ID: MRFR/CnM/4934-HCR | 100 Pages | Published By Priya Nagrale on March 2023
In 2020 the molded plastics market size was valued at USD 265.1 billion globally and was predicted to expand at a CAGR of 4.6% from 2021 to 2028.
Molded Plastic Market OverviewIn 2020 the molded plastics market size was valued at USD 265.1 billion globally and was predicted to expand at a CAGR of 4.6% from 2021 to 2028.
Molded plastic materials are synthetic materials that are molded to form various shapes based on their fiction and their use. Use of various coloring and other additives that enhances the quality of the molded plastics are used in various industries looking for their durability, lightweight and chemical resistance. The growth of the molded plastic market is operated by the sudden rise in the use of these in the packaging industry for household care products, fast-moving consumer goods, and consumer electronics. The sudden growth of the electrical and electronics, automotive, construction, and packaging industries is expected to boost the demand during the molded plastics forecast period.
The molded plastics are used in the electrical and electronics industry, such as in laptops, televisions, computers and mobile phones, have experienced substantial growth in recent times. These are also used in automotive applications like engine covers, car fascia, grilles, air flow ducts and bumpers. The use of these molded plastics has increased with the rise of environmentally sustainable and low carbon-emitting vehicles, which has increased the use of molded plastics in the manufacturing of automobiles to reduce the vehicle weight and increase fuel economy.
The molded plastic market is expected to show mixed growth due to the rise in demand from packaging and medical application, whereas their demand would decrease drastically for applications such as automotive, building and construction, electrical and electronics and others. The automotive industry is estimated to hit a different level due to the changing government regulations and the sudden decrease in the demand for automobiles in pandemic situations. The production of automobiles is severely affected due to the global pandemic covid-19. According to an international organization of motor vehicles, there was a 16% drop in world auto production. There was seen a downfall in the molded plastic market growth as there was a disruption in the supply chain and a decrease in automotive sales due to covid-19. The breakage in the supply chain was majorly caused due to lockdowns in various regions by the government.
Chief Factors Existing In The Market
Key Market DriversThe major application of molded plastic is agriculture. The rise in demand for plastics from this sector is expected to operate the molded plastic market. The increase in usage of plastic in this field has helped farmers to boost crop production and improve the quality of food.The most common molded plastics in agriculture applications include PE, PP, PVC and PET. These plastics are used in the greenhouses, tunnels, irrigation systems, mulching reservoirs, silage, fitting and spray cones and nets that are used to shade the interior of a greenhouse. The PVC helps in the prevention of waste of water and nutrient, and it is used in plastic irrigation pipes. The greenhouses and mulching help in reducing the usage of pesticides by keeping the crops within a closed space. By using plastic tunnels, vegetables such as watermelon and asparagus are cultivated in an efficient way which will enhance the Molded Plastic Market share.Market OpportunitiesMolded plastic is an organic polymer that is processed in different ways by using various molding technologies. By the selection of specific molding processes, raw materials, additives and operating properties such as elasticity, hardness, rigidity, chemical and heat resistance can be varied as per the required applications. These are economical and lighter than other alternative materials such as metal and are mostly preferred in commercial and industrial applications. These are mostly found in fossil sources, such as crude oils, natural gas and naphtha. The environmental impact of petroleum-based molded plastics on the ecosystem has driven the development of bio-based plastics.These bioplastics have covered an extensive range of materials. The first-generation bioplastics were derived from traditional renewable and agricultural resources, such as soybeans, corn, and sugar cane. The second-generation sources shifted from food to non-food renewable sources, like hemp, sawdust, switchgrass, and castor beans. The third-generation sources include modified methane bacteria and algae. There is ongoing research to develop new resources for bioplastics. This will enhance the Molded Plastic Market Value.Market ChallengesMolded plastics are used for manufacturing products that are used for applications in packaging, automobile, building & construction, and agriculture industries. These products are used in these industries for having low weight, high strength-to-weight ratio, durability, resistance to shock, and low toxicity. This has boosted the demand for plastic products. Their levels of use have produced huge waste disposal resulting in several environmental problems. Plastic products, when disposed of and released into the environment, release harmful chemicals in the form of pollutants. These pollutants mainly consist of compounds such as benzene and dioxins and heavy metals, such as lead and cadmium. These chemicals and heavy metals release harmful toxins into the environment. These are some of the challenges that are faced by the molded plastic market.Market RestraintsThe prominent feedstocks used in the production of primary petrochemicals are crude oil, natural gas, and naphtha; these are used as raw materials for the production of different types of molded plastics.Plastic compounders further process the resins, and then it is used by formulators to manufacture plastic parts that are used in the packaging, automotive, and construction industries. The change in the price of crude oil directly affects the prices of molded plastics, due to which the costs get spread across the entire value chain of the molded plastics market. The fluctuating feedstock prices have a direct impact on the Molded Plastic Market Trends and its profitability.
Cumulative Evaluation Of The Market
In 2020 the molded plastics market size was valued at USD 265.1 billion globally and was predicted to expand at a CAGR of 4.6% from 2021 to 2028. The rising demand for plastic components from various end-use industries, including automotive, packaging, home appliances, electrical and electronics, and medical devices, is estimated to operate the market. The modern innovations to minimize the rate of faulty production have enhanced the importance of molded technology in the mass production of complicated plastic shapes.
The global molded plastic market has been divided by material, technology, application, and region.
Under the type, the market has been divided into polypropylene, polyvinylchloride, polystyrene, polyethylene, polyethylene terephthalate, and others.
Under the basis of application, the market has been divided into packaging, electronics, building and construction, automotive, and others.
Under the technology, the market has been divided into injection molding, blow molding, thermoforming, extrusion molding, and others.
The molded plastic market has been divided, by region, into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa globally.
According to the molded market analysis, Asia-Pacific dominated the global molded plastics market in 2017 due to the increase in the adoption in the packaging, building and construction, and automotive industries in the region. The increasing need for environmentally sustainable vehicles with low carbon emissions has increased the use of molded plastics in the manufacturing of lightweight and fuel-efficient automobiles. The sudden growth of economies in regions such as China, India, and several Asian countries has led to a rise in demand for molded plastics in various industries. There are several manufacturers who are shifting operations to countries such as China, India, and Indonesia. This connected the economic growth and a rise in population, which is expected to enhance and operate market growth in that region.
On account of the expanding aerospace and defense industry with the presence of established key aircraft OEMs such as Dassault Aviation, BAE Systems, and Airbus Group, the European market is expected to grow. The Molded plastic is used in the aviation industry for battery housings, circuit boxes, connectors, knobs, and pitot tubes. The reviving automotive industry with the increase in the production of lightweight vehicles is estimated to boost the demand for molded plastics in the region. North America is another leading region for the molded plastic market owing to the recovery in well-established industries such as construction, automotive, and electronics.
The Latin American market is having considerable growth with increasing product demand in the packaging industry. The use of rigid plastic has heightened as it is non-corrosive, lightweight, and inexpensive, which is likely to drive the market growth in the region.
The market in the Middle East & Africa is likely to show important growth during the estimated period owing to the expansion of the building and construction industry and rapid industrialization in the region.
Competitive Intensity Within The Industry
The major key players of molded plastic market who are leading the market growth and are the competitors in the market are BASF SE, Dow Inc., DuPont, HTI Plastic, Lyondell Basell, Coastal Plastic Molding, Huntsman Corporation, Magna International Inc.
Recent Market Developments
February 24, 2020 - Lumax Auto Technologies Ltd. (India), a leading maker of auto components, announced the acquisition of roto molded plastic business of OK Play India Ltd. OK Play is one of the largest manufacturers of plastic molded toys, fun-stations, playground equipment, and children’s furniture in India. The deal will provide Lumax Auto Technologies Ltd with access to the latest rota molding technologies. The acquisition would also allow the company to explore fast-emerging growth opportunities in the automotive rota molded plastic fuel tanks market for commercial vehicles, tractors, and off-road vehicles.In 2020 SABIC established its new PP plant in the Netherlands. It will help in supplying PP resins for the automotive and packaging industries.
In 2019 LyondellBasell established a new manufacturing site for PP compounds in China. This site will have a capacity of 20 KTPA.
This report includes all the data of the market such as market overview, covid analysis, market dynamics, market segmentation, the regional analysis,molded plastic market outlook, the competitive landscape, report overview and recent development of the market.
Key industrial segments
Automotive & Transportation
Construction & Infrastructure
Electronics & Electrical
|Market Size||2028: USD 265.1 Billion|
|CAGR||2028: 4.6% CAGR|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, technology, application|
|Geographies Covered||North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.|
|Key Vendors||BASF SE (Germany), Harwal Group of Companies (UAE), DuPont (US), HTI Plastics (US), Eastman Chemical Company (US), INEOS (UK), LyondellBasell Industries Holdings BV (Netherlands), Reliance Industries Limited (India), SABIC (Saudi Arabia), Exxon Mobil Corporation (US), Magna International Inc. (Canada), and Takween Advanced Industries (Saudi Arabia).|
|Key Market Opportunities||rise in the demand for environmentally sustainable and low carbon emitting vehicles|
|Key Market Drivers||
The molded plastics market can rise at 4.6% CAGR by 2028
Growth in the packaging and construction industry.
Asia Pacific holds the largest share in the global molded plastic market followed by Europe and North America, respectively.
Harwal Group of Companies (UAE), BASF SE (Germany), DuPont (US), Eastman Chemical Company (US), HTI Plastics (US), INEOS (UK), Reliance Industries Limited (India), LyondellBasell Industries Holdings BV (Netherlands), SABIC (Saudi Arabia), Magna International Inc. (Canada), Exxon Mobil Corporation (US), and Takween Advanced Industries (Saudi Arabia), are some of the major players operating in the global molded plastic market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global molded plastic market adopt to gain a larger competitive advantage.