The ‘Colombia Plastic Market Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the Colombia plastic market, assessing the market on the basis of its segments like product, application, and end use.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Colombia Plastic Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 4.68 billion
- Forecast CAGR (2023-2028): 3.40%
- Forecast Market Size (2028): USD 5.71 billion
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The Colombia plastic market is being driven by the substantial economic growth of the country, increasing demand for plastic packaging, and rising usage of various plastics across industries. The economy of Colombia has emerged as a leading performer in Latin America, supported by rising investments and growing private consumption, thereby aiding the demand for plastics across sectors. Immensely versatile and customisable, plastics are increasingly being used in packaging, automotives, healthcare, and construction, thereby bolstering the Colombia plastic market growth.
The thriving automotive sector in the country is surging the demand for plastic applications in automotives such as in plastic cable sheets, foam insulation panels, and suspension insulators, among other automotive components. As plastic components are lightweight, they help in maintain low weights in automotives, which improves fuel economy.
Meanwhile, the construction sector is another significant end use in the Colombia plastic market, where plastics are used extensively for flooring, insulation, window frames, and piping, among others. Increasing urbanisation, population growth, and expansion of various commercial businesses are leading to an enhanced demand for new constructions that are low cost and can be completed quickly. With a substantial manufacturing base for plastics in the country, the applications of plastics in Colombia are anticipated to rise further in the coming years.
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Colombia Plastic Industry Definition and Major Segments
Plastics are synthetically processed materials that are manufactured from different organic polymers mixed with plasticisers, additives, stabilisers, and colourants. While soft, plastics can be shaped into various forms and sizes, becoming elastic or rigid upon setting. The presence of long carbon chains in plastics enable them to stretch without breaking, with additional characteristics depending upon additives.
Based on type, the market is divided into:
- Polyethylene (PE)
- Polypropylene (PP)
- Polyurethane (PU)
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate (PET)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Polybutylene Terephthalate (PBT)
- Polycarbonate (PC)
On the basis of application, the market is classified into:
- Injection Moulding
- Blow Moulding
- Roto Moulding
- Compression Moulding
By end use, the market is categorised into:
- Electrical and Electronics
- Medical Devices
- Furniture and Bedding
- Consumer Goods
Colombia Plastic Market Trends
A surging focus on sustainability and a circular economy is among the key trends expected to influence the Colombia plastic market in the forecast period. In February 2023, the Colombia Plastics Pact was launched through Colombia-based non-profit association CEMPRE partnered with international NGO WRAP. The pact aims to move drive forward a circular economy for plastics, by increasing recycling rate of plastics, eliminating problematic plastic, and encouraging production of compostable and recyclable plastic packaging.
Increasing penetration of the internet is supporting the growth of e-commerce in Colombia, leading to an augmented demand for plastic packaging. Various consumer products are sold through e-commerce channels for which plastic acts as a lightweight packaging solution. As consumer awareness rises regarding sustainability and harmful effects of plastics, more companies are utilising eco-friendly plastic packaging to appeal to customers, further aiding the Colombia plastic market development.
Expansion of global players in the plastics market in Colombia is another crucial trend aiding the growth of the market. To meet the increasing demands of various end users, while adhering to sustainability requirements, key players are investing in product development and improvements in processing capabilities. Development of low-cost bioplastics is on the rise, as these plastics are biodegradable and considered safer for the environment.
Key Market Players
The major players in the Colombia plastic market report are:
- BASF SE
- Evonik Industries AG
- Formosa Plastics Corporation
- Dow Chemical Company
- LyondellBasell Industries Holdings B.V.
- ESENTTIA S.A.
- Enka de Colombia SA
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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