ALBANY, New York, January 17, 2019 /PRNewswire/ --
The presence of a large number of unorganized sector in emerging developing economies has left the global molded plastics market fragmented. Competition in the market is expected to rise significantly, a large number of new players are entering in the market. Players are also focusing on developing innovative ways of manufacturing wherein manufacturing eco-friendly plastics verities is a key target. Collaboration, mergers, and acquisitions are other strategies used by these players to strengthen their position in the regional as well as global market. Companies are also seeking operational excellence and putting efforts to achieve economies of scale. According to the report, Chevron Phillips Chemical Company LLC, BASF SE, SABIC, Huntsman Corporation, Eastman Chemical Company, Reliance Industries Limited, INEOS Group AG, Al Watania Plastics, and Harwal Group are some of the major companies operating in the market.
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According to the report published by Transparency Market Research, the global molded plastics market is projected to reach a valuation of US$ 202.2 bn by the end of 2024. In 2015, the market earned US$ 124.8 bn. During the forecast period, the market is anticipated to rise at 5.6% CAGR. These numbers are attributed to increasing use of molded plastics in numerous industries.
Application of molded plastics is widely seen in the packaging industry both in terms of value and in terms of volume. The consumption of molded plastics is this industry is approx. 30% more than any other industry. As the price of molded plastics is higher in the packaging industry, it has significantly benefitted the growth in this market. Based on geography, Asia Pacific held 49% share in 2016 and is anticipated to dominate market during the forecast period. North America and Europe held 29% share collectively in 2016.
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Wide Application in Numerous Industries to Benefit Market Growth
The global molded plastics market is likely to witness high growth in the coming years due to its growing application in several industries including automotive, packaging, home appliances, electrical and electronics, and building and construction. With recent innovations faulty productions are reduced, that has encouraged mass production of complicated plastic shapes. Moreover, rapid growth in the construction industry and increasing industrial development has further marked the growth of this market.
Furthermore, there is a stupendous rise in the building and construction sector in emerging economies such as India, China, Brazil, Mexico, and South Africa that has significantly boosted the demand for molded plastics. Molded products are now more resistant to heat and pressure making is more effective to be used in multiple industries. Concluding all the afore-mentioned factors, the global molded plastics market will attain high growth in the near future.
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Unskilled Workforce in Underdeveloped Regions to Hamper Market Performance
Despite the high growth of molded plastic, there are still few factors obstructing further expansion of this market. Shortage of raw material and a limited number of skilled labor mainly in remote and underdeveloped regions are likely to challenge the market's growth. In addition, a number of times high prices of raw material are passed onto end consumers by increasing the cost final products. This might refrain the customers from buying these products and deviate them towards alternative products. These reasons might reduce the customer base and can minimize the growth in this sector. However, many companies are putting efforts to introduce cost-effective plastic solutions, which might help in curtailing effect of these restraints.
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The information presented in this review is based on a TMR report, titled "Molded Plastics Market (Material Type - Polypropylene, Polyethylene, Polyvinyl Chloride, Polystyrene, Polyethylene Terephthalate, and Polyethylene Terephthalate; Technology - Injection Molding, Injection Molding, Blow Molding, and Thermoforming; Application - Packaging, Consumable and Electronics, Automotive and Transportation, and Building and Construction) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
The Global Molded Plastics Market has been segmented as presented below:
Global Molded Plastics Market: By Material
- Polypropylene
- Polyethylene
- Polyvinyl Chloride
- Polystyrene
- Polyethylene Terephthalate (PET)
- Others
Global Molded Plastics Market: By Technology
- Injection Molding
- Blow Molding
- Thermoforming
- Others
Global Molded Plastics Market: By Application
- Packaging
- Consumable & Electronics
- Automotive & Transportation
- Building & Construction
- Other Applications
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