The Global Molded Plastic Market Size is valued at USD 510.76 billion in 2023 and is predicted to reach USD 896.32 billion by the year 2031 at a 7.43% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Increased awareness of hygiene-related activities has resulted in an expansion in the packaging industry, where molded plastics are frequently used in the creation of sophisticated and intricately structured plastics.
- The increasingly widespread use in diverse end-use industries such as automotive, packaging, construction, electronics, and consumer goods is expected to drive industry growth.
- Asia Pacific dominated the market and accounted for a revenue share of global revenue in 2023.
- One of the significant concerns restraining industry growth is the increased awareness of environmental issues, including plastic pollution and concerns over non-biodegradable plastics.
Non-metallic compounds that are generated synthetically and can be shaped into various shapes for commercial applications are called molded plastics. These can be hardened to the proper consistency and are incredibly versatile, effective, and bendable. These are used to create tiny components with great finesse and intricacy. Due to their high flexibility, tensile strength, impact resistance, moisture resistance, and increased design flexibility, these are used in a broad scope of applications, including those in building and construction, automotive and transportation, consumable and electronics, packaging, and other industries such as medical, stationary, and textiles.
Molded plastics have countless design options that can be realized by bending, molding, and extrusion. Because they are poor heat- and electricity conductors, they are frequently utilized as insulating materials, cladding panels, and pipes in workplaces, shopping centers, homes, and other construction sites. These are the main drivers of market growth for molded plastics. The packaging industry has expanded due to rising awareness of hygiene-related activities and the widespread usage of molded plastics in creating elaborate and complexly formed plastics.
However, sources including crude oil, naphtha, and natural gas are the main raw materials utilized to make petrochemicals, which are then used to make various molded plastic goods. As a result, the scalability and profitability of molded plastic producers may be directly impacted by their dependence on these extremely variable resources.
Additionally, microplastic particles have been found in food and drinking water in various shapes, sizes, and concentrations. These particles have been linked to several health issues, including eye irritation, vision loss, respiratory problems, dizziness, genotoxicity, and cardiovascular and gastrointestinal issues. These elements limit the market expansion of the molded plastics industry.
Recent Developments:
- In October 2022, Evco Plastics proposed a production capacity expansion of USD 11 million in Wisconsin, the United States. The business currently runs 183 injection molding machines.
- In July 2022, After Austria and Germany, the company's third such plant was anticipated to be the mold shop in India. The Indian mold shop might use cutting-edge technology to provide regional solutions. With this investment, ALPLA's total stake in Pashamylaram, India, might reach USD 61 million.
Competitive Landscape:
Some the molded plastic market players are:
- Lyondellbasell Industries Holdings B.V.
- Sabic
- Ineos
- Dupont
- Exxonmobil
- Sinopec
- DOW Inc.
- BASF SE
- Eastman Chemical Company
- Chevron Corporation
- Formmosa Plastics Corporation
- Solvay
- China Plastic Extrusion Ltd.
- GSH Industries
- Lanxess AG
- LG Chem Ltd.
- Lotte Chemical
- Proto Labs
- PSI Molded Plastics
- Reliance Industries LIMITED
- Sibur
- Takween Advanced Industries
- Versalis S.P.A.
- Westlake Corporation
Market Segmentation:
The molded plastic market is segmented based on type, technology and application. The market is segmented based on type: polyethylene, polypropylene, polyvinyl chloride, polyethylene terephthalate, polystyrene, polyurethane, and others. By technology the market is segmented into injection molding, blow molding, extrusion molding, rotating molding and others. The applications segment includes packaging, automotive & transportation, construction & infrastructure, agriculture, pharmaceuticals, electrical & electronics and others.
Based On Type, The Polypropylene Segment Is A Major Contributor To The Molded Plastic Market
The polypropylene category is expected to hold a major share of the global molded plastic market. The packaging and automotive industries typically employ polypropylene-based molded plastics because they are adaptable, secure, and reasonably priced. Molded polyethylene is used in the automotive industry for the dashboard, bottle caps, bumpers, grills, music systems, wire spools, storage containers, one-piece chairs, seat panels, and other items. Compared to other forms of molded plastics, polypropylene plastics are also strong, translucent, have a low coefficient of friction, and offer superior chemical resistance. This reason has accelerated the growth of this market sector worldwide.
The Injection Molding Segment Witnessed Growth At A Rapid Rate
Injection molding was the dominant market category globally and is predicted to expand throughout the forecast period. This is explained by the facts that the most widely operated technology for creating molded plastics is injection molding. Additionally, it uses automated procedures to cut down on waste generation and manufacturing costs. These elements have contributed to the injection molding market segment's expansion in the worldwide molded plastics industry.
The Asia Pacific Molded Plastic Market Holds A Significant Revenue Share
Asia Pacific held the biggest market share and was the market leader. Market penetration in the region is anticipated to be driven by rising infrastructure investments and rising auto demand in nations like China, India, Indonesia, and Malaysia. Due to the cheap labor costs, significant end-use sectors, like electronics and autos, are moving their manufacturing bases to nations like India, China, Indonesia, and Thailand. Additionally, manufacturers in these areas can take advantage of government incentives through tax breaks. Additionally, the molded plastic market is predicted to be dominated by North America.
The region has a thriving manufacturing sector and a significant demand for molded plastic products across various end markets, including the construction, packaging, and automotive sectors. The market for molded plastic is expanding in North America due to the rising need for strong, lightweight materials.
Global Molded Plastic Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 510.76 Bn |
|
Revenue forecast in 2031 |
USD 896.32 Bn |
|
Growth rate CAGR |
CAGR of 7.43% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume (KT) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Type, Technology and Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Lyondellbasell Industries Holdings B.V.,Sabic, Ineos, Dupont, Exxonmobil, Sinopec, DOW Inc., BASF SE, Eastman Chemical Company, Chevron Corporation, Formmosa Plastics Corporation, Solvay, China Plastic Extrusion Ltd., GSH Industries, Lanxess AG, LG Chem Ltd., Lotte Chemical, Proto Labs, PSI Molded Plastics, Reliance Industries LIMITED, Sibur, Takween Advanced, Industries, Versalis S.P.A., Westlake Corporation |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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