Molded Plastic Market 2019 | Emerging Trends, Highlights and Challenges Forecast 2023

Market Overview:

Molded Plastics are synthetic compounds that can be molded into various shapes based on the application. The use of pigments and other additives enhances the quality of the Molded Plastics, which are used in various industries owing to their durability, light weight, and high chemical resistance.

The growth of the Global Molded Plastic Market is driven by the rapidly increasing use in the packaging industry in fast-moving consumer goods, household care products, and consumer electronics. The rapid growth of the construction, electrical and electronics, automotive, and packaging industries is expected to fuel the demand for Molded Plastics during the forecast period. The use of Molded Plastics in the electrical and electronics industry has seen substantial growth in recent times in laptops, televisions, computers, and mobile phones. Molded plastics are also widely used in automotive applications such as air flow ducts, engine covers, car fascia, grilles, and bumpers. The rise in the demand for environmentally sustainable and low carbon emitting vehicles has increased the use of Molded Plastics in the manufacturing of automobiles to reduce vehicle weight and increase fuel economy.

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However, the growth of the Global Molded Plastic Market is hindered by high initial costs and short production runs, which may create a roadblock for players in the market.

Segmentation:

The Global Molded Plastic Market has been segmented by Material, Technology, Application and Region.

Based on Type, the market has been divided into polypropylene, polyvinylchloride, polystyrene, polyethylene, polyethylene terephthalate, and others.

On the basis of Application, the market has been segregated into packaging, electronics, building and construction, automotive, and others.

By Technology, the market has been classified as injection molding, blow molding, thermoforming, extrusion molding, and others.

The Global Molded Plastic Market has been segmented, by region, into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.

Some of the key players in the Global Molded Plastic Market are BASF SE (Germany), Harwal Group of Companies (UAE), DuPont (US), HTI Plastics (US), Eastman Chemical Company (US), INEOS (UK), LyondellBasell Industries Holdings BV (Netherlands), Reliance Industries Limited (India), SABIC (Saudi Arabia), Exxon Mobil Corporation (US), Magna International Inc. (Canada), and Takween Advanced Industries (Saudi Arabia).

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Intended Audience

Molded Plastic Manufacturers

Traders and Distributors of Molded Plastic

Research and Development Institutes

Potential Investors

Raw Material Suppliers

Nationalized Laboratories

Regional Analysis:

Asia-Pacific dominated the Global Molded Plastics Market in 2017 due to the increased adoption in the packaging, building and construction, and automotive industries in the region. The rising need for environmentally sustainable vehicles with low carbon emissions has further increased the use of Molded Plastics in the manufacturing of lightweight and fuel-efficient automobiles. Moreover, the rapid growth of emerging economies such as China, India, and several ASEAN countries has led to a surge in demand for Molded Plastics in various industries. Several manufacturers are shifting operations to countries such as China, India, and Indonesia. This, coupled with economic growth and a rise in population, is expected to boost drive market growth in the region.

The European market is also expected to grow on account of the expanding aerospace and defense industry with the presence of established key aircraft OEMs such as Dassault Aviation, BAE Systems, and Airbus Group. Molded plastic is used in the aviation industry for battery housings, circuit boxes, knobs, connectors, and pitot tubes. Additionally, the reviving automotive industry with the rising production of lightweight vehicles is likely to fuel the demand for Molded Plastics in the region. North America is another prominent region for the molded plastic market owing to the resurgence in well-established industries such as construction, automotive, and electronics.

The Latin American market is witnessing considerable growth with rising product demand in the packaging industry. The use of rigid plastic has grown considerably as it is non-corrosive, lightweight, and inexpensive, which is likely to propel market growth in the region.

The market in the Middle East & Africa is likely to exhibit significant growth during the review period owing to the expanding building and construction industry and rapid industrialization in the region. Product demand is rising in the construction industry in countries such as Saudi Arabia and Qatar due to the upcoming FIFA World Cup 2022 in the latter.

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