Molded Plastic Market Size, Share, Growth Trend, Leading Players, Future Plans, Business Prospects and Opportunity Assessment 2023
Global Molded Plastic Market: Information by Material (Polypropylene, Polyvinylchloride, Polystyrene), Technology (Injection Molding, Blow Molding, Thermoforming), Application (Packaging, Electronics, Building and Construction), Region—Forecast till 2023
Pune, India – April 23, 2019 /MarketersMedia/ —
The Global Molded Plastic Market, according to the report released by Market Research Future (MRFR), is anticipated to grow with a notable growth in the forthcoming years. The growth of the market is identified to be driven primarily by the growing use of the product in the packaging industry for fast-moving consumer goods, consumer electronics, and household care products. The rapid-paced growth in the electrical and electronics, construction, packaging, and automotive industries is believed to further push the demand for the market globally in the near future.
It is also reported that the use of Molded Plastics in the electrical and electronics industry has seen massive growth over the years, especially for televisions, smartphones, laptops, and computers. The application of Molded Plastic also stretches to the automotive industry, wherein it is used for engine covers, bumpers, grilles, air flow ducts, and car fascia. The rising demand for environmentally precise and low carbon emitting vehicles has proliferated the use and demand for Molded Plastics in the manufacturing of automobiles. However, the high initial costs and limited production runs is reported to cause major trouble to the overall market, thereby hindering the overall expected growth.
Competitive Landscape:
The Global Molded Plastic Market comprises of various key players, including LyondellBasell Industries Holdings BV (Netherlands), BASF SE (Germany), Exxon Mobil Corporation (US), HTI Plastics (US), Harwal Group of Companies (UAE), Reliance Industries Limited (India), SABIC (Saudi Arabia), Eastman Chemical Company (US), Magna International Inc. (Canada), DuPont (US), INEOS (UK), and Takween Advanced Industries (Saudi Arabia).
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April 18th, 2019, Decatur Plastics Products, an Indiana-based manufacturer of plastics and plastic components, revealed its plans of doubling its existing footprint in the state through an $11.4 million expansion project.
April 1st, 2019, Tulip Molded Plastics Corp., a Milwaukee-based plastics company, announced its merger with Richardson Molding LLC, an Indiana-based custom plastic injection company. The combined entity will be known as Tulip Richardson Manufacturing.
Market Segmentation:
The Global Molded Plastic Market segmentation is classified on the basis of three Key Dynamics, namely Application, Technology and Material.
By Material Type, the market includes polystyrene, polypropylene, polyethylene, polyvinylchloride, polyethylene terephthalate, and others.
By Technology, the market divides into blow molding, extrusion molding, thermoforming, injection molding, and others.
By Application, the market segments into electronics, packaging, automotive, building and construction, and other industries.
Regional Analysis:
The Global Molded Plastic Market covers the following key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
The market is dominated by Asia Pacific as per the last conducted study in 2017. The region is further expected to hold on to its dominance globally in the forthcoming years of the forecast period. This is due to the increasing adoption of the same in building and construction, packaging, and automotive industries in this region. The growing demand for vehicles with low carbon emissions that are environmentally sustainable has boosted the use of Molded Plastics as well for the manufacturing purpose of fuel-efficient and lightweight automobiles. Add to this, the fast-paced growth of developing economies like India, China, and several other ASEAN countries has stimulated a positive demand for Molded Plastics across various industries. The economic growth coupled with the rising population herein is expected to accelerate the growth of the market in the Asia Pacific region.
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The European regional market is expected to also garner increasing growth in the coming years due to the expanding defense and aerospace industry and the presence of several established and leading aircraft original equipment manufacturers (OEMs). Additionally, the rising popularity and production of lightweight vehicles is also expected to steer the demand for Molded Plastics in Europe.
North America is another key region in the global market and is expected to witness decent growth due to the reviving trend in established industries like automotive, construction, and electronics. The Latin American market is anticipated to experience considerable growth in the coming years due to the rising demand from the packaging industry. The Middle Eastern and African regional market is projected to register impressive growth during the review period due to the booming building and construction industry and fast-paced industrialization. The demand for the product is expected to heighten in the construction industry across countries like Qatar and Saudi Arabia due to the forthcoming FIFA World Cup 2022.
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Source: MarketersMedia
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