to be among the world’s top 10 exporters of six electrical appliances: air conditioners, washing machines, microwave ovens, compressors, refrigerators, and rice cookers. Besides this, Thailand is also ranked among the largest manufacturers of hard disk drives (HDDs) across the globe. Injection molded plastics are extensively used in applications including connectors, boards, switches, and electronic housing. This is projected to drive the demand for injection molded plastics in consumables & electronics applications in the near future.
- Growth in economy, rise in disposable income of people, and increase in spending capabilities have boosted the consumption of packaged products. Busy lifestyle of consumers is driving the growth of easy-to-store, open and closing packs, as well as more convenient pack sizes in the country. Furthermore, lightweight and cost-effectiveness of injection molded plastics have led to an increase in consumption of these plastics in applications such as soft drinks and dairy food.
- Major players operating in the personal care & cosmetics industry such as L’Oréal S.A., Estée Lauder, Unilever PLC/Unilever N.V., The Procter & Gamble Company, Coty Inc., and Shiseido Company are extensively engaged in designing exterior packaging of bottles. Additionally, these companies have diversified their network across Thailand in order to cater to the rising demand for personal care and cosmetics products across the country. This is likely to propel the demand for injection molded plastics in the country, as these products are primarily used in the production of complex shapes in the packaging application.
- Injection molding process is primarily adopted in molding of plastic parts, which are difficult to manufacture. Furthermore, the process offers fast production rate, with highly efficiency. It also entails low labor cost. The process generates less amount of scraps. These benefits of injection molding process are expected to boost the production of injection molded plastics in Thailand.
Impact of COVID-19 on Thailand Injection Molded Plastics Market
- According to the World Bank’s latest report on ‘Thailand Economic Monitor,’ the country’s economy is expected to be impacted severely by the outbreak of the COVID-19 pandemic. The economy is likely to shrink by minimum 5% in 2020. It is expected to take more than two years to return to normal GDP output levels. Furthermore, the report indicated that Thailand’s economy is likely to expand by by 4.1% in 2021 and 3.6% in 2022.
- Manufacturers of injection molded plastics in Thailand are primarily concerned about the lack of availability of raw materials, including resins such as acrylonitrile butadiene styrene, polypropylene, polyvinyl chloride, polystyrene, and polycarbonate. Furthermore, supply chain disruptions, owing to coronavirus-related transportation restrictions and unexpected delays in receiving orders are some of the factors anticipated to hamper the injection molded plastics market in Thailand in the next few years.
Leading Players in Thailand Injection Molded Plastics Market
- The injection molded plastics market in Thailand is highly competitive. Key players operating in the injection molded plastics market in the country 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,
- Av plastic co.ltd.
- Companies operating in the injection molded plastics market in Thailand are focusing on using injection molded plastics for consumables & electronics applications
Thailand Injection Molded Plastics Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the injection molded plastics market in Thailand to accurately gauge its potential development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the injection molded plastics market in Thailand to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the injection molded plastics market in Thailand will progress during the forecast period of 2020-2030.
The report offers intricate dynamics about the different aspects of the injection molded plastics market in Thailand that aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the injection molded plastics market in Thailand during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the injection molded plastics market in Thailand, and estimate statistics related to the market progress in terms of value (US$ Mn) and volume (kilo tons).
The report mentions company profiles of key players that are currently dominating the injection molded plastics market in Thailand, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Injection Molded Plastics Market in Thailand
The report provides detailed information about the injection molded plastics market in Thailand on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the injection molded plastics market in Thailand, so as to help them make successful strategies and take target-driven decisions.
- Which application is the major consumer of injection molded plastics in Thailand?
- How much revenue is the injection molded plastics market in Thailand expected to generate by the end of the forecast period?
- How are key market players successfully earning revenue out of the advantages of Thailand injection molded plastics market?
- What all companies operate across the country?
- What is the market share of the key injection molded plastics producers in Thailand?
Research Methodology – Thailand Injection Molded Plastics Market
The research methodology adopted by analysts for combining the injection molded plastics market in Thailand report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the injection molded plastics market in Thailand.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the injection molded plastics market in Thailand.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the injection molded plastics market in Thailand.
Thailand Injection Molded Plastics Market – Segmentation
TMR’s research study assesses the injection molded plastics market in Thailand based on application. This report presents the extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the injection molded plastics market in Thailand.