Allied Market Research recently published a report, titled, "Molded Plastics Market by Product (Polyvinyl Chloride, Polypropylene, Polystyrene, Low Density Polyethylene, High Density Polyethylene, Polyethylene Terephthalate, and Engineering Plastics), Technology (Injection Molding, Blow Molding, Extrusion, and Others), and Application (Building & Construction, Electrical & Electronics, Automotive and Packaging) - Global Opportunity Analysis and Industry Forecast, 2017-2023". The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global molded plastics market generated $549.07 billion in 2017, and is expected to reach $690.15 billion by 2023, growing at a CAGR of 3.9% from 2017 to 2023.
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Stringent government regulations to reduce CO2
emissions is fueling the consumption of lightweight materials such as molded
plastics in various industries, thereby driving the molded plastics market
growth. Moreover, increased consumption of consumer electronics such as
smartphones, tablets, laptops, computers, and TVs in the emerging economies
such as India and China due to rapid economic growth and rise in
disposable income of consumers, growth of the packaging industry, and rapid
consumption of fast moving consumer goods (FMCG), and high demand from
automotive industry drive the growth of the market. However, volatile nature of
prices of raw materials such as ethylene and propylene restraints the growth of
the market. Conversely, growing application of molded plastics in the medical
industry create new opportunities for growth of the market.
Polypropylene segment to be lucrative through 2023
Among types, the polypropylene segment accounted for
24.7% of the overall market share in 2017 and would retain its dominance
through 2023. The segment is also expected to grow at the fastest CAGR of 4.4%
through the study period. This is due to the high adoption of polypropylene as
a major raw material to produce consumer goods, automotive components, and
packaging products. Polypropylene is well-known for its superior corrosion
resistance properties and high insulation properties. The other types analyzed
in the report are polyvinyl chloride, polystyrene, low density polyethylene,
high density polyethylene, polyethylene terephthalate, and engineering
plastics.
Injection molding segment to be lucrative through
2023
Among technologies, the injection molding segment
grabbed the largest market share of 58.2% in 2017 and would maintain its
revenue lead through 2023. The segment would also grow at the highest CAGR of
4.1% from 2017 to 2023. This is due to the high adoption of injection molded
plastic products in the manufacturing of end use complex and detailed products
with the generation of least waste. Moreover, favorable properties of molded
plastic such as excellent elasticity, insulation, versatility, high strength,
and low maintenance make it a suitable product for building and construction
applications, leading to its growing consumption. The report also analyzes blow
molding, extrusion, and other technologies.
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Packaging segment to lead in terms of revenue
through 2023
Among applications, the packaging segment was the
largest in 2017, capturing more than one-third of the market share and would
maintain its dominance through 2023. Growing trend for packaged food leads to
the high demand for molded plastics as they increase the shelf life of food.
Moreover, molded plastic is used to produce rigid packaging products through
various processes such as extrusion molding, injection molding, and blow
molding. These rigid packaging products are then largely adopted in consumer
and industrial packaging. However, the building & construction segment
would grow at the fastest CAGR of 4.3% during the forecast period. This is
because molded plastic is a more cost-effective solution in construction than
traditional material for flooring, insulation, roofing, walls, windows, and
other applications. The report also analyzes automotive, electrical &
electronics, and others (appliances, household & consumer products,
furniture and medical).
Asia-Pacific to
be lucrative through 2023
Asia-Pacific captured
48.8% of the overall market share in 2017 and is likely to dominate
the market through 2023. The segment is also expected to register the fastest
CAGR of 4.1% from 2017 to 2023. Asia Pacific is
the largest consumer of molded plastics due to its growing infrastructure
spending linked with largest automotive production and consumption. Trend for
light weight vehicles in automotive industry leads to enhanced consumption of
molded plastic in the region. The other regions analyzed in the report
include North America, Europe, and LAMEA (Latin
America, Middle East and Africa).
Frontrunners of the industry
Leading market players analyzed in the research
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. These market players have adopted various
strategies including collaborations, joint ventures, partnerships, expansions,
and others to gain a strong position in the industry.
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