The global molded plastic market was valued at US$ 127113.51 million in 2016, according to Global Molded Plastic Market Report by Product type (Polyvinyl chloride, Polypropylene, Polystyrene, Low density polyethylene, High density polyethylene, Polyethylene Terephthalate, and Engineering Plastic) By Technology Type (Injection molding, Blow molding, Compression molding, Rotational molding, and Others) By End-use industry (Building and Construction, Electrical and Electronics, Automotive, Packaging, and Others).The Molded plastic market is expected to register a CAGR of 6.1% over the forecast period (2017-2025) to reach US$ 217566 Million by 2025. The increase adoption of light weight plastics in various industries is the major factor propelling the growth of molded plastics market. Moreover, the growth in the pharmaceutical industry has further surged the demand for molded plastics due to the increased use in packaging of liquid drugs and medical devices.
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Browse 150 market data tables* and 90 figures* on "Molded Plastic Market” - Global forecast to 2025.
Key Trends and Analysis of Molded Plastic Market:
- On the basis of end-use industry, packaging segment is expected to lead 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 fuel the growth of 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 growth of the injection molding plastic segment.
- On the basis of product type, 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 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 populated economies in the region has boosted the building and construction industry, which in turn is propelling the growth of molded plastics market. Moreover, the increased use of molded plastics in the automobile industry is further fuelling the growth of the market. According to CAAM (China Association of automobile manufacturers), China witnessed a growth of 6.2% from 2016 to 2017.
- Europe is the second largest region in terms of value in the global molded plastic market. Increasing demand for electrical appliances and automotive components fuels the growth of the molded plastics in Europe. Moreover, increasing globalization and production has augmented growth of the molded plastic market in this region.
- Manufacturers operating in the molded plastic market are largely investing in research and development to expand their product portfolio. For instance, in 2013, Amcor launched a 64-ounce hot-fill PET bottle, which was 13.2% lighter than a regular bottle. Furthermore, the demand for molded plastics in the GCC region is expected to show a steady rise, owing to the recent increase in the construction activities in Saudi Arabia and Oman for the FIFA world cup 2022.
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), Takween Advanced Industries and BASF SE are some of the major players operating in the Global molded plastics market.