Colombia Plastic Market Report and Forecast 2024-2032

Colombia Plastic Market Outlook

The Colombia plastic market size attained a value of USD 4.84 billion in 2023. The market is further expected to grow at a CAGR of 3.4% between 2024 and 2032, reaching a value of USD 6.53 billion by 2032.

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Key Trends in the Market

Plastic refers to a synthetically processed material made from various organic polymers that can be moulded into objects of different shapes and sizes while soft and set into an elastic or rigid form. Typically, plastics have long carbon chains enabling them to deform without breaking. The polymer used to manufacture plastic is mixed with additives, colourants, plasticisers, and stabilisers, among other quality enhancing products.

• Colombia is encouraging plastic producers and manufacturers in the pursuit of circular economy of plastic. Hence, the anticipated increase in the development of reusable and recyclable plastics is likely to drive the Colombia plastic market in the forecast period.

• Annual increase of plastic packaging components and containers entering the domestic Colombia market in order to cater to the business demands is further propelling the market growth.

• Continuity in development programmes attained by the Colombian construction sector is another crucial trend in the Colombia plastic market. Infrastructure development initiatives such as airport modernisation, development of ports and numerous commercial structures are expected to propel the demand for plastic in the country in the forecast period.

Market Analysis

Based on product, the market is segmented into polyethylene (PE), polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polystyrene (PS), acrylonitrile butadiene styrene (ABS), polybutylene terephthalate (PBT), polycarbonate (PC), and bioplastics, among others. On the basis of application, the market is classified into injection moulding, blow moulding, roto moulding, compression moulding, casting, thermoforming, extrusion, and calendering, among others. By end use, the market is divided into packaging, construction, electrical and electronics, automotive, medical devices, agriculture, furniture and bedding, consumer goods, and utility, among others.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the Colombia plastic market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• BASF SE

• Evonik Industries AG

• Formosa Plastics Corporation

• Dow Chemical Company

• LyondellBasell Industries Holdings B.V.

• ESENTTIA S.A.

• Enka de Colombia SA

• Others

Market Share by Product

The polyurethane (PU) segment, based on product, accounts for a growing share of the Colombia plastic market. Polyurethane is used in the manufacturing of numerous automotive components including high-resilience foam settings, foam insulation panels, suspension insulators, and plastic cable sheets, among others. These components are likely to witness a heightened demand amidst the increasing efforts by companies to boost the production of auto parts in Colombia. Meanwhile, the polyethylene terephthalate (PET) segment is likely to witness a steady growth in the forecast period, due to the increasing demand for PET bottles, fuelled by the rising demand from packaged beverage sector.

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Competitive Landscape

BASF SE is one of the largest chemical manufacturers across the world which produces high-quality polymers, plastic additives, rubber additives, and polyamides and intermediates. The company was founded in 1865 and is headquartered in Ludwigshafen, Germany.

Evonik Industries AG is a leading specialty chemicals company offering diverse products, such as adhesive and sealants, batteries, automotive components, ceramics, dental products, food, feed, and electronic equipment, catering to the demands of various end use sectors. It was established in 2007 and is headquartered in Nordrhein-Westfalen, Germany.

Formosa Plastics Corporation is a renowned chemicals corporation offering a full line of plastic products such as polyvinyl chloride, polyethylene, polypropylene resins, caustic soda, among various types of petrochemicals. The company was founded in 1954 and is headquartered in Kaohsiung, Taiwan.

Other market players include Dow Chemical Company, LyondellBasell Industries Holdings B.V., ESENTTIA S.A., and Enka de Colombia SA, among others.

Key Highlights of the Report