Dublin, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The "Plastic Contract Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global plastic contract manufacturing market, which reached US$ 34.5 billion in 2022, is poised for robust growth in the coming years, with an anticipated market size of US$ 47.0 billion by 2028. This growth is expected to reflect a compound annual growth rate (CAGR) of 5.21% during the period from 2023 to 2028, according to the report.
Plastic Contract Manufacturing: Streamlining Production and Reducing Costs
Plastic contract manufacturing involves the outsourcing of plastic production to another firm, allowing companies to create customized components or final products without the need for new production facilities or additional staff training. Contact manufacturers take charge of various aspects, including raw materials, design specifications, and certification requirements, tailoring products to specific sizes and needs. This approach not only reduces production costs but also enhances supply chain performance.
Market Trends Driving Growth
Several key trends are driving the growth of the plastic contract manufacturing market. The increasing demand for consumer electronics, such as smartphones, wearables, and more, has propelled the use of plastic in manufacturing. Additionally, the medical sector is embracing plastics like polyvinylchloride (PVC) and polyethylene (PE) for producing medical devices, driven by the rising number of medical tests. Contract manufacturing offers advantages like integrated design, rapid prototyping, and cost-efficiency, making it an attractive choice for manufacturers. This approach also enables Original Equipment Manufacturers (OEMs) to focus on critical business aspects, ensuring steady production and efficient supply chain management.
Market Segmentation and Regional Insights
The report provides a comprehensive analysis of the market based on product, process, and application, offering forecasts at the global, regional, and country levels from 2023 to 2028. The market is segmented as follows:
By Product:
- Polypropylene
- ABS (Baytech Plastics Inc.)
- Polyethylene
- Polystyrene
- Others
By Process:
- Injection Molding (EVCO Plastics)
- CNC Machining (C&J Industries)
- 3D Printing
- Others
By Application:
- Consumer Goods and Appliances
- Medical (Nolato AB)
- Aerospace and Defense
- Automotive
- Others
By Region:
- North America (McClarin Composites)
- Asia-Pacific (Inzign Pte. Ltd.)
- Europe
- Latin America
- Middle East and Africa
Key Players in the Market
The competitive landscape of the plastic contract manufacturing industry includes key players like Baytech Plastics Inc., C&J Industries, EVCO Plastics, Genesis Plastics Welding, Gregstrom Corporation, Inzign Pte. Ltd., Mack Group, McClarin Composites, Nolato AB, Plastion Industries Inc., RSP Inc., and Tessy Plastics Corporation.
Key Questions Answered in This Report
The report addresses several critical questions, including:
- How has the global plastic contract manufacturing market performed, and what are the growth prospects?
- What is the impact of COVID-19 on the industry?
- What are the key regional markets?
- What are the market segments by product, process, and application?
- What are the driving factors and challenges in the industry?
- Who are the key players, and what is the competitive landscape?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 146 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $34.5 Billion |
| Forecasted Market Value (USD) by 2028 | $47 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/y56a12
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