Press release
Molded Plastic Market Top Companies Study - Formmosa Plastics Corporation, Solvay, China Plastic Extrusion Ltd., GSH Industries, Lanxess AG.
Molded Plastic Market
The global molded plastic market is estimated to reach over USD 889.86 billion by 2031, exhibiting a CAGR of 7.12% during the forecast period.
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The market for molded plastics is predicted to expand as a result of factors including the expansion of the packaging and petrochemical industries, the use of plastic in the production of household care products, the use of plastic components in consumer electronics, and an increase in the use of molded plastics in the automotive sector. For commercial applications, molded plastics are a type of polymer that can be formed into any shape and size. The quality of molded plastics is improved by applying colors and other additives. Modified plastics are employed in various end-use sectors due to their strength, lightness, and excellent chemical resistance. Molded plastic is used in the automotive industry to create airflow ducts, engine covers, wheel wells, car fascias, grilles, bumpers, and other parts. The availability of bioplastics at affordable pricing has increased demand for molded bioplastics across various end-use industries. Additionally, rising efforts to promote sustainable products by established and emerging economies may raise the sales of molded plastics, opening up profitable potential worldwide. The strict government laws surrounding the disposal of plastic trash and the volatility in the price of raw materials are the major inhibitors of this sector.
List of Prominent Players in the Molded Plastic Market:
• Lyondellbasell Industries Holdings B.V.
• Sabic
• Ineos
• Dupont
• Exxonmobil
• Sinopec
• DOW Inc.
• BASF SE
• Eastman Chemical Company
• Chevron Corporation
• Formmosa Plastics Corporation
• Solvay
• China Plastic Extrusion Ltd.
• GSH Industries
• Lanxess AG
• LG Chem Ltd.
• Lotte Chemical
• Proto Labs
• PSI Molded Plastics
• Reliance Industries LIMITED
• Sibur
• Takween Advanced Industries
• Versalis S.P.A.
• Westlake Corporation
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Market Dynamics:
Drivers-
Molded plastic is in higher demand in the building and construction industry. Molded plastic has many uses in automotive, packaging, and other industries. The global molded plastics market is anticipated to rise due to extensive expansion and development in the construction, automotive, and packaging industries. Automobiles with minimal carbon emissions and a commitment to the environment are made using molded plastics and are becoming increasingly popular. Due to the influx and outflow of fast-moving consumer products, the packaging business has seen an increase in growth due to the rapid modernization of rising nations like India, China, and Brazil. Molded plastics are also in high demand in the electrical and electronic industries since they produce electronic equipment, including laptops, televisions, computers, and mobiles.
Challenges:
Market sustainability will be hampered by volatile costs for petrochemical raw materials such propylene benzene, ethylene, and styrene, as well as rising environmental concerns regarding their disposal. Major molded plastic producers team up with biotechnology firms to form joint ventures to streamline their production processes for bio-based molded plastics. The growth of the molded plastics market has been aided by government initiatives, including budgetary plans and tax perks in nations like China and India to increase the Foreign Direct Investment (FDI) stream. Additionally, the labor costs in these areas are low, which aids in further lowering the businesses' overall manufacturing costs. The overuse of various plastic products due to this move has, however, raised their prices.
Regional Trends:
The largest CAGR is anticipated for the molded plastics market in Asia-Pacific throughout the forecast period. This is explained by the rising need for molded plastics in the architecture and construction, and consumer electronics industries, where they are a key insulating component. Additionally, nations like India and Australia have seen a sharp rise in the automotive industries, where molded plastics are frequently used to make components for cars such as fascia, bumpers, grilles, headlight pods, panels, fenders, and wheel wells as well as table components, air flow ducts, equipment, exterior fascia & decorative panels, and other items.
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Recent Developments:
• In October 2022, Evco Plastics proposed a production capacity expansion of USD 11 million in Wisconsin, the United States. The business currently runs 183 injection molding machines.
• In July 2022, After Austria and Germany, the company's third such plant was anticipated to be the mold shop in India. The Indian mold shop might use cutting-edge technology to provide regional solutions. With this investment, ALPLA's total stake in Pashamylaram, India, might reach USD 61 million.
Segmentation of Molded Plastic market-
By Type-
• Polyethylene
• Polypropylene
• Polyvinyl Chloride
• Polyethylene Terephthalate
• Polystyrene
• Polyurethane
• Others
By Technology-
• Injection Molding
• Blow Molding
• Extrusion Molding
• Rotating Molding
• Others
By Application-
• Packaging
• Automotive & Transportation
• Construction & Infrastructure
• Agriculture
• Pharmaceuticals
• Electrical & Electronics
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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InsightAce Analytic Pvt. Ltd.
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info@insightaceanalytic.com
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