Molded Plastics Market Outlook 2031
The global molded plastics market size was around USD 598.11 billion in 2022 and is estimated to reach USD 866.14 billion by 2031, expanding at a compound annual growth rate (CAGR) of around 4.2% during the forecast period, 2023 to 2031. The market growth is attributed to the increasing demand for molded plastics among various industries across the globe.
Molding plastics is a process of pouring plastic in a liquid form into a container or a mold to give a customized shape to the plastic once it hardened. Different shapes and sizes of molds are used to give different shapes and sizes to plastic products. These molded plastic products are used for various applications in various industries.
There are several ways of plastic molding such as extrusion moldings, blow moldings, injection moldings, and others. In extrusion molding, melted hot plastic is poured through a shaped hole to get a long and lengthy shaped plastic. These lengthy plastics are customizable to the desired shapes and sizes. This type of molding is used to create products such as create pipes and straws.
Extrusion molding is inexpensive in comparison with other types of moldings and has high productivity. In blow molding, a machine is used to blow or inject air into liquid hot raw plastic to blow it like a balloon. The hot plastic is then blown into a shape mold to take its shape. The method is used to get uniform plastic wall thickness. Plastic bottles, cases, drums, fuel tanks, and other such products are made with the blow molding method. In the injection molding method, melted hot plastic is injected into a customized mold.
The mold is filled with high-pressure while injecting liquid plastic. This type of molding is used to create automotive parts, surgical appliances, and others. With injection molding, plastic products are made with high flexibility to suit the designs.
COVID-19 Impact
The global molded plastics market had a mixed impact during the COVID-19 period. The lockdown, social distancing, travel restrictions, and other pandemic-related regulations affected several industries across the globe. Increasing focus on essential goods and services during the pandemic affected industries such as automotive, building & construction, electrical & electronics, and others.
As the result, the demand for molded plastics decreased for various applications in these industries. However, the demand for molded plastics surged for various applications in the industries such as packaging, healthcare, and pharmaceuticals. The interrupted demand and supply chain across the globe resulted in the decline in the global molded plastics market during the pandemic.
However, the relaxation of pandemic-related restrictions and rising demand for automotive or other non-essential goods are expected to have a positive impact on the global molded plastics market in the coming years.
Molded Plastics Market Dynamics
The global molded plastics market research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global molded plastics market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.
Major Trends:
Adoption of bioplastics is one of the key molded plastics market trends
Molded plastics are usually produced by petrochemicals, which are derived from crude oil, naphtha, and natural gas. However, the negative impact of petroleum-based molded plastics on the environment has compelled manufacturers to develop and adopt bioplastics in recent years. Bioplastics are developed based on several raw materials ranging from agricultural resources such as corn, soybean, and sugar cane to non-food renewable sources such as sawdust, switchgrass, and hemp.
Algae and modified methanobacteria are used as raw materials as well to produce bioplastics. Such raw materials have little to no negative impact on the environment, which increases the popularity of bioplastics across the globe.
Key Drivers:
Growing high-tech applications in the agricultural industry boosts the global molded plastics market
Molded plastics are increasingly adopted in the agriculture industry in recent years. Molded plastics such as polypropylene, polyethylene, and others are used mainly in greenhouses, silage, mulching, reservoirs, tunnels, and other applications. Molded plastic reservoirs are used to collect rainwater and plastic tunnels are used to grow watermelons, asparagus, and others. A growing number of uses for molded plastics in the agricultural industry drive the global molded plastics market.
Beneficial properties of molded plastics drive the global molded plastics market
Molded plastics offer several benefits such as versatility, durability, and lightweight that makes them a popular choice for various applications in several industries. Molded plastics are easy to work with as well as cost-effective, which propels their demand across the globe. These are the major factors that spur the growth of the global molded plastics market in the coming years.
Existing Restraints:
Constantly fluctuating raw material prices hamper the global molded plastics market growth
Raw materials such as natural gas, crude oil, and naphtha are used to produce primary petrochemicals, which in turn are used in the production of molded plastics. Therefore, fluctuating prices of crude oil and other raw materials affect the prices of molded plastics directly. The constant fluctuation of such raw materials hinders the growth of the global market.
Huge plastic waste restrains the growth of the global molded plastics market
Molded plastics are increasingly used for various applications in different industries such as automotive, packaging, agriculture, building & construction, and others. The benefits such as durability, shock resistance, lightweight, and others that molded plastics provide propel the demand for molded plastics products further.
However, it generated a huge amount of waste, which is hard to dispose of and affects the environment negatively. This is a major factor hampering the growth of the global molded plastic market in the coming years.
Emerging Opportunities:
High demand for injection molded plastics offers growth opportunities to the market players
Increasing demand for injection molded plastics for construction activities in emerging economies such as India, China, Mexico, Brazil, and South Africa offers lucrative opportunities to the market players. The beneficial properties of injection molded plastics propel the demand for them in across the globe, which helps the market players expand their business.
Scope of The Molded Plastics Market Report
The global molded plastics market research report includes an assessment of the market trends, market segments, and regional markets. Market overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Molded Plastics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Type (Polypropylene, Polyethylene Terephthalate, Polyethylene [High-density Polyethylene and Low-density Polyethylene], Polyvinyl Chloride, Polystyrene, Polyurethane, Engineering Plastics, and Others), Technology (Blow Molding, Injection Molding, Extrusion Molding, Rotational Molding, Thermoforming, and Others), and Application (Agriculture, Pharmaceutical, Packaging, Building & Construction, Automotive, Electrical & Electronics, Transportation, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
China Plastic Extrusion Ltd.; Avient Corporation; LANXESS; Pacific Plastics Injection Molding; Mitsubishi Chemical Corporation.; Atlantis Plastics Co.; Eastman Chemical Company; DuPont; Mitsui Chemicals, Inc.; GSH Industries Plastics Manufacturing and Molding; Petro Packaging Company, Inc.; PEXCO; PSI Molded Plastics; Exxon Mobil Corporation; Reliance Industries Limited; LyondellBasell Industries Holdings B.V.; Formosa Plastics Corporation; SABIC; Chevron Corporation; BASF SE; Dow; INEOS Capital Limited; Huntsman International LLC.; Berry Global Inc.; IAC Group; Master Molded Products Corp; AptarGroup, Inc.; HTI Plastics; The Rodon Group; LACKS ENTERPRISES, INC.; Chevron Corporation; Solvay; and Others
|
Molded Plastics Market Segment Insights
Polyethylene segment holds a significant market share
In terms of type, the global molded plastics market is divided into polypropylene, polyethylene terephthalate, polyethylene [high-density polyethylene and low-density polyethylene], polyvinyl chloride, polystyrene, polyurethane, engineering plastics, and others.
The polyethylene segment is expected to register a high market revenue share during the forecast period, due to the increasing adoption of polyethylene in various industries such as automotive, construction, electrical & electronics, and packaging. Polyethylene offers several benefits such as flexibility, chemical resistance, and abrasion resistance, which makes it a popular choice in molded plastics in various industries. These are the major factors boosting the polyethylene segment growth.
The polypropylene segment is projected to hold a key market share in the coming years, owing to the growing adoption of polypropylene in the manufacturing of household goods, automotive components, and packaging products. Polypropylene is increasingly used in producing protective caps in batteries and food packaging, which facilitates the expansion of the segment.
Injection molding segment expands rapidly
Based on technology, the global molded plastics market is segregated into blow molding, injection molding, extrusion molding, rotational molding, thermoforming, and others. The injection molding segment is projected to dominate the global market during the forecast period, as injection molding technology is one of the most popular technologies among molded plastics companies across the globe.
The injection molding technology uses an automated process that aids companies in the reduction of costs and waste production during the manufacturing process. These major factors propel the injection molding market growth.
Packaging segment holds a key market share
On the basis of application, the global molded plastics market is divided into agriculture, pharmaceutical, packaging, building & construction, automotive, electrical & electronics, transportation, and others. The packaging segment is projected to register rapid growth during the forecast period, owing to the high demand for molded plastics in the packaging industry.
Molded plastics are used to manufacture various types of containers, cans, bottles, and packaging films, which are used as packaging products in different industries such as pharmaceuticals, food & beverage, chemical, and others. Increasing demand for lightweight, low-cost, chemical & moisture-resistant, and flexible molded plastics in the packaging industry boosts the segment growth.
The building & construction segment is anticipated to expand at a rapid pace in the coming years, due to the increasing usage of molded plastic for its cost-effectiveness in the building & construction industry. Molded plastic is moisture and chemical-resistant, which propels its adoption in the building & construction industry rapidly.
The other features of molded plastics such as design flexibility, impact resistance, and tensile strength fuel the demand for molded plastics in the building & construction industry.
Asia Pacific to dominate the global market
In terms of region, the global molded plastics market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The molded plastics market in Asia Pacific is expected to register a high CAGR during the forecast period, due to increasing demand for molded plastics in the building & construction industry across the region.
Rising infrastructure spending and growing demand for advanced infrastructure needs in counties such as India, Malaysia, China, and Indonesia aid in the expansion of the molded plastics market in Asia Pacific. Increasing disposable income and the growing automotive industry in the region are estimated to boost the molded plastics market in Asia Pacific in the coming years.
The molded plastics market in Europe is anticipated to expand rapidly in the coming years, owing to the growing non-food and beverage packaging industry in the region. High demand for cosmetics, household chemicals, healthcare products, and electronic products in countries such as France and Germany drives the demand for molded plastics in Europe.
The rising demand for luxury cars and the growing automobile industry in Europe fuels the growth of the molded plastics market in the region. The molded plastics market in North America is estimated to register growth during the forecast period, due to the increasing adoption of molded plastics for various applications in several industries.
For instance, innovative and advanced computer chips are used in several applications such as military equipment, medical devices, and others. The high presence of various manufacturers and increasing demand for convenient packaging for the food and beverages industry in the region are expected to drive the molded plastics market in North America.
Segments
The global molded plastics market has been segmented on the basis of
Type
- Polypropylene
- Polyethylene Terephthalate
- Polyethylene
- High-density Polyethylene
- Low-density Polyethylene
- Polyvinyl Chloride
- Polystyrene
- Polyurethane
- Engineering Plastics
- Others
Technology
- Blow Molding
- Injection Molding
- Extrusion Molding
- Rotational Molding
- Thermoforming
- Others
Application
- Agriculture
- Pharmaceutical
- Packaging
- Building & Construction
- Automotive
- Electrical & Electronics
- Transportation
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- China Plastic Extrusion Ltd.
- Avient Corporation
- LANXESS
- Pacific Plastics Injection Molding
- Mitsubishi Chemical Corporation.
- Atlantis Plastics Co.
- Eastman Chemical Company
- DuPont
- Mitsui Chemicals, Inc.
- GSH Industries Plastics Manufacturing and Molding
- Petro Packaging Company, Inc.
- PEXCO
- PSI Molded Plastics
- Exxon Mobil Corporation
- Reliance Industries Limited
- LyondellBasell Industries Holdings B.V.
- Formosa Plastics Corporation
- SABIC
- Chevron Corporation
- BASF SE
- Dow
- INEOS Capital Limited
- Huntsman International LLC.
- Berry Global Inc.
- IAC Group
- Master Molded Products Corp
- AptarGroup, Inc.
- HTI Plastics
- The Rodon Group
- LACKS ENTERPRISES, INC.
- Chevron Corporation
- Solvay
- Others
Competitive Landscape
Key players competing in the global molded plastics market are China Plastic Extrusion Ltd.; Avient Corporation; LANXESS; Pacific Plastics Injection Molding; Mitsubishi Chemical Corporation.; Atlantis Plastics Co.; Eastman Chemical Company; DuPont; Mitsui Chemicals, Inc.; GSH Industries Plastics Manufacturing and Molding; Petro Packaging Company, Inc.; PEXCO; PSI Molded Plastics; Exxon Mobil Corporation; Reliance Industries Limited; LyondellBasell Industries Holdings B.V.; Formosa Plastics Corporation; SABIC; Chevron Corporation; BASF SE; Dow; INEOS Capital Limited; Huntsman International LLC.; Berry Global Inc.; IAC Group; Master Molded Products Corp; AptarGroup, Inc.; HTI Plastics; The Rodon Group; LACKS ENTERPRISES, INC.; Chevron Corporation; Solvay; and others.
Some of these major companies have adopted various business development strategies including acquisitions, mergers, collaborations, partnerships, product launches, and production capacity expansion to expand their consumer base and enhance their market share.
- In February 2022, BASF SE, a Germany-based multinational chemical company, introduced several polyphthalamide and polyamide grades in Europe to acquire the polyamide business of Solvay in the region. The PA66 business of Solvay was rebranded as Ultramid under BASF SE. The acquisition helps the company expands its product portfolio in Europe.
- In August 2021, LANXESS, A Germany-based specialty chemicals company, acquired Emerald Kalama Chemical LLC, a US-based specialty chemicals manufacturer. The acquisition facilitates the company to expand its product portfolio for the consumer care sector.
- In August 2020, Avient Corporation, a global manufacturer of specialized polymer materials, launched injection moldable thermoplastic elastomers, which expands the Versaflex series of the company. The newly launched innovative product is created without any animal derivatives and it is applicable in various medical device applications.
- In June 2020, Pacific Plastics Injection Molding, a manufacturer of injection molds and molded plastic parts, expands its existing production facility by adding a 5,000-square-foot of manufacturing area, office space, and assembly space. The addition aids the company to accommodate advanced equipment to enhance its production.
Request For Customization
Enquiry Before Buying
Speak With Analyst
