Global Molded Plastic Market Overview:
Synthetic compounds which can be molded into different shapes and sizes to match various application requirements are called Molded Plastics. Molded plastics have several properties that have propelled the adoption of the same in multiple industries. These properties include durability, lightweight, and higher chemical resistance. Further, the use of pigments and other additives can enhance the quality of Molded Plastics. The Global Molded Plastics Market is estimated to expand at a high CAGR through the forecast period. One of the primary reasons for the ascension noticed in the Global Molded Plastic Market is the rising adoption of the same in various end-use industries owing to its properties of durability, cost-effectiveness, and higher chemical resistance.
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With the rapid augmentation observed in the packaging industry in fast-moving consumer goods, consumer electronics, and household care products, the Global Molded Plastic Market is witnessing sizeable growth. Further, fast-paced growth noticed in the construction, automotive, and electrical & electronics industries are creating higher growth and application opportunities for Molded Plastics, positively influencing the growth graph to a great extent. Moreover, a rise in the demand for environmentally sustainable and low carbon emitting vehicles has led to a substantial adoption of Molded Plastics in the manufacturing of automobiles — this aids in the reduction of weight, and hence, an enhancement of fuel efficiency.
Key Players:
The Global Molded Plastic Market is influenced by many noteworthy players including BASF SE (Germany), Harwal Group of Companies (UAE), DuPont (US), HTI Plastics (US), Eastman Chemical Company (US), INEOS (UK), LyondellBasell Industries Holdings BV (Netherlands), Reliance Industries Limited (India), SABIC (Saudi Arabia), Exxon Mobil Corporation (US), Magna International Inc. (Canada), and Takween Advanced Industries (Saudi Arabia).
Market Segmentation:
The Global Molded Plastics Market is studied for segmentation based on Material, Technology, Application and Region.
Based on Material, the global market is segmented into polypropylene, polystyrene, polyethylene, polyvinylchloride, and polyethylene terephthalate.
Based on Application, the Global Molded Plastic Market is segmented into electronics, building & construction, packaging, and automotive.
Based on Technology, the Global Molded Plastic Market is segmented into blow molding, injection molding, thermoforming, and extrusion molding.
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Industry Update:
June 2019: Plastic Molding Technology (PMT), has recently invested USD 1 million to cater to new demand, adding to both, vertical and horizontal injection molding processes at the headquarters and factory site based in El Paso, Texas. PMT is a custom injection molder and contract manufacturer.
Detailed Regional Analysis:
The Global Molded Plastic Market is studied for the regional segments of North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. Asia Pacific spearheaded the Global Molded Plastic Market at the beginning of the forecast period and is anticipated to register notable growth during the forecast period. This progress can be accredited to the mounting adoption of the same in the packaging, automotive, and building & construction industries in the region.
A growing emphasis on the use of environmentally sustainable vehicles with lower carbon emissions has proliferated the use of Molded Plastic in the manufacture of lightweight and fuel-efficient automobiles. Moreover, economic growth noted in developing countries such as India, China, and several ASEAN countries has caused an upsurge in demand for Molded Plastics in several industries. Another factor driving significant growth in the Regional Molded Plastic Market is the rising shift of operations of major manufacturers to India, China, and Indonesia. A rise in the population is also anticipated to drive market growth in the region.
Europe is projected to showcase considerable growth with the rising product demand in the packaging industry residing in the region. Aerospace and defense industry is anticipated to register robust growth owing to the presence of multiple prime aircraft OEMs in the region such as BAE Systems, Dassault Aviation, as well as, Airbus Group. Such growth is expected to, in turn, propel growth in the Global Molded Plastic Market owing to the mounting demand for the same in the aerospace and defense sector.
North America is projected to record significant growth for Molded Plastic owing to the expansion witnessed by numerous well-established industries such as construction, electronics, and automotive. Latin America is expected to exhibit sizeable surge attributable to the ascending product demand in the regional packaging industry. Further, the use of rigid plastic has augmented substantially owing to its non-corrosive and lightweight nature, which is contributing to the growth of the Regional Molded Plastic Market.
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