Luton, Bedfordshire, United Kingdom, March 20, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Molded Plastic Market.
The global molded plastics market size is USD 395.06 Million in 2022 and is expected to grow till USD 726.22 million by 2029, at a Compounded annual growth rate (CAGR) of 7.20%
Molded plastics are less expensive and lighter than alternative materials, such as metals, and are thus preferred in commercial and industrial applications. They are usually made from fossil fuels like crude oil, natural gas, and naphtha. The environmental impact of petroleum-based molded plastics on the ecosystem has prompted the development of bio-based plastics. Bioplastics include a wide spectrum of materials. The first-generation bioplastics were made from traditional renewable and agricultural resources such as soybeans, corn, and sugar cane. Second-generation sources shifted from food to non-food renewable sources like hemp, sawdust, switchgrass, and castor beans, as well as first-generation feedstock waste like peels and husks.
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Recent Developments
- 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.
APAC expected to dominate 47% and fastest-growing market.
In terms of value, APAC is predicted to be the largest and fastest-growing market for Molded plastics. China is the market leader in APAC for Molded plastics. The region’s market is dominated by the region’s major Molded plastics producers. APAC is home to manufacturing centres in the automotive, chemical, pharmaceutical, food and beverage, and personal care industries. As a result, the demand for Molded plastics is expected to rise. The industrial expansion in India, Japan, and the ASEAN countries is projected to assist the Molded plastics industry in the region.
Market Dynamics
Drivers
- Rising Demand from Packaging Application
- Growth of the Automotive Industry
- Positive Outlook for Construction Industry
- Increasing Demand for Sustainable Plastics
Restraints
- Stringent Regulations
- Volatility in Raw Material Prices
Opportunities
- Rising Population and Urbanization in Emerging Economies
- Increasing Demand for Electric Vehicles
- Rising Adoption of 3D Printing Plastic Composites
Challenges
- Disposal of Molded Plastics
- High Cost of Recycling
The following section goes into more detail about some notable developments and factors that are assisting the Molded Plastics Market in projecting its anticipated growth during the forecast period.
- The rate of increase in construction output is impressive. According to recent research, these volumes would rise by 85% by 2029, generating USD 15.5 trillion in revenue for the industry. It is important to note that only three nations—India, China, and the United States of America—will be at the vanguard of this development.
- There would be a rise in demand for construction, building, and transportation due to an anticipated 2 billion more people expected to live on the world over the forecast period, increasing the current number of 7.7 billion to 9.7 billion by the year 2050. By 2050, there will be more people living worldwide, which will increase demand for homes, workplaces, recreation areas, and public amenities, fueling development in the global market for moulded plastics. To conduct their everyday activities, they would also need transit tools and modes, which would increase the demand for cars. Again, over the cited time span, this would be a key growth driver in the industry.
Molded polyethylene plastics are expected to lead the market.
During the forecasted period, polyethylene is expected to be the most valuable sector of the Molded plastics market. Extrusion, injection moulding, blow molding, and rotational moulding are some of the molding processes used to make plastic components for use in the packaging, construction, automotive, and electronics & electrical sectors. Due to its abrasion resistance, chemical resistance, flexibility, and exceptional low-temperature toughness, polyethylene is favoured in the aforementioned applications.
Molded plastics recycling difficulties are hindering the market’s growth.
Molded plastics are employed in a variety of industries, including packaging, vehicles, construction, and agriculture. These goods are used in particular industries, Due to their low weight, durability, high strength-to-weight ratio, shock resistance, and low toxicity. As a result, there has been an upsurge in the demand for plastic objects. However, their present levels of use have resulted in huge rubbish disposal, which has resulted in a plethora of environmental problems. Hazardous compounds are created as pollutants when plastic products are discarded and released into the environment. The most frequent pollutants include benzene and dioxins, as well as heavy metals like lead and cadmium. These chemicals and heavy metals unleash toxic toxins into the environment.
Molded Plastics Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 395.06 Million in 2022 |
| Revenue forecast in 2029 | USD 726.22 million by 2029 |
| Growth rate | CAGR of 7.20% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Key companies profiled | ExxonMobil Corporation, Lyondell Basell Industries Holdings BV, SABIC, INEOS, DowDuPont. |
| Market Drivers | Rising construction industry demand for cement, plaster, and drywall products is expected to drive the synthetic gypsum market |
Growing Usage of Molded Plastics in Packaging and Building & Construction
Molded plastics find application in various end-use industries, including packaging, consumables and electronics, automotive and transportation, and building and construction.
The packaging application leads the molded plastics market in terms of volume as well as value. This industry is anticipated to remain the most prominent consumer of molded plastics during the forecast period, with the consumption volume amounting to almost 30% more than any other application. The price of molded plastics used for packaging has been slightly higher than that for any other application and this is also contributing to the growth of the packaging segment by value.
Leading businesses are concentrating on increasing their market share.
The market’s leading players have made significant investments in both research and development and production. The top leaders’ expansion strategies include product offers that are backed up by excellent operational efficiency and cutting-edge technology. They’ve all emphasised the need of well-established supply chains. Leading firms are developing new goods and buying small-scale producers or suppliers to strengthen their market position and remain ahead of the competition.
ExxonMobil Corporation, LyondellBasell Industries Holdings BV, SABIC, INEOS, and DowDuPont are among the global leaders in the modular construction market.
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Key Market Segments: Molded Plastics Market
Molded Plastics Market by Type, 2023-2029 (USD Millions) (Kilotons)
- PE
- PP
- PVC
- PET
- PS
- PU
Molded Plastics Market by End Use Industry, 2023-2029 (USD Millions) (Kilotons)
- Packaging
- Automotive & Transportation
- Construction & Infrastructure
- Electronics & Electrical
- Pharmaceutical
- Agriculture
Market Dynamics
Global molded plastic market is expected to witness a dynamic growth in the forecast period owing to growing packaging and petrochemical industry. These sectors use plastics extensively in the production of consumer electronics, household care items, and a rise in the use of plastics in the automotive business. For instance, the Organization Internationale des Constructeurs Automobiles (OICA) estimates that the car sector grew at a pace of 4.5% between 2023 and 2029. Vehicles with low VOC emissions and environmental sustainability are made using polymers, which are in higher demand. Additionally, the expansion of the healthcare industry is raising the demand for polymers due to their many benefits, including moisture resistance, sturdiness, and flexibility in restorative devices, pharmaceutical containers, and liquid medicines.
Molded plastic also exhibits a number of other qualities, including elasticity, adaptability, insulation, affordability, high chemical resistance, superb processability, and design freedom, all of which are crucial for automotive and building component components. Additionally, the International Organization of Motor Vehicle Manufacturers (OICA) (France) forecasted that the world's automobile output would reach 97,302,534 vehicles in 2022, representing a rise of 2.36% from 2023 to 2029.
Packaging is expected to be the most popular and fastest-growing use of Molded plastics.
In terms of value, packaging is expected to be the largest and fastest-growing application. The growing need for alternatives to traditional packaging materials like metals and glass is primarily to blame for the sector’s growth. Due to their design flexibility, chemical and moisture resistance, lightweight, and cheap cost, moulded plastics are expected to gain appeal in the packaging sector. In the food and beverage, pharmaceutical, and chemical industries, moulded plastics are used to make cans, containers, bottles, and packaging sheets. Such factors are anticipated to boost the segment’s growth.
Agriculture makes extensive use of Molded plastics. The rising need for plastics in this industry is projected to boost the Molded plastics market.
Farmers have benefited from the rising usage of plastics in this industry by increasing crop yield and enhancing food quality. PE, PP, PVC, and PET are some of the most often used agricultural Molded plastics. These polymers may be found in greenhouses, tunnels, mulching, reservoirs and irrigation systems, silage, fitting and spray cones, and netting used to shade the inside of a greenhouse. Water and nutrient waste may be avoided by using PVC irrigation lines. Reservoirs made of plastic help in the retention of rainfall. Greenhouses and mulching help to decrease pesticide consumption by keeping crops enclosed within a controlled enclosure. Plastic tunnels are used to grow plants like watermelon and asparagus effectively.
Frequently Asked Questions
Q1. What are the upcoming trends of Molded Plastics Market in the world?
Q2. What is the leading application of Molded Plastics Market?
Q3. Which is the largest regional market for Molded Plastics?
Q4. What is the estimated industry size of Molded Plastics?
Q5. Which are the top companies to hold the market share in Molded Plastics?
Have a Look at other Exactitude Consultancy Reports:
Micro Injection Molded Plastic Market - is expected to grow at 11.06% CAGR from 2023 to 2029. It is expected to reach above 2258.12 USD million by 2029 from 890.00 USD million in 2022.
Recycled Plastic Market - size is expected to grow from USD 25.52 billion in 2022 to USD 56.81 billion by 2029, at a CAGR of 9.3% during the forecast period.
Polyphenylene Market - is expected to grow at 8% CAGR from 2023 to 2029. It is expected to reach above USD 7.60 billion by 2029 from USD 3.8 billion in 2022.
Barrier Resins Market - size was valued at USD 12.23 billion in 2022 and is projected to reach USD 20.66 billion by 2029, growing at a CAGR of 6% from 2023 to 2029.
Expanded Polystyrene Market - is expected to grow at a 4.71% CAGR from 2023 to 2029. It is expected to reach above USD 23.6 billion by 2029 from USD 15.6 billion in 2022.
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