The Molded Plastics Market reached USD XX billion in 2021 and it is projected to reach USD XX billion in 2030 at a CAGR of XX% over the forecast period from 2021 to 2030.
Molded plastics are durable, affordable, and have multifaceted capabilities. Molded plastics are also used to manufacture lawn decorations and home decor products. Changing trends in packaging, rapid growth of food & beverage and consumer goods industry worldwide are the key factors that are expected to drive the molded plastics market. Increasing use of high-end plastics, which offer exceptional strength, luxurious feel in automotive, consumer goods, electronics, and various other industries, is driving the growth of the molded plastics market. Increasing demand for molded plastics in packaging food & beverage, pharmaceutical, chemical, and industrial products is driving the growth of the market.
COVID-19 Impact on Molded Plastics Market
The COVID-19 pandemic has amplified the focus on increasing productivity in all industries due to disruption of supply chains, which has created high product demand. As several countries are lifting temporary lockdowns and curfews and the manufacturing sector has seen new growth momentum. The demand for packaging material has amplified due to high demand from consumer goods and food and beverage industry after the resuming of manufacturing worldwide. Hence, the market is expected to witness significant growth due to increasing applications of molded plastics.
Automation in Manufacturing to Boost Molded Plastics Market
Automation is largely adopted in all industries worldwide. Automation is transforming the efficiency of the manufacturing sector and enhancing the production. It is assisting manufacturer to drastically reduce operator errors, speeding up the molded plastic manufacturing and reducing the production cost. Hence, adoption of automation is expected to drive the growth of the market in the future.
Increasing Applications of Molded Plastics in End-Use Industries
Increasing demand from food & beverage industry for molded plastics is propelling the growth of the market. Molded plastic has applications in piping systems, wall board, insulation, and roofing purposes in building & construction sector. Molded plastics are increasingly being used in healthcare industry, which is also expected to fuel the growth of the market.
Molding plastics also have design restrictions, which may hamper the growth of the market.
By Product Type
Low Density Polyethylene Segment to Account for the Largest Market Share
Based on product type, the molded plastics market is divided into polyvinyl chloride, polypropylene, polystyrene, low density polyethylene, and others. The low density polyethylene segment is expected to account for a major market share during the forecast period. The growth can be attributed to the increasing use of low density polyethylene in packaging due to its lightweight and durable characteristics. Low density polyethylene is most widely produced plastic, used in packaging, automotive, and electrical applications.
By Technology Type
Injection Molding Segment to Hold the Largest Market Share
Based on technology type, the molded plastics market is divided into injection molding, blow molding, compression molding, rotational molding, and others. The injection molding segment is expected to hold the largest market share during the forecast period. The segment growth can be attributed to increasing demand for packaging and in manufacturing products using Injection molding in consumer goods, household goods, and electronic accessories. Injection molding is commonly used in mass-production or prototyping of a product.
By End Use
Packaging Segment to Hold the Largest Market
Based on end use, the molded plastics market is divided into building and construction, electrical and electronics, automotive, packaging, and others. The packaging segment is expected to hold the largest market share during the forecast period. The segment growth can be attributed to lightweight characteristic of molded plastics, and its affordable cost, which is driving its adoption in packaging.
Increasing Applications in End use Industries to Drive the Asia Pacific Market
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Asia Pacific market is anticipated to become the fastest growing market over the projected time frame. The Asia Pacific market is mainly characterized by the presence of the leading molded plastics producers. The growth of consumer goods and food & beverage industries in India, Japan, and China is also expected to boost the demand for molded plastics in the region.
Key Industry Players
The market players are involved in R&D and they are keen to undertake expansion strategies along with strategic collaborations.
List of Players
The major companies functional in the market are
- Eastman Chemical Company
- Huntsman Corporation
- LyondellBasell Industries N.V
- INEOS Group AG
- Chevron Phillips Chemical Company LLC
- Reliance Industries Limited
- Obeikan Investment Group (OIG)
- Takween Advanced Industries
- BASF SE
Key Industry Developments
- October 2017 - ExxonMobil undertook commissioning of the polyethylene manufacturing plant in Texas, US. Through this expansion company’s focus was on the production of high-performance polyethylene.
By Product Type:
- Polyvinyl chloride
- Low density polyethylene
By Technology Type:
- Injection molding
- Blow molding
- Compression molding
- Rotational molding
By End Use Industry:
- Building and Construction
- Electrical and Electronics
- North America, by Country
- North America, by Product Type
- North America, by Technology Type
- North America, by End use Industry
- Europe, by Country
- The Rest of Europe
- Europe, by Product Type
- Europe, by Technology Type
- Europe, by End use Industry
- Asia Pacific, by Country
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Product Type
- Asia Pacific, by Technology Type
- Asia Pacific, by End use Industry
Middle East & Africa
- Middle East & Africa, by Country
- The UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Asia Pacific, by Product Type
- Asia Pacific, by Technology Type
- Asia Pacific, by End use Industr
- South America, by Country
- Rest of South America
- South America, by Product Type
- South America, by Technology Type
- South America, by End use Industry
FAQs Answered in the Report
- In the molded plastics industry, what are the most important regional markets?
- What is the market segmentation based on product type?
- What is the market segmentation for end-use industry?
- What are the different phases of the molded plastics industry's value chain?
- What are the major drivers and threats in the molded plastics market?
- Who are the main players in the molded plastics industry?
- What level of rivalry does the molded plastics industry have?
- What are the profit margins in the molded plastics industry?
Objectives of this Report:
- To estimate the market size for molded plastics market on a regional and global basis.
- To identify major segments in molded plastics market and evaluate their market shares and demand.
- To provide a competitive scenario for the molded plastics market with major developments observed by key companies in the historic years.
- To evaluate key factors governing the dynamics of molded plastics market with their potential gravity during the forecast period.
Reasons to Buy This Report:
- It provides niche insights for the decision about every possible segment helping in the strategic decision-making process.
- Market size estimation of the molded plastics market on a regional and global basis.
- A unique research design for market size estimation and forecast.
- Identification of major companies operating in the market with related developments
- Exhaustive scope to cover all the possible segments helping every stakeholder in the molded plastics market.
This study is customized to meet your specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
- Product Specific Competitive Analysis
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