Increasing construction activities, rising implementation of lightweight materials, and growing packaging industry are some of the factors positively influencing molded plastic market in the forecast period 2019-2026. Polymer materials holds for substantial strength as it is drawing additional preference from consumers and manufacturers owing to such a preference, an increase in their production capacity is mainly driving the molded plastic market. Construction sector using polymers in doors, fitting & pipes, and windows which is anticipated to surge the market growth in the forecast period. Moreover, according to The Institution of Civil Engineers (United Kingdom), the volume of construction output is expected to increase by 85% to reach USD 15.5 trillion by 2030, which promotes the market in the coming year. Rising economies have increased their construction activities to greater scale mainly in developing countries to improve their infrastructure sector. Adding to this, rise in population across the globe combined with increasing urbanization are likely to boost the construction activities. For instance, according to United Nations (U.S.), in 2018, 55% of global population lives in urban areas in 2018 and the number is projected to increase to 68% by 2050. Furthermore, molded plastic market find extensive growth in the packaging industry owing to its several advantageous properties.
Geographically, global molded plastic market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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Asia Pacific is expected to lead global molded plastic market during the forecasted period. This is attributed to higher domestic demand along with availability of raw materials and low-cost labor makes this region more attractive for the key players. Due to presence of leading plastics producers and component manufacturer in the region, the growth is likely to increase rapidly. According to CAAM (China Association of automobile manufacturers), China witnessed a growth of 6.2% from 2016 to 2017 compared to other countries, owing to significant increase in the per-capita income of the Chinese middle-class population and the resultant increase in the overall consumer goods sales in the region.
Europe is likely to hold largest molded plastic market in the coming years owing to increasing demand in automotive packaging industries. Use of unsuitable packaging solutions, automotive parts could be damaged and scratched during shipment, and transport costs will increase. Moreover, with the continuous production of automobiles in Germany and the U.K. is likely to boost the molded plastic market in the region.
North America is likely to witness a notable growth in the forecast period. The major trend witnessed in molded plastic market in North America is the exponential surge in industrial activities. Increased focus on infrastructure developments and spending in North America affect positively on the market. Key players spending on industrial activities can impact work employment and productivity. The adoption of advanced manufacturing technologies such as robotics, 3D printing, artificial intelligence and the Internet of Things to further shape a more connected and more productive industrial base.
Middle East & Africa molded plastic market is expected to hold major share owing to substantial investments done by global players and increase in regional economic activities. Higher market demands due to demographics, stronger support by the state, and moderate increase in oil prices are parameters combined in boosting investments in both infrastructure and capital projects.
Latin America is expected to witness steady growth for the molded plastic market. This is attributed to Growing urbanization and increasing disposable income of the people are likely to influence the market growth.
Global molded plastic market is segmented by type, technology, application, and region.
On the basis of type, molded plastic market is segmented into PE (Polyethylene), PP (Polypropylene), PVC (Polyvinyl Chloride), PET (Polyethylene Terephthalate), PS (Polystyrene), PU (Polyurethane), and others. PE segment is expected to hold largest share of market owing to its high stiffness, excellent rigidity, environmental stress cracking resistance (ESCR), and high load melt strength. Moreover, it is used in various applications such as packaging, automotive and transportation owing to its high chemical resistance, moisture resistance, and excellent process ability.
On the basis of technology, molded plastic market is segmented into injection molding, blow molding, extrusion, thermoforming, & others. Extrusion process is likely to hold the largest share in technology segment as it is comparatively economical. Moreover, injection molding allow companies to upsurge their output in a shorter period with various moldable designs. Furthermore, the machinery & mold cost of extrusion is discreetly low than that of injection blow mold for the reason that of low-pressure requirement.
On the basis of application, molded plastic market is segmented into packaging, automotive & transportation, construction & infrastructure, electronics & electrical, pharmaceutical, and agriculture. Among application, packaging segment is expected to grow with the highest CAGR, owing to increasing usage of polymers in pharmaceutical, cosmetics, food & beverages, and industrial products such as acids, chemicals, and lubricants. Moreover, rising per capita expenses on food & beverages, changing packaging patterns, and improved lifestyle, are some of the factors that are projected to increase the consumption of polymers in packaging.
Molded Plastic Market Segmentation:
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