According to the report Expert Market Research (EMR), The plastic market in Colombia MAGNITUDE It reached a value of USD 4.68 billion in 2022. Aided by the growing demand for plastics in a wide range of industries and the increasing development of reusable and recyclable plastics, the market is projected to grow further at a CAGR of 3.40% between 2023 and 2028 to reach a value of $5.71 billion by 2028.
Plastic is a versatile and resilient material that has found wide application in various sectors, such as packaging, construction, healthcare, automotive, etc. It offers advantages such as durability, low cost, water resistance and flexibility, which makes it an ideal choice for many industrial applications. From disposable wrappers to advanced components in automobiles and aircraft, plastics are an integral part of modern life.
The growth of the plastic market in Colombia is mainly driven by the growing industrial growth in the country. Industries such as packaging, construction and automotive are growing rapidly, leading to an increased demand for plastic due to its versatile and durable nature. In particular, the growth of e-commerce activities has resulted in increased demand for sustainable and efficient plastic packaging solutions.
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In addition, plastics find increasing applications in various sectors, which strengthens the expansion of the plastics market in Colombia. In construction, plastic is widely used for insulation, piping, window frames and flooring. In the automotive industry, lightweight plastic components are integral to increasing vehicle fuel efficiency. Meanwhile, in the health sector, plastic is essential for the production of medical equipment, protective gear and packaging.
At the same time, the shift towards sustainable plastic production practices in Colombia is driving the plastics market. Amid growing environmental concerns, many manufacturers are adopting sustainable practices such as recycling and using biodegradable plastics. This move coincides with increasing consumer awareness and demand for eco-friendly products, which further drives the market.
In addition, government initiatives to stimulate industrial growth and promote domestic production are expected to strengthen the development of the plastics market in Colombia. Policies that stimulate domestic production, along with investments in technological advances and infrastructure, are fostering a favorable environment for the expansion of the plastics market.
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The market can be segmented on the basis of product, application and end use.
Market segmentation by product
- Polyethylene (PE)
- Polypropylene (PP)
- Polyurethane (PU)
- polyvinyl chloride (PVC)
- Polyethylene terephthalate (PET)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Polybutylene terephthalate (PBT)
- Polycarbonate (PC)
Market Segmentation by Application
- Injection molding
- Poured puff
- Roto casting
- Compression molding
- That throws
Market segmentation by end use
- Electrical and Electronics
- Medical Devices
- Furniture and bedding
- Consumer Goods
The EMR report examines market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of Colombia’s plastics companies. Some of the major key players explored in the report by Market Expert Research are as follows:
- BASF SE
- Evonik Industries AG
- Formosa Plastics Corporation
- Dow Chemical Company
- LyondellBasell Industries Holdings BV
- EXEMPTIA SA
- Enka de Colombia SA
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