Burlingame, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, “Molded Plastic Market, by Product (Polyvinyl chloride, polypropylene, Polystyrene, Low density polyethylene, High density polyethylene, Polyethylene terephthalate, and Engineering plastic), by Technology Type (Injection molding, Blow molding, Compression molding, Film insert molding, Gas assist molding, Rotational molding Structural form molding, Thermoforming), By End Use Industry (Building and Construction, Electrical and Electronics, Automotive, Packaging, and Others) - Size, Share, Outlook, and Opportunity Analysis, 2022 – 2028.” According to Coherent Market Insights, global molded plastic market is estimated to be valued at US$ 170.9 billion in 2021 and is expected to exhibit a CAGR of 6.10% during the forecast period (2021-2028).
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Analysts’ Views on Global Molded Plastic Market
Molded plastic refers to the process of shaping and forming plastic materials into specific shapes using a mold or a die. Plastic molding is the process of pouring liquid plastic into a mold so that it hardens in that customized shape. It is commonly used to manufacture a range of plastic products, from simple items like bottles and containers to more complex components for various industries. The most common use for this method is for big and hollow parts. The moulds that are used in are highly intricate to make products customizable and changeable. PC/ABS plastic is one of the most widely used materials for plastic injection molding owing to its combination of strength and heat-resistance offered by PC and the flexibility offered by ABS.
Key Trends and Analysis of the Global Molded Plastic Market:
Rising adoption of 3D printed plastic composites is one of the key trends expected to augment the growth of the global molded plastic market. For instance, 3D printing the injection molds is the most cost effective way for low-run injection molding. Molds directly from the 3D printer can be used for low volumes of parts (up to 100 or up to 10,000+, depending on the material) and can cost up to 90% less than metal molds. It is widely used for prototyping. This enables companies to test and iterate faster and then more confidently move to conventional tooling for mass production. In the automotive industry, 3D printed plastic composites/materials are used to manufacture custom parts as well as to re-manufacture automotive parts/components.
Global Molded Plastic Market – Drivers
Rapid growth of the automotive industry to propel market growth
Molded plastics are used to manufacture various automotive parts to reduce fuel consumption and improve performance. Thus, with the rapid growth of the automotive industry, the use and demand for plastic components is also increasing with a rapid pace. For instance, according to India Brand Equity Foundation (IBEF), the Indian automotive industry is expected to reach around US$ 251.4-282.8 billion (INR.16.16-18.18 trillion) by 2026. Moreover, India is emerging as a global hub for auto component sourcing and the industry exports over 25% of its production annually. The Indian auto component industry is set to become the 3rd largest globally by 2025.
Molded Plastic Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2020 | Market Size in 2021: | US$ 170.9 Bn | |
| Historical Data for: | 2017, 2018, and 2019 | Forecast Period: | 2021 to 2028 | |
| Forecast Period 2021 to 2028 CAGR: | 6.10% | 2028 Value Projection: | US$ 258.7 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | BASF SE, Eastman Chemical Company, SABIC, Huntsman Corporation, LyondellBasell Industries N.V, INEOS Group AG, Chevron Phillips Chemical Company LLC, Reliance Industries Limited, Obeikan Investment Group (OIG), and Takween Advanced Industries. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Rapid growth of the construction industry to boost market growth
Plastic injection molding play a key role in the construction industry and is an excellent production method for creating parts and/or equipment used in the construction industry. Thus, with the rapid growth of the construction industry, the use and demand for plastic components is also increasing with a rapid pace. According to the IBEF, India is expected to become the third largest construction market by 2025. India, China, and the United States are expected to account for almost 60% of all global growth in the sector by 2025 and almost 52% of all construction activities are already taking place in emerging markets. This in turn is driving the market growth.
Global Molded Plastic Market – Restrain
Fluctuation in raw material prices to hamper market growth
One of the key factors expected to hamper the growth of the global molded plastic market is the fluctuation in raw material prices. Naphtha, natural gas, and crude oil are major feedstocks used to manufacture primary petrochemicals which, in turn, are often used as raw materials to manufacture various types of molded plastics. Therefore, changes in raw material prices directly affect the price of molded plastics. Moreover, the fluctuating prices affect the use, demand, or adoption of molded plastics. This in turn is expected to hamper the market growth.
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Global Molded Plastic Market – Opportunities
Increasing demand for molded plastics is expected to provide significant growth opportunities for players in the global molded plastic market. In September 2022, BMW planned to use injection-molded plastics from recycled fishing nets and ropes in NEUE KLASSE models. A new recycling process will allow it to repurpose fishing nets into the interior and exterior trim pieces of its NEUE KLASSE of cars. BMW models launched from 2025 onwards will incorporate trim parts crafted from recycled fishing nets and ropes. As a result, these components bring 25 per cent lower CO2 emissions compared to conventionally-made plastics.
Global Molded Plastic Market - Key Developments
In October 2022, LS Mtron Injection Molding Machines introduced a new Artificial Intelligence (AI)-based offering with two distinct systems: AI Molding Assistant and Smart Weight Control. The AI Molding Assistant is a condition derivation system that LS Mtron says can reduce the time needed to stabilize the initial molding setup process by learning and imitating behavior of highly skilled molding specialists via AI.
Key Market Takeaways:
Global molded plastic market is expected to exhibit a CAGR of 6.10% over the forecast period. The molded plastic market is growing rapidly in response to the increasing demand for sustainable plastics across the globe.
On the basis of Product: Polyvinyl chloride Segment is expected to dominate the market over the forecast period and this is attributed to the increasing use of polyvinyl chloride (PVC).
On the basis of Technology Type: Injection Molding Segment is expected to dominate the market over the forecast period and this is attributed to the increasing use/demand for injection molded plastics around the world.
On the basis of End Use Industry: Automotive Segment is expected to dominate the market during the forecast period and this is attributed to the rapid growth of the automotive industry.
On the basis of Geography, Asia Pacific is expected to hold a dominant position during the forecast period due to increasing demand for molded plastics, rapid growth of the Automotive Industry, and rapid growth of the Construction Industry in the region.
Competitive Landscape:
Key players operating in the global molded plastic market include BASF SE, Eastman Chemical Company, SABIC, Huntsman Corporation, LyondellBasell Industries N.V, INEOS Group AG, Chevron Phillips Chemical Company LLC, Reliance Industries Limited, Obeikan Investment Group (OIG), and Takween Advanced Industries.
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Detailed Segmentation:
- Global Molded Plastic Market, By Product
- Polyvinyl chloride
- Polypropylene
- Polystyrene
- Low density polyethylene
- High density polyethylene
- Polyethylene Terephthalate
- Engineering Plastic
- Global Molded Plastic Market, By Technology Type:
- Injection molding
- Blow molding
- Compression molding
- Film insert molding
- Gas assist molding
- Rotational molding
- Structural form molding
- Thermoforming
- Global Molded Plastic Market, By End Use Industry:
- Building and Construction
- Electrical and Electronics
- Automotive
- Packaging
- Others
- Global Molded Plastic Market, By Region:
- North America
- By Country:
- U.S
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Middle East & Africa
- By Country/Region:
- Middle East
- Africa
- By Country/Region:
- North America
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