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The molded plastics market size is forecast to increase by USD 228.31 billion, at a CAGR of 4.57% between 2023 and 2028. The market's growth rate hinges on various factors, notably the increasing demand for lightweight and high-performance plastics. This trend is further fueled by the rising preference for molded plastics in beverage packaging and the surging utilization of molded plastics in high-tech agricultural applications. These factors collectively contribute to the expansion of the market, as industries seek innovative solutions that offer durability, efficiency, and sustainability. With a growing emphasis on advanced materials across diverse sectors, the market is poised for significant advancement in the foreseeable future. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
Molded plastics refer to plastic materials that have been shaped into specific forms or products through the process of molding. This process typically involves heating plastic resins until they become molten, then injecting or pressing them into a mold cavity, where they cool and solidify into the desired shape. Molded plastics are used in a wide range of industries for various applications due to their versatility, durability, and cost-effectiveness.
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The market is propelled by the demand across various sectors such as Building & Construction, Automotive & Transportation, and Packaging. The versatility of synthetically produced non-metallic compounds enables their use in diverse applications like Car Fascia, Packaging, and Plumbing. Trends indicate a growing preference for design flexibility, facilitating the production of intricate components like Bumpers, Grilles, and Panels. However, challenges persist, including competition from petrochemicals, evolving hygiene-related standards, and the need for sustainable solutions in injection and blow molding processes. These dynamics shape the landscape of the market. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Rising demand for molded plastics in beverage packaging is notably driving the market growth. The global beverage industry is experiencing steady growth owing to various factors like population growth, changing consumer preferences, rising disposable incomes, and urbanization. As consumers increasingly incorporate beverages into their daily routines, the demand for packaging solutions, such as molded plastic bottles, rises correspondingly. Changing consumer lifestyles is driving the demand for on-the-go beverage products among consumers. The rising demand for packaged beverages in developing countries, including India, China, Brazil, Vietnam, and South Africa, due to the rise in disposable incomes of consumers, is driving the growth of the global market. Additionally, it molded plastics find applications in various sectors such as building & construction, automotive & transportation, consumable & electronics, packaging, and medical industries.
Moreover, the beverage industry encompasses a wide range of categories, including carbonated soft drinks, bottled water, juices, sports and energy drinks, alcoholic beverages, dairy-based beverages, and functional beverages. Each category has unique packaging requirements, and it offers versatility in design, size, shape, and functionality to meet the diverse needs of beverage manufacturers. This, in turn, increases the demand in the beverage industry. Therefore, an increase in the demand for packaged beverages is expected to drive the growth of the market during the forecast period.
Increasing demand for customization and personalization of molded plastics is an emerging trend shaping market growth. Manufacturers are leveraging advanced molding technologies and design capabilities to offer tailored solutions that meet specific customer requirements and preferences. From automotive components to consumer electronics and household products are being customized to enhance functionality, aesthetics, and user experience. This trend is driven by evolving consumer tastes, technological advancements, and the desire for unique, differentiated products in a competitive marketplace.
Additionally, customization offers opportunities for product innovation and value-added features, driving revenue growth and market expansion for manufacturers. As industries continue to prioritize individualized experiences and tailored solutions, the demand for customized products is expected to continue shaping the future of manufacturing and consumer engagement. These factors are expected to drive the growth of the market during the forecast period.
Volatility in raw material prices of molded plastics is a significant challenge hindering the market growth. Any disruptions in the global supply of crude oil or fluctuations in energy prices can directly impact the cost of raw materials for plastic production, leading to uncertainty and risk for manufacturers. Ethylene, propylene, benzene, and styrene are some of the major raw materials used for the production. The oil and gas industry is one of the major suppliers of these raw materials. Fluctuations in crude oil prices affect the prices of fractional petroleum products, which, in turn, affect the production cost of molded plastics. In February 2022, the global price of ethylene was settled between USD 700-800 per metric ton.
Frequent fluctuations in crude oil prices significantly impact the price of raw materials such as polyethylene and propylene. The US Energy Information Administration (EIA) has predicted that the price of Brent crude oil at the spot market will average USD 79 per barrel in 2023 and USD 84 per barrel in 2024, down from an average of USD 101 per barrel in 2022. Thus, the market depends heavily on crude oil. Such factors are expected to hinder the growth of the market during the forecast period.
The market share growth by the polyethylene segment will be significant during the forecast years. Polyethylene, a versatile thermoplastic, plays a significant role in the market. With its excellent durability, chemical resistance, and affordability, polyethylene finds widespread application across various industries. High-density polyethylene (HDPE) is particularly favored for its strength and rigidity, making it ideal for products requiring structural integrity, such as bottles, containers, and pipes.
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The polyethylene segment was the largest and was valued at USD 250.26 billion in 2018. The rising popularity of HDPE molded containers in India and China is expected to increase the consumption of molded plastics. Molded HDPE is used in the production of bottles, drums, monofilaments, toys, crates, caps and closures, and household goods. Furthermore, advancements in polymer technology and recycling initiatives are enhancing the sustainability credentials of polyethylene, further bolstering its position in the market. Owing to such factors, the demand for polyethylene as a raw material is expected to increase, hence driving the growth of the polyethylene segment of the market during the forecast period.
Based on the end-user, the market has been segmented into packaging, construction, automobile, electrical and electronics and others. The packaging segment will account for the largest share of this segment.? In the F and B industry, molded plastics are used to produce cans for beverages, packaging material (for food), and caps. Packaging can be mainly classified as rigid and flexible. The injection molding technique is mainly used to produce rigid plastics. Molded plastics are extensively used in rigid packaging applications, such as cups, pots, bottles, and cans. Overall, the rising demand for packaged products, coupled with the growth of e-commerce businesses, may drive the demand for molded plastics in the packaging segment, which, in turn, is expected to drive the growth of the packaging segment of the market during the forecast period.
APAC is estimated to contribute 53% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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Further, the market is growing at a steady pace across APAC. Developing economies such as China and India are expected to emerge as major revenue contributors to the overall market in APAC. This is primarily because of the rapid expansion of the end-user industries, including pharmaceuticals, fast-moving consumer goods (FMCG), and e-commerce. Countries such as China, India, and Japan have a rapidly growing e-commerce industry. Packaging is a very important aspect of the e-commerce industry, as products are prone to damage during transportation. Molded plastics can be used in manufacturing multi-layered packaging products, which provide enhanced protection during transit. It can be used to reduce the costs related to damage, replacements, returns, and shipping. This, in turn, is expected to increase the demand in the regional packaging industry.
In addition, APAC also has a large customer base for household appliances and consumer electronics due to its large population. In addition, the lifestyle patterns of consumers are changing in emerging economies, such as China, as a result of the increase in their disposable incomes. This is expected to drive the demand for convenience foods, such as packaged food products. Thus, this is expected to increase the application scope for molded plastics during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Atlantis Industries Corp - The company offers molded plastics such as SPI A2, SPI A1, SPI B 1, SPI B 3, SPI C 1, SPI C 2, SPI C 3, SPI D 1, SPI D 2, and SPI D 3.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including Atlantis Industries Corp., BASF SE, Biomerics LLC, Chevron Phillips Chemical Co. LLC, China Petroleum and Chemical Corp., Currier Plastics Inc., DuPont de Nemours Inc., Eastman Chemical Co., EVCO Plastics, GSH Industries Plastics Manufacturing and Molding, HTI Plastics, Huntsman International LLC, INEOS AG, LG Chem Ltd., LyondellBasell Industries N.V., Mitsubishi Chemical Group Corp., Mitsui and Co. Ltd., PSI Molded Plastics, Saudi Arabian Oil Co., and Takween Advanced Industries
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market experiences robust growth driven by diverse sectors such as Commercial Use, Medical, and Packaging. Its efficiency and malleability make it ideal for creating a wide range of products, from small components to complex constructions like Rainwater & Sewage Pipes and Storage Tanks. Consistency in quality, along with properties like ductility and iImpact Resistance, ensures its suitability for various applications. With advancements in technology, molded plastics offer design possibilities previously unattainable, leading to innovations like Headlight Pods and Table Components. However, challenges persist, including health-related concerns due to Microplastic Particles and the high cost of recycling. Investments surge, supported by agencies like Invest India, signaling opportunities for growth in Urban Infrastructure and sustainable products.
In addition, the market thrives due to its efficiency, malleability, and hardened properties, catering to diverse sectors like consumables & electronics, Textiles, and Construction Materials. Its versatility extends to applications such as Fenders, Electrical Conduits, and Flooring Tiles, offering high tensile strength and moisture resistance. The surge in investments, supported by agencies like the National Investment Promotion and Facilitation Agency, drives innovation in hygiene-related activities and Packaging Sectors. Challenges include health-related problems associated with plastics and fluctuations in prices due to factors like price changes in primary petrochemicals. However, automation advancements promise increased efficiency and scalability in Injection Molded Plastics and other molding techniques.
Market Scope |
|
Report Coverage |
Details |
Page number |
184 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.57% |
Market Growth 2024-2028 |
USD 228.31 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.41 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 53% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Atlantis Industries Corp., BASF SE, Biomerics LLC, Chevron Phillips Chemical Co. LLC, China Petroleum and Chemical Corp., Currier Plastics Inc., DuPont de Nemours Inc., Eastman Chemical Co., EVCO Plastics, GSH Industries Plastics Manufacturing and Molding, HTI Plastics, Huntsman International LLC, INEOS AG, LG Chem Ltd., LyondellBasell Industries N.V., Mitsubishi Chemical Group Corp., Mitsui and Co. Ltd., PSI Molded Plastics, Saudi Arabian Oil Co., and Takween Advanced Industries |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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