ASEAN Plastics Industry A Favourable Climate
The press team of the “K-2016” has promised for a series of “Expert Reports” covering different aspects of the plastics industry in the world.
As promised, the first article which is called “From challenges to opportunities: favourable climate for the plastics industry” , provides an insight into the current situation in the economic region of Southeast Asia, its potential, opportunities and trends.
They have also promised that over the next months, they will publish more expert reports on international markets and will also provide information on selected specialist topics.
The first few paragraphs of this article which has been provided in a long and an abridged versions says:
The plastics industry in ASEAN remains unperturbed by global developments that are also impacting the growth path of key industries. With K 2016, the world’s largest trade fair for plastics and rubber, coming up in Düsseldorf, Germany, from 19 to 26 October, we take a closer look at this market.
The new norm of economic growths and trends such as oil prices, variable supply and demand, and weakening of most Asian currencies against the US dollar, have presented opportunities for Southeast Asia’s plastics industry. The latter factors have allowed the region’s countries to rediscover their strengths to sustain growth, either individually or as a part of the collective grouping of ASEAN (Association of Southeast Asian Nation).
The ten member states making up ASEAN include Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia. ASEAN’s fertile consumer base with a combined population of over 600 million and a combined GDP of US$ 2.6 trillion, as well as presence in the global market, enables the region to tap the right opportunities, hinging on the region’s rising middle class sector and substantial consumer base.
One of ASEAN’s top export sectors by value is plastics and plastic products earning US$ 39.3 billion in export revenues in 2013, the International Trade Statistics reported.
The sector’s production rates have witnessed a steady average growth over the recent years, especially in the ASEAN-6: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, which account for more than 95 % of regional GDP, according to McKinsey & Company. Countries like Cambodia and Myanmar are growing strongly, with increased economic liberalisation and development, but will still contribute only a small percentage of manufacturing foreign direct investment (FDI) in the coming years.
If you are interested you can download the PDF file of the long version here, or at the press section of www.k-online.com where you can download the expert articles in German, English, Spanish, French and Italian.