The Malaysia Plastics Market size is estimated at USD 3.89 billion in 2024, and is expected to reach USD 4.71 billion by 2029, growing at a CAGR of 3.91% during the forecast period (2024-2029).
The Malaysian plastics market was negatively impacted by the COVID-19 pandemic in 2020, but it registered growth in 2021 as governments eased the restrictions imposed during the pandemic. There was a huge demand for flexible packaging due to the growing demand for personal and healthcare products, pharmaceuticals, and packed foods and beverages.
Malaysia is a major economy in Southeast Asia. The country's GDP growth moderated to 4.4% in 2019 and was the lowest since the Global Financial Crisis in 2009. Malaysia's economy will contract by -5.6% in 2020, the worst since the Asian Financial Crisis in 1998.Malaysia's economy grew by 3.1% in 2021, and it is further expected to grow to 5.4% in 2022, according to the IMF forecasts.
During the forecast period, these things are likely to make more people want to buy plastic packaging in the country.
Such factors are expected to boost the demand for bioplastics and drive the Malaysian plastics market in the coming years.
The Malaysian plastics market is consolidated due to the limited presence of plastic resin manufacturers in the country. The major players (not in any particular order) include Toray Plastics Sdn Bhd, Lotte Chemical Titan Holding Berhad, Behn Meyer Malaysia Sdn Bhd, Polyplastics Asia Pacific Sdn Bhd, and Malayan Electro-Chemical Industry Co. Sdn Bhd.
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