Molded Plastics Market worth $675.7 billion by 2027 | Key players LyondellBasell (Netherlands), SABIC (Saudi Arabia), INEOS (Switzerland), DuPont (US).

According to recent market research the "Molded Plastics Market by Type (PE, PP, PVC, PET, PS, PU), Application (Packaging, Automotive & Transportation, Construction & Infrastructure, Electronics & Electrical, Pharmaceutical, Agriculture), and Region - Global Forecast to 2027", size is projected to reach USD 675.7 billion by 2027 from USD 499.1 billion in 2022, at a CAGR of 6.2% during the forecast period. The increasing demand for molded plastics in packaging applications is driving the global molded plastics market. Growth of automotive industry and positive outlook for construction industry also supports the growth of the molded plastics market. Further, rising population and urbanization in emerging regions is expected to provide the growth opportunities to the molded plastic manufacturers, especially in Asia Pacific and the Middle East & Africa regions.

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PET segment is projected to grow at the highest growth rate in the molded plastics market. PET molded plastics are widely preferred in the packaging application owing to their high stiffness, heat resistance, steam barrier properties (food protection), stretchability (film and fiber applications), good transparency, and strong impact & rigidity balance.
Injection molding produce lightweight, chemical & corrosion resistant, good durability plastics thereby having higher demand in the molded plastics market. Further, Molded plastics produced by injection molding techniques are used for various applications in several end use industries including automotive, packaging, electronics, construction, agriculture, and pharmaceuticals.

Based on application, packaging segment is projected to grow at a higher growth rate than that of other applications, in the molded plastics market. This growth is attributed to the increasing adoption of molded plastics in the packaging industry due to increasing global trade that has reduced tariffs and decreased trade barriers which increased the international trade in packaging machineries & materials where molded plastic finds major application for producing packaging components & spares to boost its aesthetics and user-friendly packaging of the product.

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Asia Pacific is projected to be the largest and fastest-growing market for molded plastics between 2022 and 2027. Presence of emerging economies including China and India, growing population and urbanization, and increasing industrialization are some of the factors driving the molded plastics market in Asia Pacific. Further, increasing demand from end-use industries is driving the demand of molded plastics.

The key players in the molded plastics market include LyondellBasell (Netherlands), SABIC (Saudi Arabia), INEOS (Switzerland), DuPont (US), ExxonMobil (US), Sinopec (China), Dow Inc (US), BASF SE (Germany), Eastman Chemical Company (US), and LG Chem Ltd. (South Korea).

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LyondellBasell is one of the leading players in the molded plastics market. The company provides PE- and PP-based molding resins to multiple end-use industries, including automotive, building and construction, packaging, and healthcare. LyondellBasell emphasizes on the development of new and innovative products in the plastic packaging sector. It operates through with its manufacturing sites and joint ventures in more than 21 countries. It has a sales presence in more than 100 countries across Europe, North America, Latin America, Asia Pacific, and the Middle East. The company is focusing on further strengthening its position in the molded plastics market, by adopting growth strategies such as strategic acquisitions, Joint Ventures, and expansions. For instance, in 2021, LyondellBasell completed the acquisition of Malaysia-based PolyPacific Polymers Sdn. Bhd. (PPM). PPM is a manufacturing facility producing reinforced and modified polyolefin compounds with a capacity of 25 KT. This acquisition has helped the company to strengthen its product portfolio in the global molded plastics market.

SABIC is another leading player in the molded plastics market. The company offers different molded plastics products including PP, PE, PET, ABS through its petrochemicals & specialties business unit. SABIC has 66 world-class manufacturing and compounding facilities in multiple locations across the Middle East, Asia, Europe, and the Americas. Additionally, it has sales, technology, and innovation facilities worldwide, and these are managed by four regional offices in the Middle East & Africa, Asia, the Americas, and Europe. The company is enhancing its footprint by adopting both the organic and inorganic growth strategies including new product launch, partnerships, and Agreements. For instance, in 2022, SABIC introduced a specialized portfolio of SABIC PP compounds for foam injection molding. New mineral-reinforced PP grades that offer excellent aesthetics for visible automotive interior parts.

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