Transparency Market Research has released a new market report entitled “Molded Plastics Market, By Material, By Technology, By Application, and Geography – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast – 2016–2024.” According to this report, the global molded plastics market was valued at US$ 4.23 Bn in 2014 and is projected to reach US$ 202.29 Bn by 2024, at a CAGR of 5.6% between 2016 and 2024. In terms of volume, the molded plastics market is projected to reach 300,449.9 kilo tons by 2024, expanding at a CAGR of 4.3% between 2016 and 2024.
Molded plastics are made up of thermoplastic or thermoset resins through a molding process. The molding process essentially requires a mold or cast in order to provide the plastic with a specified shape. Molded plastics find application in most sectors and daily products such as bottles, furniture, pipes, conduits, wires, cables, containers, caps, cases, and consumer products. In the construction sector molded plastics are used to manufacture pipes, fittings, conduits, fixtures, boards and structural cabinets. In the packaging industry molded plastics are basically used to manufacture PET bottles, PE bottles, containers for food & beverage, cosmetics, and industrial goods.
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In the automotive & transportation industry molded plastics are used to form the interiors of cars, dashboard instruments, and structural parts such as bumpers. In the electronics industry most of the structural parts are made of molded plastics such as polycarbonate. Consumables, such as combs, brushes, pens, clips, and several stationary items, are also made using molded plastics.
Geographicaly, the molded plastics market has been segmented into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Asia Pacific is expected to remain the most attractive region for the market. Given that more than half the global population and emerging markets are in Asia Pacific, international players have increased their focus on the region. Middle East & Africa is a fast-growing region, with the GCC leading the quantum of molded plastic volume expanding at a CAGR of 6.5% between 2016 and 2024. Companies such as SABIC in Saudi Arabia are rapidly increasing their capacity for polypropylene, polyethylene, and other polymers to take advantage of untapped avenues.
The markets for molded plastics in North America and Europe are mature and provide limited opportunities in terms of untapped potential. However, the CIS region in Europe is a bright spot where the molded plastics market is expected to expand at a faster pace than in other parts of Europe. Regionally, Asia Pacific, with countries like India and China, dominated the global molded plastics market volume with a market share of 49% in 2016. This is followed by Europe and North America, where the molded plastics market has reached maturity. The total revenue in Europe and North America together are expected to constitute around 29% of the total market value in 2016.
The global molded plastics market is dominated by global and regional players, such as BASF SE, Eastman Chemical Company, SABIC, Huntsman Corporation, LyondellBasell Industries N.V., INEOS Group AG, Chevron Phillips Chemical Company LLC, Reliance Industries Limited, Harwal Group, Al Watania Plastics, Obeikan Investment Group (OIG), and Takween Advanced Industries.
Molded Plastics Market: By Material
- Polyvinyl Chloride
- Polyethylene Terephthalate (PET)
Molded Plastics Market: By Technology
- Injection Molding
- Blow Molding
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