Myanmar Plastics Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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The Myanmar plastics market was valued at over USD 800 million in 2020 and the market is projected to register a CAGR of more than 6% during the forecast period (2021-2026). COVID-19 has largely affected the raw material import, as the Myanmar plastic market mostly relies on imported raw materials for plastic production. The packaging industry was highly impacted negatively. This was due to prime concern about the hygiene and safety of reusable packaging. The construction sector slowed by 30% during the early stages of the COVID-19 pandemic, due to shortages of imported building materials and cash flow. These factors are expected to act as a barrier to the market.

- Over the long-term, Increasing demand from the construction industry is driving the market growth.

- Over-reliance on imports of raw materials and finished plastics is expected to hinder the growth of the market.

- Packaging Industry to dominate the plastics market in Myanmar.

Key Market Trends

Bio-plastics Segment is Expected to Witness Fastest Growth

- Bioplastics are bio-based plastic-like materials made from renewable ...
... materials like corn, potato, cereals, sugar cane and other vegetables. The bioplastics market in Myanmar primarily depends on major crops like corn and other plant oils. Bioplastics are 100% recyclable and their prices are not in any way influenced by oil prices.

- Due to the low electrostatic charging properties, bioplastics are used in consumer electronics, leisure goods and also in automotive industry. They have some exceptionally good properties, such as wear resistance with high strength, thermal and dimensional stability and also chemical resistance in both dry and lubricated environments.

- Bioplastics are categorized into two types: biodegradable and non-biodegradable bioplastics. They have really good demand for packaging materials, which are used for wrapping premium and branded organic food products.

- For developing economies like Myanmar, packaging sector has the greatest potential for development. The modernization of the industry is driving the demand for flexible packaging due to the growing foreign investments by the domestic food processers in processing and packaging equipment.

- Government regulations such as: At the municipal level, the Yangon City Development Committee banned businesses from manufacturing, importing, trading or distributing high-density polyethylene (HDPE) plastic bags for environmental reasons in 2009. In 2011, the Mandalay City Development Committee banned polyethylene bags. This kind of regulations helped in the expansion of bio-plastics in Myanmar.
- Owing to the aforementioned reasons, the usage of bioplastics in, plastics applications is increasing in Myanmar.

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Growing Demand from Packaging Industry

- Packaging accounts for the largest application segment in the Myanmar plastics market. The prime reasons for the growing application of engineering plastics, in the packaging segment, are better wear and chemical resistance, ease of molding, recyclability, puncture resistance, and high mechanical strength.
- Some of the major applications of plastics, in the packaging segment, are as follows: packaging of bottled water, flexible packaging, such as sausage skin, flexible foils, such as shopping bags.

- Polyethylene terephthalate (PET) is one of the majorly used plastics for packaging purposes, mostly in the food and beverage industry. Portability, design flexibility, ease of cleaning, lightweight, and protection against moisture, are a few properties of PET, which makes it suitable for packaging purposes. In addition, low handling hazards, low toxicity, and absence of bisphenol A (BPA) and heavy metals are some of the other factors that allow PET to be used for food packaging.

- PETs are used for making clamshells, bakery and take-out containers, microwaveable food trays, carbonated soft drink bottles, and other packages. Other applications include packaging materials for cooking oils, shampoo, hand wash, and more products.
- Polyamide is another major engineering plastic that finds major application in the packaging sector. Bi-axially oriented and non-oriented polyamide films are used in medical and food packaging, owing to the former's high impact strength and good heat resistance.

- According to plastic atlas Myanmar 2020, a total of 3.6 billion PET bottles are consumed a year, including 2.5 million for water bottles alone.

- The usage of plastics for packaging products is expected to experience a fairly steady demand, during the forecast period.

Competitive Landscape

The Myanmar plastics market is fragmented with the top five players accounting for a small chunk of the market, with a huge dependency on import share. Some major companies in the market include Indorama Ventures Public Company Limited, SHWE MI INDUSTRIAL CO.,LTD, Tokyo Pipe Co. Ltd, Myit Shwe Wah Industry Co. Ltd., and POPULAR PLASTIC GROUP, amongst others.

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