Molded Plastics Market Value To Exceed $ 690,158 Million By 2023 | Growth with current trends and demand
Emerging market consumer goods (FMCG) and the growth of the packaging industry are driving the growth of the global molded plastics market
PORTLAND, OREGON, UNITED STATES, Oct. 20, 2021 /EINPresswire.com/ – Allied Market Research recently released a report entitled “Molded Plastics Market by Product (Polyvinyl Chloride, Polypropylene, Polystyrene, Low Density Polyethylene, High Density Polyethylene) “Released, Polyethylene Terephthalate and Engineering Plastics) Technology (Injection Molding, Blow Molding, Extrusion and Others) and Applications (Construction and Design, Electrical and Electronics, Automotive and Packaging) – Global Opportunity Analysis and Industry Forecast, 2017-2023”. The study provides a detailed Analysis of changing market dynamics, key investment pockets, key segments, and market competition. According to the report, the global molded plastics market generated $ 549.07 billion in 2017 and is projected to reach $ 690.15 billion by 2023 which grows at a CAGR of 3.9% from 2017 to 2023.
Strict government regulations to reduce CO2 emissions are fueling the consumption of lightweight materials such as molded plastics in various industries, driving the growth of the molded plastics market. In addition, consumption of consumer electronics such as smartphones, tablets, laptops, computers and televisions is increasing in emerging countries such as India and China due to rapid economic growth and the increase in consumer disposable income, the growth of the packaging industry and the rapid consumption of fast moving consumer goods ( FMCG) and the high demand from the automotive industry are driving the growth of the market. However, the volatility of the prices of raw materials such as ethylene and propylene is holding back the growth of the market. Conversely, the increasing use of molded plastics in the medical industry creates new growth opportunities for the market.
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Polypropylene segment should be lucrative by 2023
Among grades, the polypropylene segment accounted for 24.7% of the total market share in 2017 and would maintain its dominance through 2023. The segment is also expected to grow with the fastest CAGR of 4.4% during the investigation period. This is due to the high level of acceptance of polypropylene as the main raw material for the manufacture of consumer goods, automotive components and packaging products. Polypropylene is known for its excellent corrosion resistance properties and high insulation properties. The other types analyzed in the report are polyvinyl chloride, polystyrene, low density polyethylene, high density polyethylene, polyethylene terephthalate, and engineering plastics.
Injection molding segment should be lucrative by 2023 “
Among the technologies, the injection molding segment achieved the largest market share in 2017 with 58.2% and would maintain its sales lead until 2023. The segment would also grow from 2017 to 2023 with the highest CAGR of 4.1%. This is due to the high acceptance of injection molded plastic products in the manufacture of complex and detailed end products with minimal waste generation. In addition, favorable properties of the molded plastic such as excellent elasticity, insulation, versatility, high strength and low maintenance make it a suitable product for building and construction applications, which leads to an increasing consumption. The report also analyzes blow molding, extrusion and other technologies.
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Packaging segment is expected to lead in sales by 2023
In terms of applications, the packaging segment was the largest in 2017 with more than a third of the market share and would maintain its dominance through 2023. The growing trend towards packaged foods leads to a high demand for molded plastics as this increases the shelf life of food. In addition, molded plastic is used to make rigid packaging products through various processes such as extrusion molding, injection molding and blow molding. These rigid packaging products are then used extensively in consumer and industrial packaging. However, the construction and construction segment would grow at the fastest CAGR of 4.3% over the forecast period. This is because molded plastic is a less expensive solution in construction than traditional materials for floors, insulation, roofs, walls, windows and other applications. The report also analyzes automobiles, electrics and electronics and others (appliances, household and consumer goods, furniture and medicine).
Asia-Pacific is expected to be lucrative by 2023
Asia Pacific captured 48.8% of the total market share in 2017 and is likely to dominate the market through 2023. The segment is also expected to record the fastest CAGR of 4.1% from 2017 to 2023. Asia Pacific is the largest consumer of molded plastics due to its growing infrastructure spending associated with the largest automobile production and consumption. The trend towards light vehicles in the automotive industry is leading to increased consumption of molded plastic in the region. The other regions analyzed in the report include North America, Europe, and LAMEA (Latin America, Middle East, and Africa).
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Leader in the industry
Leading market players analyzed in the study include BASF SE, Chevron Philips Chemical Company, Eastman Chemical Company, EI du Pont de Nemours and Company, Exxon Mobil Corporation, Huntsman Corporation, INEOS Group AG, LyondellBasell Industries NV, Reliance Industries Limited and SABIC. These market players have pursued various strategies including collaborations, joint ventures, partnerships, expansions, and others in order to gain a strong position in the industry.
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October 20, 2021 at 4:03 pm GMT
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