Molded Plastic Market Overview —
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.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.
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.
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The global molded plastic market is influenced by many noteworthy players including 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).
June 2019: Plastic Molding Technology (PMT), has recently invested USD 1 million to cater to new demand, adding to both, vertical and horizontal injection molding processes at the headquarters and factory site based in El Paso, Texas. PMT is a custom injection molder and contract manufacturer.
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.
Detailed Regional Analysis
The global molded plastic market is studied for the regional segments of North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. Asia Pacific spearheaded the global molded plastic market at the beginning of the forecast period and is anticipated to register notable growth during the forecast period. This progress can be accredited to the mounting adoption of the same in the packaging, automotive, and building & construction industries in the region.
A growing emphasis on the use of environmentally sustainable vehicles with lower carbon emissions has proliferated the use of molded plastic in the manufacture of lightweight and fuel-efficient automobiles. Moreover, economic growth noted in developing countries such as India, China, and several ASEAN countries has caused an upsurge in demand for molded plastics in several industries. Another factor driving significant growth in the regional molded plastic market is the rising shift of operations of major manufacturers to India, China, and Indonesia. A rise in the population is also anticipated to drive market growth in the region.
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Europe is projected to showcase considerable growth with the rising product demand in the packaging industry residing in the region. Aerospace and defense industry is anticipated to register robust growth owing to the presence of multiple prime aircraft OEMs in the region such as BAE Systems, Dassault Aviation, as well as, Airbus Group. Such growth is expected to, in turn, propel growth in the global molded plastic market owing to the mounting demand for the same in the aerospace and defense sector.
North America is projected to record significant growth for molded plastic owing to the expansion witnessed by numerous well-established industries such as construction, electronics, and automotive. Latin America is expected to exhibit sizeable surge attributable to the ascending product demand in the regional packaging industry. Further, the use of rigid plastic has augmented substantially owing to its non-corrosive and lightweight nature, which is contributing to the growth of the regional molded plastic market.
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