Dublin, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The "Global Plastic Contract Manufacturing Market Size, Share, & Trends Analysis Report by Product (Polypropylene, ABS, Polyethylene, Polystyrene, Others), Application (Medical, Aerospace & Defense, Automotive), Region, and Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The latest market analysis report reveals that the global plastic contract manufacturing market is set to flourish significantly with an expected compound annual growth rate (CAGR) of 5.1%, poised to hit a lucrative market size of USD 45.11 billion by the year 2030. Such substantial growth is anticipated as end-use industries increasingly embrace the outsourcing model for plastic components manufacturing, aiming to optimize production expenses.
Prominent growth is foretold within the sector, owing to the heightened demand for polypropylene and polyethylene materials in medical device production. An upsurge of medical facilities and a corresponding increase in hospital establishments globally has exponentially accelerated the medical devices sector, which in turn benefits the plastic contract manufacturing market.
The consumer electronics industry's proclivity towards third-party manufacturing of plastic components is another crucial factor propelling the market forward. By leveraging contract manufacturing, companies are able to significantly reduce costs while ensuring product diversity and design precision.
Plastic Contract Manufacturing Market: Noteworthy Developments
- Polypropylene led the market by clinching over 34.5% of global revenue in 2022, backed by its versatile applications across automotive, packaging, and medical industries.
- The medical application axis is forecasted to spiral with the greatest CAGR from 2023 to 2030, prompted by escalating complexities in product engineering and design.
- Asia-Pacific emerged as a top performer in terms of revenue share in 2022, supported by a robust manufacturing base, cost-effective labor, and heightened domestic demand.
- India is becoming a hotbed for market growth, with projected high CAGRs up to 2030, fueled by the advancing aerospace, medical devices, and automotive sectors.
Key Market Players & Technological Advancements
Leading industry participants are strategically investing to amplify their manufacturing competencies and operational efficiencies to bolster profit margins. A case in point is EVCO Plastics' strategic expansion—adding a new facility equipped with advanced injection molding machines, thereby augmenting its medical manufacturing prowess.
The report delineates how the concert of technological advancements and strategic industry investments are crafting a dynamic landscape for the global plastic contract manufacturing market. Highlighting the significance of innovation and global market trends, the research encapsulates vital market segments, regional growth analysis, and actionable insights pertaining to the market trajectory from 2023 to 2030.
For businesses and stakeholders, this report serves as a critical tool to navigate through the competitive terrain of plastic contract manufacturing, spotlighting areas with high growth prospects, emerging applications, and the concerted impact of global trends on the market.
Key Topics Covered:
- Methodology and Scope
- Market Segmentation & Scope
- Research Methodology
- Information Procurement
- Market Formulation & Validation
- Executive Summary
- Market Outlook
- Segment Outlook
- Competitive Insights
- Market Variables, Trends & Scope
- Market Lineage Outlook
- Value Chain Analysis
- Market Dynamics
- Market Analysis Tools
- Supplier Portfolio Analysis
- List of Suppliers
- Sourcing Best Practices
- Product Estimates & Trend Analysis
- Key Takeaways
- Movement & Market Share Analysis
- Application Estimates & Trend Analysis
- Key Takeaways
- Movement & Market Share Analysis
- Regional Estimates & Trend Analysis
- Regional Outlook
- Plastic Contract Manufacturing Market by Region: Key Takeaway
- Competitive Landscape
- Recent Developments & Impact Analysis
- Market Participant Categorization
Key Attributes
| Report Attribute | Details |
| No. of Pages | 115 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $30.37 Billion |
| Forecasted Market Value (USD) by 2030 | $45.11 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Companies Mentioned
- McClarin Plastics, LLC
- EVCO Plastics
- C&J Industries
- Plastikon Industries, Inc.
- RSP, Inc.
- Mack Molding
- Tessy Plastics
- Inzign Pte Ltd.
- Genesis Plastics Welding
- Baytech Plastics
For more information about this report visit https://www.researchandmarkets.com/r/7mn81o
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
