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MA_17349
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Pages: 210
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May 2017 | 3664 Views
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Author(s) :
Ashmita Roy
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Tables: 134
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Charts: 29
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Global Molded Plastics Market is expected to garner $690,158 million by 2023, from $529,845 million in 2016, registering a CAGR of 3.9% from 2017 to 2023. Molded plastics are synthetic compounds that can be molded in various shapes based on the application. These molded plastics can be modified by adding pigments to their polymers. The molded plastics market is expected to grow due to factors such as growth of the packaging industry, ongoing practice of using plastics in manufacturing household care products, increase in use of plastic components in consumer electronics, and rise in consumption of plastics in the automotive industry. In 2016, polypropylene segment was the largest revenue contributor to the global market, due to its wide range of applications in the packaging and automotive industry. Based on technology, injection molding segment dominated the molded plastics market.
The global molded plastics market is segmented based on product, technology, application, and geography. Based on product, the market is divided into polyvinyl chloride, polypropylene, polystyrene, low density polyethylene, high density polyethylene, polyethylene terephthalate, and engineering plastics. Based on technology, the market is segmented into injection molding, blow molding, extrusion, and others. The application areas of the industry are building & construction, automotive, electrical & electronics, packaging, and others. The market is analyzed based on region into North America, Europe, Asia-Pacific, and LAMEA.
Global Molded Plastics Market Segmentation
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Asia-Pacific is the largest revenue contributor to the global market, due to the increase in adoption of molded plastics in packaging, building & construction, and automotive industries in the region. China dominated the molded plastics market in terms of revenue, accounting for 57.7% share in Asia-Pacific region in 2016. The shift of manufacturing hubs in countries such as China, India, Indonesia, and others due to economic growth and rise in population is expected to boost the market growth in the Asia-Pacific region.
Top Investment Pockets
Packaging is the most attractive segment in the global molded plastics market, which is expected to grow at a CAGR of 3.9% during the forecast period. Molded plastics improve the shelf life of food products, protects products from damage, and improves durability to adhere to the regulatory guidelines and end-user requirements. The building & construction segment is the second most attractive market, which is expected to grow at a CAGR of 4.3% from 2017 to 2023.
Global Molded Plastics Market: Top Investment Pockets, By Application
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Segment Review
In 2016, injection molding segment accounted for the highest revenue to the global market in 2016, as it is the most popular technology used in the production of molded plastics. It uses automated processes, which reduce the cost of manufacturing. In addition, it reduces waste production during manufacturing. Low production waste, faster production process, and ability of mass production are expected to foster the market growth during the forecast period. It is used for manufacturing a variety of components and parts, ranging from the smallest to entire body panels.
LAMEA Review
Molded plastics have the desirable properties, which are prerequisites in building materials and automobile components. Polyvinyl chloride is used for manufacturing cable insulation, insulation tapes, and other construction materials. Polyethylene and polypropylene are used to produce electrical conduits, rain water & sewage pipes, plumbing, gas distributions pipes, tanks, windows & doors, flooring tiles & rolls, and others. Molded plastics are used in automobiles due to greater design flexibility and lightweight. According to the International Towers Cranes 2012, the Latin American construction industry accounted for approximately $550 billion, registering an annual growth rate of 6%. The construction industry in the Middle East and Africa accounted for about $450 million, registering an annual growth rate of 5%. These factors are expected to drive the LAMEA molded plastics market during the forecast period. Moreover, South Africa is the one of the largest automobile manufacturing countries in LAMEA.
Saudi Arabia Molded Plastics Market, 2015-2023 ($Million)
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The key players profiled in the report include BASF SE, Chevron Philips Chemical Company, Eastman Chemical Company, E. I. du Pont de Nemours and Company, Exxon Mobil Corporation, Huntsman Corporation, INEOS Group AG, LyondellBasell Industries N.V., Reliance Industries Limited, and SABIC.
The other key market players (not profiled in this report) in the value chain include Al Watania Plastics, CNPC, Harwal Group, HTI Plastics, INEOS Group, Magna International Inc., Molded Plastic Industries, Obeikan Investment Group (OIG), Takween Advanced Industries, and The Dow Chemical Company.
Key Benefits for Stakeholders
Molded plastics are polymers, which can be molded into any shape and size for commercial applications. The use of additives, such as pigments, impart superior aesthetic value to molded plastics. Molded plastics are lightweight, durable, and exhibit high resistance to chemicals. Molded plastics are used for manufacturing car fascia, bumpers, grilles, headlight pods, panels, fenders, wheel wells, engine cover, table components, air flow ducts, equipment, exterior fascia & decorative panels, and other components. The growth of automotive industry and trend of achieving environmental sustainability through reduction of carbon dioxide (CO2) emissions from vehicles have increased the use of molded plastics in automobiles. High tensile strength and greater design flexibility have increased their application in manufacturing various automotive components. The market is driven by rapid growth of the packaging industry due to rapid consumption of fast moving consumer goods (FMCG) in the emerging economies such as India, China, Indonesia, Brazil, Mexico, and others.
Molded polyethylene is the most commonly used molded plastic, owing to its high ductility, tensile strength, impact resistance, resistance to moisture, and recyclability.
Increase in applications of molded plastics in consumable & electronics devices such as mobile, tablets, TVs, computer, and others have positively impacted the market growth. Moreover, decrease in oil prices have increased the profit margins of petrochemical companies; thereby, boosting the demand for molded plastics.
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