Global molded plastic market was valued at USD 327.10 billion in 2018 and is expected to reach USD 534.07 billion by 2026 at a CAGR of 6.32% during the forecast period, 2019–2026.
Molded plastics are polymers, which can be molded into any size and shape for use in end-user industrial applications. Use of pigments and other additives in the product improves the quality of the molded plastics. Products are used in numerous end-use industries, owing to characteristics, such as lightweight, durability and high chemical resistance. Automobile & transportation industry uses polymers for the manufacturing of air flow ducts, engine cover, wheel wells, car fascia, grilles, bumpers, and other components. Adding to this, polyvinyl chloride is used in manufacturing of cables, insulation tapes, and other construction materials. Polypropylene and polyethylene are used in manufacturing drainage pipes, gas pipes, electrical conduits, doors, windows, flooring tiles, and others.
Global molded plastic market is expected to witness a dynamic growth in the forecast period owing to growing packaging and petrochemical industry. These industries are widely using plastics in manufacturing of household care products, plastic components in consumer electronics, and increase in consumption of plastics in automotive industry. For instance, according to Organization Internationale des Constructeurs Automobiles (OICA), automotive industry increased with a growth rate of 4.5% during the period 2015-2016. Polymers are used in manufacturing automobiles that are environmentally sustainable and VOC emission vehicles, which are increasingly in demand. Moreover, the growth in healthcare sector is increasing the demand for polymers in restorative devices, packaging of pharmaceuticals and liquid drugs, owing to numerous advantages such as moisture resistance, durability, and versatility.
Furthermore, molded plastic shows various properties such as elasticity, versatility, insulation, low cost, high chemicals resistance, excellent processability and design flexibility which are essential for automobile and construction components. Moreover, as per International Organization of Motor Vehicle Manufacturers (OICA) (France), the global production of cars was projected at 97,302,534 cars in 2017, presenting an increase of 2.36% during the period of 2016-2017.
Global molded plastic market is segmented by type, technology, application, and region.
On the basis of type, the 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 the largest share of the market. This is attributed to an increase in spending on the infrastructure sector, expanding consumer goods market, low cost for feedstock, positive economic outlook of developing economies, and low manufacturing cost. Moreover, increasing virgin plastics consumption post the ban on the scrap plastics imports.
On the basis of technology, molded plastic market is segmented into injection molding, blow molding, extrusion, thermoforming, & others. Extrusion process segment is likely to hold the largest share as it is comparatively economical than its other counterparts and majorly deployed in bulk manufacturing of bottles and cans. Injection molding segment technology used in the production of polymers and use widely in automated processes, which reduce the cost of manufacturing. Moreover, it reduces waste production during the manufacturing process.
On the basis of application, the molded plastic market is segmented into packaging, automotive and transportation, construction and infrastructure, electronics and electrical, pharmaceutical, and agriculture. The packaging segment of the molded plastic market is likely to hold the highest share owing to a huge demand for rigid plastic packaging in household and industrial products as well as in the medical industry.
Geographically, global molded plastic market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Asia Pacific is expected to hold major share in global molded plastic market during the forecast period owing to improving wealth, increasing disposable income, and growing urbanization. The increased use of molded plastics in the region in numerous end-user industries such as automotive & transportation, packaging, construction & infrastructure spurs the market growth. The shifting of manufacturing units towards countries like China, India, Indonesia, and Malaysia due to economic growth and rise in population may raise the demand of products in the forecast period.
Europe is likely to emerge as the largest molded plastic market in the coming years owing to increasing demand in the food and beverages packaging industries. Moreover, the continuous production of automobiles in Germany and the U.K. is likely to raise the demand of the molded plastic market in the region.
North America molded plastic market is likely to witness sustainable growth in the forecast period. The major trend witnessed in the market in North America is an exponential surge in industrial activities. Moreover, with an increase in usage of polymers in the construction, automotive & transportation, and infrastructure sector, the market is likely to increase in the future. Furthermore, growing industrial activities in the U.S and Canada are projected to drive regional market growth.
Middle East & Africa is expected to witness steady growth in the forecast period owing to substantial investments done by global players and an increase in regional economic activities. The construction industry in the Middle East is expanding rapidly which is expected to drive the market. Moreover, GCC countries (Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman) are expected to play a dynamic role in the growth of the regional molded plastic market.
The pharmaceuticals sector in emerging countries of Latin America is expected to spur the molded plastic market growth owing to the increasing aging population coupled with rising obesity.
Some of the key players in global molded plastic market are
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