Home Advanced Materials Molded Plastic Market Size, Share Report, 2031

Molded Plastic Market

Molded Plastic Market Size, Share & Trends Analysis Report By Product Type   (), By Technology  (), By Applications () and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRAM272DR
Study Period 2020-2032 CAGR 5.91%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD 533.36 billion
Forecast Year 2032 Forecast Year Market Size USD 894.23 billion
Largest Market Asia-Pacific Fastest Growing Market
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Market Overview

The global molded plastic market size valued at USD 533.36 billion in 2023. It is estimated to reach USD 894.23 billion by 2032, growing at a CAGR of 5.91% during the forecast period (2024–2032). Industries such as automotive, packaging, construction, electronics, and healthcare are significant consumers of molded plastics. The rising demand from these sectors, driven by population growth, urbanization, and economic development, fuels the growth of the molded plastic market.

Molded plastics, synthetic compounds molded into various shapes for commercial use, exhibit exceptional adaptability, strength, and flexibility. They can be hardened to precise specifications, making them ideal for crafting intricate components. With remarkable tensile strength, resilience to impact and moisture, and enhanced design flexibility, molded plastics find extensive application across diverse industries, including building and construction, automotive, packaging, medical, stationary, and textiles. Due to their poor heat and electricity conductivity, these materials serve multiple purposes, such as cladding panels, pipes, and insulating materials in offices, shopping malls, homes, and construction sites. However, their production relies heavily on petrochemical-derived raw materials like crude oil, naphtha, and natural gas. This dependence exposes manufacturers to the volatility of these resources, impacting their scalability and profitability.

Highlights

Polypropylene dominates the product segment

Injection molding dominates the technology segment

Packaging dominates the application segment

Asia-Pacific is the largest shareholder in the global market

Market Dynamics

Molded Plastic Market Drivers

Growing Demand from the Packaging Sector

The packaging and automotive industries are major consumers of molded plastics, with the packaging sector standing out as one of the largest markets. Molded plastics such as PE, PP, and PET are extensively used in various packaging applications, including pharmaceuticals, food and beverage, and cosmetics. These plastics can be tailored to meet end-use requirements, offering rigid and flexible packaging solutions.

Several molding processes, including blow molding, injection molding, and extrusion molding, offer distinct benefits such as food preservation, medical safety and efficacy, and durability. Due to its benefits over alternative materials like metals, glass, and paper, plastic packaging has become ubiquitous in various industries. Products manufactured using blow molding technology are increasingly replacing conventional materials, driving the demand for molded plastics.

In particular, the food and beverage industry drives significant demand for molded plastics, especially for cold-filled beverage containers, drinking water bottles, alcohol beverage containers, soft drink containers, and dairy containers. Industry experts like Venugopal Menon of Bobst India foresee robust capital expenditure momentum in the Indian packaging industry in the coming months, with a positive outlook extending into 2024. This reflects the continued reliance on molded plastics to meet evolving packaging needs and consumer preferences in India and beyond.

Molded Plastic Market Restraint

Stringent Regulations

The environmental persistence of plastic garbage, which takes decades to break down, is a serious danger to ecosystems worldwide. To address this issue, governments globally are implementing stringent regulations to hold the plastics industry accountable for its environmental impact. European governments, in particular, have taken proactive measures to tackle packaging waste and promote recycling initiatives. In parallel, governments in developing countries are also prioritizing environmental protection efforts, with a focus on promoting sustainable packaging solutions.

One key strategy involves incentivizing businesses to adopt environmentally friendly practices and materials. For instance, regulations may mandate that businesses only source raw materials from suppliers that are compliant with environmental standards. While such measures are crucial for environmental preservation, they often result in increased costs for raw materials and operational expenses, affecting the profitability of businesses. This regulatory landscape has implications for the plastic packaging industry, including the plastic injection molding market.

Molded Plastic Market Opportunities

Growing Use of Plastic Composites Made via 3D Printing

The global demand for 3D-printed plastic composites is experiencing significant growth, driven by the expanding commercial utilization of 3D printing technology. These composite grades offer exceptional performance in demanding environments with high temperatures and pressures, including corrosive conditions. Particularly, plastic composite grades enhanced with additives such as carbon fibers exhibit superior properties. Commonly used molded plastics in 3D-printed composites include PC, ABS, and PA. Popular composite grades for 3D printing include carbon fiber-PLA, stainless steel-PLA, and PC-ABS. Major molded plastics manufacturers like SABIC have ventured into producing 3D-printed plastics through forward integration, seizing opportunities in this evolving market landscape.

Furthermore, the growth prospects in the molded plastics market are closely linked to the rising demand for plastic composites manufactured via 3D printing. For example, the 3D printing plastics market is expected to reach USD 3954.37 million by 2030, exhibiting a robust CAGR of nearly 20%, as per the Straits Research report. Moreover, the integration of 3D printing with micro-molding showcases a synergistic relationship, combining the precision and mass-production capabilities of micro-molding with the versatility and customization potential of 3D printing. This convergence is particularly advantageous in industries where precision and minimal margin for error are critical factors.

Regional Analysis

Asia-Pacific Dominates the Global Market

Based on region, the global molded plastic market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

Asia-Pacific is the most significant global molded plastic market shareholder and is expected to expand substantially during the forecast period. The escalating demand for molded plastics finds its roots in the burgeoning consumer electronics and building and construction sectors, where these materials are highly favored as insulating materials. For instance, PVC is extensively utilized for insulating electric wiring. At the same time, thermosets, renowned for their ability to withstand high temperatures, are employed in manufacturing switches, light fittings, and handles. Highlighting China's prominence, the July 2021 report released by the United Nations Statistics Division reveals that the country accounted for approximately 28.7% of the global manufacturing production of consumer electronics. This underscores China's pivotal role in driving the demand for molded plastics in the consumer electronics sector.

Furthermore, rapid growth in the automotive industries of nations such as Australia and India has fueled the demand for molded plastics. These plastics find widespread application in the production of various automotive components, including equipment, air flow ducts, car fascia, bumpers, grilles, headlight pods, panels, fenders, wheel wells, engine covers, and table components. For instance, a December 2021 report by the India Brands Equity Foundation highlights the substantial growth in India's automotive sector, with passenger vehicle sales reaching 279,745 units in March 2021, marking a significant increase of 28.39% compared to the same period the previous year. This robust expansion underscores the integral role of molded plastics in supporting the burgeoning automotive industry's diverse manufacturing needs.

Report Scope

Report Metric Details
Segmentations
By Product Type  
By Technology 
By Applications
Company Profiles LyondellBasell (Netherlands) SABIC (Saudi Arabia) INEOS (Switzerland) DuPont (US) ExxonMobil (US) Sinopec (China) Dow Inc (US) BASF SE (Germany) Eastman Chemical Company (US) Chevron Corporation (US) Formosa Plastics Corporation (Taiwan) Solvay (Belgium) China Plastics Extrusion Ltd. (China) Lanxess AG (Germany) Versalis (Italy) LG Chem (South Korea) Reliance Industries (India)
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global molded plastic market is bifurcated into product, technology, and application.

Based on product, the global molded plastic market is segmented into polyvinyl chloride, polypropylene, polystyrene, polyethylene, polyurethane, polyethylene terephthalate, and others.

The polypropylene segment dominates the global market. Molded plastics derived from polypropylene offer many advantages—they're cost-effective, safe, and versatile, making them indispensable materials, especially in the packaging and automotive industries. In automotive applications, molded polyethylene plays a crucial role, finding its way into various components such as dashboards, mechanical parts, music systems, wire spools, storage containers, one-piece dashboards, seat panels, and bottle caps. Polypropylene boasts several key attributes contributing to its widespread adoption compared to other molded plastics. It's renowned for its strength, clarity, low coefficient of friction, and excellent chemical resistance, qualities that have propelled the growth of this segment in the global market.

Based on technology, the global molded plastic market is segmented into injection molding, blow molding, extrusion, and others.

The injection molding segment led the global market. This dominance can be attributed to the widespread adoption of injection molding technology, which is the most prevalent method for producing molded plastics. Leveraging automated procedures, injection molding ensures precision and consistency and effectively reduces production waste and manufacturing costs. These factors have played a pivotal role in driving the growth of the injection molding segment within the global molded plastics market. By optimizing efficiency, minimizing waste, and enhancing cost-effectiveness, injection molding technology has established itself as the go-to choice for manufacturers across various industries seeking high-quality, reliable plastic components.

Based on application, the global molded plastic market is bifurcated into packaging, film, automotive parts, corrugated sheets, bags and pouches, battery cases, bottles and vials, pipes, containers, filament yarn, wires and cables, and others.

The packaging application owns the highest market share. The packaging application segment commands the largest market share in the molded plastics industry. This dominance is closely tied to the global trend of increased international trade, which has led to reduced trade barriers and streamlined tariffs. As trade between countries intensifies, there has been a corresponding surge in the demand for packaging machinery and materials.

Molded plastics play a pivotal role in this scenario, as they are extensively utilized in manufacturing packaging parts and components. These components serve functional purposes and enhance the aesthetic appeal and consumer-friendliness of packaging products. From containers and bottles to caps and closures, molded plastics contribute significantly to the packaging industry's ability to meet evolving consumer preferences and market demands.

Market Size By Product Type  

Recent Developments

February 2024: Lumax Cornaglia Auto Technologies (LCAT), a joint venture and subsidiary of Lumax Auto Technologies and Cornaglia, Italy, opened a new production plant in Pune's Chakan area, expanding its activities in India. Manufacturing gasoline tanks and air filters for two- and four-wheelers is LCAT's line of business. LCAT plans to expand its production capacity gradually with this new plant, increasing it by over 40%. The former 32,000-square-foot plant in Chakan, which had proven to be inadequate given the company's growing operations, was essentially replaced by the new facility. The new building, which occupies 250,000 square feet and features an internal research and development laboratory, initially cost more than Rs 30 crore.

Top Key Players

LyondellBasell (Netherlands) SABIC (Saudi Arabia) INEOS (Switzerland) DuPont (US) ExxonMobil (US) Sinopec (China) Dow Inc (US) BASF SE (Germany) Eastman Chemical Company (US) Chevron Corporation (US) Formosa Plastics Corporation (Taiwan) Solvay (Belgium) China Plastics Extrusion Ltd. (China) Lanxess AG (Germany) Versalis (Italy) LG Chem (South Korea) Reliance Industries (India) Others

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the global Molded Plastic Market?
The global Molded Plastic Market size is growing at a CAGR of 6.32% from 2019–2026.
Asia Pacific has the largest share of the market.
On the basis of technology is the leading segment for the market during forecast period.
The key players in the global Market include Exxon Mobil (US) , LyondellBasell (Netherlands) , DowDuPont (US) , SABIC (Saudi Arabia) , INEOS (Switzerland) , Solvay (Belgium) , Formosa Plastics (Taiwan) , Chevron (US) , Eastman (US) , China Petroleum (China)


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