Philippines Plastics Market Latest Trends, Demand and Industry Outlook 2021- BAE Systems, Ocean Aero Inc., Pelorus Naval Systems, Kongsberg Gruppen, ECA Group, Textron Inc

The report presents an in-depth assessment of the Philippines Plastics including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Philippines Plastics investments from 2020 till 2023.

The Philippines plastics market is expected to witness a CAGR of 6.11%, during the forecast period, 2018-2023. In 2017, the packaging application accounted for the highest market share with more than 48% in 2017, recording a steady growth over the period.

The application of plastics in automotive, electronics, and construction witnessed a higher growth in the recent past.

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Top Leading Manufactures-

General Dynamics, Atlas Elektronik, Sea Robotics Inc., Liquid Robotics, Rafael Advanced Defense Systems, BAE Systems, Ocean Aero Inc., Pelorus Naval Systems, Kongsberg Gruppen, ECA Group, Textron Inc., Teledyne Technologies, Inc., MAP Marine Technologies, ASV Philippines

Market Scenario

Increasing Government support to boost the Philippines Market

The Government support for numerous industries, such as building & construction, automotive, electronics, and furniture, is providing a base for the plastics industry in the country. The Government initiatives to provide houses to the people and increase non-residential and civil engineering works to diversify and boost the economy is making a room for plastics industry to expand its market in the country. The increase in number of residential buildings, non-residential buildings have given a major boost to the building & construction industry. The Philippines Government is attracting significant investment in the automotive manufacturing industry. According to OICA, both production and consumption of automobiles are experiencing a significant growth since near past. Such Government support and initiatives for growth in the numerous end-use industries for plastics is expected to act as an important driver for the Philippines plastics market.

Bioplastics Segment to Expand at the Fastest Rate

Bioplastics is a type of plastic made from biological substances, such as vegetable oil and corn starch rather than petroleum. Bioplastics has applications in flexible packaging, rigid packaging, agriculture, horticulture, consumer goods, textiles, and others. Currently bioplastics are mostly used in the packaging and food sectors, with products, such as food trays, yogurt cups, cutlery, and others. Within the next couple of years the bioplastics sector is expected to grow quickly. Philippines has a major share in plastic consumption in the packaging sector. The growing economy and higher disposable income of Filipinos are favorable factors that are expected to drive the bioplastics market in the future.

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Europe to Witness a High Growth Rate

- Europe is gaining the market growth due to the demand coming from defense and commercial sector. ASV marine system is a rapidly growing UK industries. Over the past four years ASV s expert team of naval architects, engineers and robotics specialists have delivered over 60 Unmanned Systems including mine countermeasure vehicles, marine target drones and oil field services vehicles, which drives the market in Europe.
- The LSTS is one of world leading laboratories in the field of networked air, underwater, and surface vehicles. The LSTS has successfully fielded unmanned air, surface and underwater vehicles in innovative operations in Europe. Also REP (Recognized Environmental Picture) is one of the major European experimentation exercises for Maritime Unmanned Systems (MUS), where they target at advancing the state of art in networked vehicle systems through large-scale experimentation.
- Russia will launch its first nuclear-powered submarine capable of carrying the nuclear-capable underwater drone Poseidon', where each of the submarines will carry a maximum of eight drones and, therefore, the total number of Poseidons on combat duty may reach 32 vehicles for the purpose of intelligence, surveillance, and reconnaissance (ISR) missions.
- A project funded by the defense ministries of the United Kingdom and France, created a team of robots that can face down and defuse underwater mines, all without risking a human life in the process which will use sophisticated sonar to better identify the underwater mines, which will drive the market.

Competitive Landscape

- June 2019 - BAE Systems, the U.S. subsidiary of British multinational defense, aerospace and security company announced the purchase of key assets of Riptide Autonomous Solutions, a provider of unmanned underwater vehicle (UUV) technology and solutions. Adding Riptides technological capabilities will position the firm to provide customers unmatched flexibility by offering a family of UUVs and integrated payload solutions capable of supporting a variety of critical missions.

What are the market factors that are explained in the report?

–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a Philippines and regional scale.

–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

–Analytical Tools: Philippines Plastics Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market. 

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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

This release was published on openPR.