UNITED STATES, ROCKVILLE MD, May 17, 2022 (GLOBE NEWSWIRE) — According to a recent Fact.MR report, the global molded plastics market is forecast to grow at a compound annual growth rate (CAGR) of 4.7% between 2022 and 2032. The market is expected to reach $260.5 billion by the end of 2032.
That demand for Molded Plastics Market is expected to rise during the forecast period and the market is projected to reach a global market size of US$165.8 billion by the end of 2022.
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Demand for molded plastics has increased significantly in recent years from various end-use industries. In order to meet the demand, manufacturers have used advanced technologies to provide robust products, due to which the margins on the products have been reduced.
In addition, there are various technologies that have been used in molded plastics such as blow molding, injection molding, thermoforming, extrusion and others. The extrusion process is widely used in large production runs of cans and bottles due to its inexpensive implementation compared to other counterparts.
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Additionally, companies have seen 2.5x growth in recent years through the use of the above technologies. This is expected to remain so in the coming years, and the overall market is expected to grow at a CAGR of 4.7%, reaching the valuation of $260.5 billion in 2032 versus $165.8 billion in 2022.
In addition, the North American market is both the largest consumer and producer of molded plastics, which has gained a significant market share in the world market. From the high-opportunity perspective, the South Asia and Oceania market is the most lucrative market as various regional governments encourage manufacturers by offering numerous tax benefits, land and transportation benefits, etc.
Based on the segment study, Polypropylene is the leading material which holds more than 1/5 market share of the world market. It is expected to add 273 BPS at a CAGR of 6.0%. It is mainly used in the manufacture of drain pipe, gas pipe, floor tile, window, electrical wire, door, etc.
Which countries in South Asia and Oceania have significant demand for molded plastic?
The easy availability of labor, favorable regulations and numerous projects implemented by governments are helping leading companies to locate their manufacturing bases in South Asian developing countries such as India, Indonesia and Thailand.
Abundant availability of agricultural fields and growth of automobile industry in these countries are expected to boost demand for molded plastics. In addition, the growing population creates a significant need for medical infrastructure, which is why governments plan to invest a large part of their budgets in it. This is expected to create huge revenue opportunities for the market players.
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Key segments covered in the injection molded plastics industry survey
- Molded Plastics Market by Material:
- polyvinyl chloride
- polyethylene terephthalate
- other materials
- Molded Plastics Market by End-Use:
- Consumables & Electronics
- Automotive & Transportation
- Building & Construction
- Other Applications
The global molded plastics market is largely fragmented and North American companies dominate the overall market due to their worldwide presence. Industry players are focused on improving their R&D capabilities and developing new products.
- In 2021, BASF has set out to expand its polyamide product portfolio for the high-temperature variant by launching a new brand – heat-stabilized Ultramid.
- In August 2021, LANXESS completed the acquisition of a US-based leading manufacturer of specialty chemicals – Emerald Kalama Chemical.
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Key players in the injection molded plastics market
- BASF SE
- EI DU PONT DE NEMOURS AND COMPANY
- ExxonMobil Corp.
- DuPont de Nemours, Inc.
- Dow, Inc.
- Huntsman International LLC
- Eastman Chemical Company
- INEOS Group
- LyondellBasell Industries Holdings BV
- Magna International, Inc.
Key takeaways from injection molded plastics market survey
- The molded plastics market is expected to grow 1.6x by 2032
- The polypropylene segment of molded plastics captures nearly one-fifth of the global market share and is expected to offer an absolute dollar opportunity of around $19.8 billion over the period 2022-2032
- Among applications, packaging was the fastest growing segment at 5.4% CAGR
- The North American molded plastics market will dominate the global market in 2022, where the United States will acquire more than 91% market share and generate abundant revenue during the forecast period
- The Indian molded plastics market is expected to dominate the South Asia and Oceania region with more than 2/3 market shares
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