Global molded plastics market was valued at $529,845 million in 2016, and is expected to garner $690,158 million by 2023, registering a CAGR of 3.9% from 2017 to 2023. Molded plastics are synthetically produced non-metallic compounds, which can be molded into various shapes for commercial use. These are highly versatile, efficient, malleable, and can be hardened to obtain the desired consistency. These are used for designing small components with tremendous amount of detailing and refinement. These are used in various applications such as building & construction, automotive & transportation, consumable & electronics, packaging, and others such as medical, stationary, and textiles, owing to their high ductility, tensile strength, impact resistance, moisture resistance, and greater design flexibility. In addition, these are used in the manufacturing of car fascia, bumpers, grilles, headlight pods, panels, fenders, wheel wells, engine cover, table components, air flow ducts, equipment, exterior fascia & decorative panels, and other components. These are used to produce electrical conduits, rain water & sewage pipes, plumbing, gas distributions pipes, storage tanks, flooring tiles & rolls, PVC sheets, insulating membranes, and other construction materials.
Packaging segment generated the highest revenue in 2016, owing to increase in adoption of molded plastics for packaging industrial and consumer goods. Polyethylene is primarily used in packaging materials to increase the shelf life and durability of products, owing to its high ductility, tensile strength, and impact resistance. High tensile strength and better design flexibility have increased its adoption in manufacturing various automotive components. Polypropylene was the leading product segment in 2016, due to its widespread applications in the packaging and automotive industry. In the automotive industry, molded polyethylene is used in automotive dashboard, bumpers, grills, bottle caps, music systems, wire spools, storage containers, one-piece chairs, seat panels, mechanical parts, and other components. Injection molding technology is the most popular technology used for producing molded plastics. This segment accounted for the highest revenue in 2016. It uses automated processes to reduce the manufacturing cost. It reduces waste production during the manufacturing process. Low production waste, faster production processes, and ability of mass production are expected to foster the market growth during the forecast period.
Rapid consumption of fast moving consumer goods (FMCG) in emerging economies such as India, China, Indonesia, Brazil, Mexico, and others has led to higher consumption of molded plastics in the packaging industry. Thus, growth in packaging industry is one of the major factors driving the global molded plastics market. The implementation of fuel economy regulations towards achieving 2025 Corporate Average Fuel Economy (CAFE) standards to reduce CO2 emissions have enforced automotive manufacturers to focus on developing lightweight materials such as molded plastics. According to the International Energy Agency (IEA), in 2015, the registration of electric cars increased by 70% in 2015, with sales staggering at 550,000 vehicles. Thus, growth in the automotive industry is expected to drive the molded plastics market. Rapid economic growth and rise in the disposable income have led to increased consumption of consumer electronics such as smartphones, tablets, laptops, computers, and TVs in the emerging economies such as India and China. The consumer electronics industry is expected to grow, particularly in the Asia-Pacific region, is expected to drive the demand for molded plastics, as majority of these products are made of molded plastics. Volatile prices of raw materials such as ethylene and propylene are expected to hamper the market growth during the forecast period.
The global molded plastic market is segmented based on product, technology, application, and geography. Based on product, the market is divided into polyvinyl chloride, polypropylene, polystyrene, low density polyethylene, high density polyethylene, polyethylene terephthalate, and engineering plastics. Based on technology, the market is segmented into injection molding, blow molding, extrusion, and others. The application segment is divided into building & construction, automotive, electrical & electronics, packaging, and others. The market is analyzed based on region into North America, Europe, Asia-Pacific, and LAMEA.
The major players profiled in this study include:
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