Global molded plastic market is witnessing a constant rise in its size, mainly due to the colossal consumption of these plastics across the industries. The market is primarily driven by the rapidly increasing use of molded plastic in sectors such as packaging, consumer goods & household products, and consumer electronics. Besides, the spurting growth in most of the ned-industries, such as construction, electrical & electronics, and automotive, escalates the market demand on the furthered height.
According to Market Research Future (MRFR), the global market of molded plastic is estimated to grow exponentially by 2028, registering a phenomenal CAGR throughout the forecast period (2021 to 2028). Augmenting market demand from the burgeoning automotive & packaging industry is a major driving force behind the growth of the market. Also, some of the diverse applications of molded plastic in automotive, such as airflow ducts, engine covers, car fascia, grilles, and bumpers, foster market growth.
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The rise in the demand for low carbon-emitting vehicles defines the growing landscape of the market, increasing the fuel economy by using molded plastics in the manufacturing of lightweight automobiles. Additionally, factors such as the ever0increasing population, urbanization, and industrialization across the globe, substantiate the growth of the market. Also, improving economic conditions worldwide influence the growth of the market positively.
On the other hand, high initial costs and short production runs are the major factors acting as growth impeders for the molded plastic market. Nevertheless, increasing R&D investments made in the field to improve molding and manufacturing techniques and associated technologies would support the growth of the market throughout the projected period.
Molded Plastic Market - Segmentations
The analysis has been segmented into four major dynamics.
By Material : Polypropylene, Polyvinylchloride, Polystyrene, Polyethylene, Polyethylene Terephthalate, and other materials.
By Technology : Injection Molding, Blow Molding, Thermoforming, and other technologies.
By Application : Packaging, Electronics, Building & Construction, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Molded Plastic Market - Geographical Analysis
The Asia Pacific region dominates the global molded plastic market. The largest market share attributes to the increased adoption in the packaging, building & construction, and automotive industries in the region. The rising need for environmentally-friendly vehicles with low carbon emissions has further boosted the consumption of molded plastic in the manufacturing of lightweight and fuel-efficient automobiles.
The region has been attracting foreign investors with its raw material advantage and the cost-competitive workforce. This has further increased the market size, increasing the numbers of molded plastic plants in the region. China, India, and several ASEAN countries with their surging demand for molded plastics in various industries contribute to the regional market growth, excellently. Besides, economic growth and a rise in population in the region is expected to drive the market growth in the region.
Europe stands second in the global molded plastic market. The region is expected to grow colossally on account of the expanding aerospace and defense industry. Moreover, the presence of established key aircraft OEMs such as Dassault Aviation, BAE Systems, and Airbus Group is driving the regional market growth substantially. Additionally, the well-established automotive industry in the region fosters a significant market share, witnessing the rising production of lightweight vehicles.
North America is another rapidly growing market for molded plastic. Well-established industries such as construction, automotive, and electronics in the region drive the growth of the market. Besides, the growing packaging industry is propelling the market growth in the region, consuming a massive amount of molded plastic. Moreover, an increase in automotive production and rising demand for lightweight vehicles support market demand.
Heading with the increasing demand for polypropylene and polyethylene in heavy industries, the North American molded plastic market is projected to create a substantial revenue pocket over the assessment period.
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Global Molded Plastic Market - Competitive Landscape
Highly competitive, the global market of molded plastic appears to be fragmented, with many matured players forming a competitive landscape. These players adopt strategies such as collaborations, mergers & acquisitions, expansion, and technology launch to gain a larger competitive advantage in this market. Players also to sustain their market positions.
Major Players:
Players leading the molded plastic market include Harwal Group of Companies (UAE), BASF SE (Germany), DuPont (US), Eastman Chemical Company (US), HTI Plastics (US), INEOS (UK), Reliance Industries Limited (India), LyondellBasell Industries Holdings BV (Netherlands), SABIC (Saudi Arabia), Magna International Inc. (Canada), Exxon Mobil Corporation (US), and Takween Advanced Industries (Saudi Arabia), among others.
Industry/Innovation/ Related News:
February 24, 2020 ---- Lumax Auto Technologies Ltd. (India), a leading maker of auto components, announced the acquisition of roto molded plastic business of OK Play India Ltd. OK Play is one of the largest manufacturers of plastic molded toys, fun-stations, playground equipment, and children’s furniture in India. The deal will provide Lumax Auto Technologies Ltd with access to the latest rota molding technologies. The acquisition would also allow the company to explore fast-emerging growth opportunities in the automotive rota molded plastic fuel tanks market for commercial vehicles, tractors, and off-road vehicles.
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