The Global Molded Plastic Market Report, by Product (Polyvinyl chloride, polypropylene, Polystyrene, Low density polyethylene, High density polyethylene, Polyethylene terephthalate, and Engineering plastic), by Technology Type (Injection molding, Blow molding, Compression molding, Film insert molding, Gas assist molding, Rotational molding Structural form molding, Thermoforming), By End Use Industry (Building and Construction, Electrical and Electronics, Automotive, Packaging, and Others) and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global molded plastic market is estimated to be valued at US$ 170.9 billion in 2021. The molded plastics market is likely to grow due to growing petrochemical industry and packaging industry. Molded plastics have various properties such as elasticity, high strength, low maintenance, and versatility which are essential for automobile components and construction.
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https://www.coherentmarketinsights.com/market-insight/molded-plastic-market-908
Browse 50 market data tables* and 40 figures* on "Global Molded Plastic Market” - Forecast to 2028.
Key Trends and Analysis of the Global Molded Plastic Market:
- On the basis of end-use industry, packaging segment is expected to dominate the market during the forecast years. The high tensile strength, greater design flexibility, and low weight has increased the demand for molded plastic in the packaging industry. The increased use of molded plastics in building and construction is also expected to drive the growth of the global molded plastic market.
- On the basis of technology, injection molding technology dominates the market and is expected to retain its position over the forecast period. Injection molding is extensively used for manufacturing a variety of components such as automotive parts, bottle caps, packaging, storage containers, mechanical parts, and wire spools. Low maintenance cost, low consumption of energy, and high accuracy are some of the properties offered by injection molding process, which in turn contribute to the growth of the injection molding plastic segment.
- On the basis of product molded polyethylene terephthalate (PET) is the largest segment. It is a polyester resin used primarily for manufacturing of jars and blow molded bottles. The properties such as durability, corrosion resistance, and transparency makes it an efficient choice in packaging of pharmaceuticals products, chemical products, beverages, and cosmetics. Moreover, molded polyethylene terephthalate has minimal permeability to carbon dioxide, water, and oxygen thereby adding to the shelf life of the packaged products.
Key Takeaways of the Global Molded Plastic Market:
- Asia pacific is the largest and the fastest growing market for molded plastics and is expected to retain its position over the forecast period. The growing industrialization, urbanization, and the presence of the most demographic economies in the region has boosted the building and construction industry, which in turn is driving the growth of molded plastics market in this region. Moreover, the increased use of molded plastics in the automobile industry is further driving the growth of the market.
- Europe is the second largest region in terms of value in the global molded plastic market. Increasing demand for electrical appliances and automotive components drives the growth of the molded plastics market in Europe. Moreover, increasing globalization and production has augmented growth of the molded plastic market in this region
- Major players operating in the global molded plastic market include BASF SE, Eastman Chemical Company, SABIC, Huntsman Corporation, LyondellBasell Industries N.V, INEOS Group AG, Chevron Phillips Chemical Company LLC, Reliance Industries Limited, Obeikan Investment Group (OIG), and Takween Advanced Industries
- Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global molded plastic market. For instance, in June 2020, Pacific Plastics injection molding, a part of Diversified Plastic Inc. is a plastic fabrication company added 5000 square feet of office and production space to its existing facility in California. This expansion was done to improve the operations and production.
Global Molded Plastic Market - Impact of Coronavirus (COVID-19) Pandemic
- Covid 19 had a severe impact on the global molded plastic market. The poor performance of major end-use industries such as packaging, automobile, construction industry led to a fall in the demand. Moreover, movement and travel restrictions during the period affected the supply chain of the molded plastic market. There was also a halt in the production process to curb the virus spread which has led to a shortage of products for some period.
