Molded Plastics Market Research Report 2020 | Top key Players - Chen Hsong holdings, BASF, Eastman chemical, Sumitomo Heavy Industries, Exxon Mobil, Huntsman, INEOS Group, LyondellBasell Industries, Reliance Industries

Widening application scope of plastics across multiple industries has had a positive effect on molded plastics market outlook over the years. Plastic molding is a technique that shapes plastic by using a rigid frame or mold to create objects of every shape and size. Plastic has been known to be a popular material that is used in most products on account of them being cost-effective and easy to handle.

Molded plastics can also be used to design extremely small items with a major amount of refinement and detail. The process is not expensive in terms of labor as well as facilitates a high volume of output. They have a wide range of applications across industries that run the gamut from medical equipment, tucking industry, consumer electronics, consumer goods, and automotive components.

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Ornaments for lawn decoration and home d�cor products along with other architectural designs use molded plastics to a large extent for construction.

With propylene being among the most widely produced plastics in the world, it is largely used across the packaging industries, fiber, as well as large molded parts for consumer products. They exhibit superior chemical resistance, show a high melting point and are strong, making them ideal for hot fill-liquids.

Plastics are used significantly for packaging on account of the innovative properties and appearance for both convenience and customer attraction. With the changing lifestyle, there has been an ostensible change in the consumption patterns and packaged products have witnessed a high demand over time, marking positive growth prospects for global molded plastics market players.

Top key Players -

o Chen Hsong holdings
o BASF
o Eastman chemical
o Sumitomo Heavy Industries
o Exxon Mobil
o DuPont de Nemours & Company
o Huntsman
o INEOS Group
o LyondellBasell Industries
o Reliance Industries
o SABIC.

The per capita consumption of packaging is quite high in countries like Taiwan and Germany which boast a usage of up to 19 kg and 42 kg respectively. India consumes about 8.7 kg and the country's packaging sector expected to secure an annual turnover of $32 billion by 2025. Booming e-commerce industry along with an organized retail has been offering massive growth potential for retailing, that will further support the packaging industry.

Polypropylene also shows superior resistance to water as well as salts and acidic solutions that are usually destructive to metals. Most applications cover yogurt containers, pancake syrup bottles, automobile battery casings, ketchup bottles, and medicine bottles. The consumer goods sector in the U.S. has been among the largest industries in the world with a value of around $635 billion in 2019.

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The firms operating in the U.S. constitute offer opportunities for both small and large companies that make up different subsectors. U.S customers are receptive to both imported and domestic brands which increases the demand for these consumer products, fueling molded plastics industry trends.

Increasing production of cars will significantly benefit molded plastics market forecast in the coming years. The government of China had been expecting its automobile output to reach up to 20 million units by the year 2020 and a further 35 million units by 2025. The automotive industry largely uses plastics for production of some parts as it majorly helps in reducing the overall automotive weight.

Weight reduction in vehicles helps facilitate greater fuel efficiency as every 10% of drop in weight of a vehicle will lead to a 5-7% decrease in the use of fuel. Different types of plastics are used for different purposes, which can offer tough, shiny exterior and a decent resilience to extremely low temperatures. The plastic products can also be adjusted to improve durability, heat resistance, and impact resistance while primarily being used to produce wheel covers and dashboards.

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