Global Molded Plastics Market - 2021-2028
The global molded plastics market size was worth USD XX billion in 2020 and is estimated to reach USD XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Molded plastics refer to synthetic compounds, which are formed and molded-in numerous shapes depending on the application. These molded plastics are customizable by combining pigments and colors to their polymers. Molded plastics are utilized to improve the product's shelf life, increase product durability, and protect against damage.
Since its mass production in the 1940s, plastic has become a ubiquitous part of human life. According to industrial analysis, as of 2018, plastics' global production had grown to nearly 360 million metric tons. By the year 2050, plastic production is anticipated to have tripled and will estimate for a fifth of global oil consumption. Growing demand for plastic components from various end-use industries, including packaging, automotive, electrical and electronics and medical devices, is anticipated to drive molded plastics. Modern innovations to minimize faulty production have enhanced injection-molded technology's significance in the mass production of complicated plastic shapes.
Growing high-tech agriculture application to increase the molded plastics market
The agriculture industry has stringent requirements for part performance, wearability, durability and reliability. Agriculture equipment manufacturers can improve production throughout. Innovative production capabilities and experience with various thermoplastic resins enable the manufacture of large quantities of plastic parts for the agriculture industry and its vendors by any standard or requirement.
Furthermore, the commonly used molded plastics in the agriculture application include P.E., P.P., PVC, and PET. These plastics are used in greenhouses, tunnels, reservoirs and irrigation systems, fitting and spray cones, and nets used to shade the interior of a conservatory. Plastic irrigation pipes that are manufactured from PVC help in the decrement of wastage of water. Reservoirs built with plastics help in the harvesting of rainwater. Vegetables are cultivated efficiently by using plastic tunnels.
However, fluctuation in raw material prices hampering the growth of the molded plastics market
Crude oil, natural gas, and naphtha are primary feedstocks used petrochemicals, which are used as raw materials to manufacture molded plastics.
Plastic compounders further process resins and are then used by formulators to manufacture plastic parts used in the automotive, packaging and construction industries. Henceforth, the price changes in crude oil directly affect the prices of molded plastics, due to which the costs get across the entire value chain of the molded plastics market. The fluctuating feedstock prices directly impact the profitability of molded plastics suppliers, which was evident over the fall of crude oil prices from 2014.
Based on type, molded plastics market is categorized into polyethylene, polypropylene, polyvinyl chloride, polyethylene terephthalate, polystyrene and others.
Being the largest segment, polyethylene molded plastics is to lead the market
Polyethylene is expected to be the largest segment of the molded plastics market, in terms of value, during the forecast period. As per Statista, by 2024, polyethylene's global market value is expected to rise to 215 billion U.S. dollars.
Moreover, it is processed through various molding technologies, such as extrusion, injection molding, blow molding and others to produce plastic parts for uses in the packaging, construction and building, automotive, and electronics & electrical industries. Polyethylene is preferred in the services mentioned above, owing to its abrasion resistance, chemical resistance, flexibility, and excellent low-temperature toughness.
Based on end-user, molded plastics are segmented into packaging, automotive & transportation, building & construction, pharmaceutical, electronics & electrical and others.
The packaging segment is anticipated to be the largest and fastest-growing end-user of molded plastics
The packaging segment is foreseen to be the largest and fastest-growing application, in terms of value, during the forecast period. According to the World Packaging Organisation, the global packaging industry's revenue is over USD 500 billion. The segment's growth is mainly attributed to the increasing demand for alternatives to packaging materials, such as metals and glass. Flexibility in design, lightweight, and low cost of molded plastics is expected to drive its packaging application consumption. Molded plastics are used to produce bottles, containers, cans and packaging films used in the food & beverage, pharmaceutical, and chemical industries. Such attributes are anticipated to drive the growth of the segment.
Besides, building and construction are supposed to be the second-largest end-user segment in the molded plastics market over the forecast period. The growing consumption of molded plastics in high-tech agriculture technologies, such as irrigation systems and greenhouses, is anticipated to drive the segment's growth during the forecast period.
Molded plastics market share is mainly spread into these five regions- North America, Europe, South America, Asia-Pacific and Middle East & Africa.
Asia-Pacific is estimated to be the largest and fastest-growing market during the forecast period.
APAC is predicted to be the largest and fastest-growing run for molded plastics in value during the forecast period. According to industrial analysis, China dominated the molded plastics market in terms of revenue, accounting for 57.7% of the Asia-Pacific region in 2016. The market in the region is mainly described by the presence of the leading molded plastics producers. APAC is the production hub for the chemical, automotive, pharmaceutical, food & beverage, and personal care industries. This, in turn, is foreseen to fuel the demand for molded plastics.
Moreover, industrial growth in India, Japan, and other countries is also expected to boost its molded plastics market. The shift of manufacturing centers in countries such as China, India and others due to economic growth and rise in population is anticipated to increase the market growth in the Asia-Pacific region.
Besides, North America's market is mainly characterized by the presence of the leading molded plastics producers. The producers in the region focus on expanding their production capacities on leveraging the low production costs due to the abundance of raw materials.
The molded plastics market is consolidated with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include ExxonMobil Corporation, LyondellBasell Industries Holdings B.V., SABIC, INEOS, DowDuPont, China Petroleum Corporation, Eastman Chemical Company, Formosa Plastics Group, Chevron Corporation, Westlake Chemical, among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the growth of the Molded Plastics market globally.
Overview: ExxonMobil is an American multinational oil and gas corporation headquartered in Irving, Texas. It was formed on November 30, 1999, by the merger of Exxon and Mobil. ExxonMobil's primary brands are Exxon, Mobil, Esso, and ExxonMobil Chemical.
Product Portfolio: ExxonMobil™ polypropylene (P.P.) resins deliver consistent, high-quality products that meet industry demands for high-performing solutions. P.P. grades can provide manufacturing efficiencies, excellent durability, consumer appeal and the potential for low system costs.
The global molded plastics market report would provide access to an approx: 61 market data table, 57 figures and 228 pages.
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