United States, Rockville MD, May 17, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Molded Plastics market is projected to grow at a compound annual rate (CAGR) of 4.7% between 2022 and 2032. The market is expected to reach US$ 260.5 Billion by the end of 2032.
The demand for Molded Plastics Market is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 165.8 Billion by the end of 2022.
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The demand for molded plastics has increased significantly in the last few years from different end-use industries. To fulfil the demand, manufacturers have taken advantage of advanced technologies to provide robust products, due to which margins on the products have been decreased.
Furthermore, there are various technologies which have been used in molded plastics such as blow molding, injection molding, thermoforming, extrusion and others. The extrusion process is widely deployed in big manufacturing units of cans and bottles owing to its low-cost implementation the other counterparts.
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Moreover, companies have registered growth of 2.5X by using above technologies in the last few years. This is projected to remain the same in the coming years and the overall market is expected to grow at a CAGR of 4.7% and touch the valuation of USD 260.5 Billion in 2032 from USD 165.8 Billion in 2022.
In addition, the North American market is the largest consumer as well as manufacturer of molded plastics which has acquired a significant market share in the global market. From the high opportunity perspective, South Asia and Oceania market is the most lucrative market as different regional governments are encouraging manufacturers by offering numerous tax benefits, land and transport benefits etc.
On the basis segmental study, polypropylene is the leading material which is holding more than 1/5th market share of the global market. It is expected to add 273 BPS at a CAGR of 6.0%. It is largely used in manufacturing drainage pipes, gas pipes, flooring tiles, windows, electrical conduits, doors, etc.
Which South Asia and Oceania Countries Account for Significant Molded Plastic Demand?
Hassle-free labor availability, favorable regulations, and numerous projects run by governments are supporting leading companies to place their manufacturing units in developing South Asian countries such as India, Indonesia, and Thailand.
Abundant availability of agricultural fields and automotive industry growth in these countries are expected to drive demand for molded plastics. Moreover, the rising population is generating significant need for medical infrastructure, owing to which, governments are planning to invest a large portion of their budgets in the same. This is projected to create tremendous revenue-generating opportunities for market players going ahead.
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Key Segments Covered in the Injection Molded Plastics Industry Survey
- Molded Plastics Market by Material :
- Polypropylene
- Polyethylene
- Polyvinyl Chloride
- Polystyrene
- Polyethylene Terephthalate
- Other Materials
- Molded Plastics Market by End Use :
- Packaging
- Consumables & Electronics
- Automotive & Transportation
- Building & Construction
- Other Applications
Competitive Landscape
The global molded plastics market is largely fragmented, and North American companies are dominating the overall market due to their worldwide presence. Industry players are focusing on improving their R&D capabilities and developing new products.
- In 2021, BASF set out to increase its polyamides product portfolio for the high-temperature variety by launching a new brand - heat-stabilized Ultramid.
- In August 2021, LANXESS completed the acquisition of a USA-based leading manufacturer of specialty chemicals - Emerald Kalama Chemical.
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Key players in the Injection Molded Plastics Market
- BASF SE
- E. I. DU PONT DE NEMOURS AND COMPANY
- ExxonMobil Corp.
- DuPont de Nemours, Inc.
- Dow, Inc.
- Huntsman International LLC
- Eastman Chemical Company
- INEOS Group
- LyondellBasell Industries Holdings B.V.
- SABIC
- Magna International, Inc.
Key Takeaways from Injection Molded Plastics Market Study
- The molded plastics market is anticipated to add 1.6X value by 2032
- Polypropylene segment under molded plastics type is capturing nearly one-fifth of the global market share, and is likely to offer an absolute dollar opportunity of around USD 19.8 billion over 2022-2032
- Among the applications, packaging has been the fastest-growing segment with 5.4% CAGR
- North America molded plastics market is dominating the global market in 2022 where United States is set to acquire more than 91% market share and generate abundant revenue in the forecast period
- The Indian molded plastics market is anticipated to dominated South Asia and Oceania region with more than 2/3rd market shares
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