Global Molded Plastics Market-Overview:
The molded plastics market is estimated to be USD 351.11 Billion in 2018 and is projected to reach USD 474.26 Billion by 2023, at a CAGR of 5.8% between 2018 and 2023. Molded plastics are synthetic compounds that can be changed in various shapes based on the application. These molded plastics can be modified by adding pigments to their polymers. The global molded plastics market is segmented based on product, technology, application, and geography.
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Global Molded Plastics Market-Drivers and Restraints:
The molded plastics market is expected to grow due to factors such as growth of the packaging industry, ongoing practice of using plastics in manufacturing household care products, increase in use of plastic components in consumer electronics, and rise in consumption of plastics in the automotive industry. Molded plastics are used in automobiles due to greater design flexibility and lightweight. Molded plastics have the desirable properties, which are prerequisites in building materials and automobile components. Polyvinyl chloride is used for manufacturing cable insulation, insulation tapes, and other construction materials. Polyethylene and polypropylene are used to produce electrical conduits, rain water & sewage pipes, plumbing, gas distributions pipes, tanks, windows & doors, flooring tiles & rolls, and others. Such advantages of the products bolster the demand for global molded plastics market.
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Global Molded Plastics Market-Geographical Segmentation: The Molded Plastics Market is geographically segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the largest revenue contributor to the global market, due to the increase in adoption of molded plastics in packaging, building & construction, and automotive industries in the region. China dominated the molded plastics market in terms of revenue, accounting for 57.7% share in Asia-Pacific region in 2016. The shift of manufacturing hubs in countries such as China, India, Indonesia, and others due to economic growth and rise in population is expected to boost the market growth in the Asia-Pacific region.
Key Players in Global Molded Plastics Market
The key players of molded plastics market are Al Watania Plastics, CNPC, Harwal Group, HTI Plastics, INEOS Group, Magna International Inc., Molded Plastic Industries, Obeikan Investment Group (OIG), Takween Advanced Industries, The Dow Chemical Company, BASF SE, Chevron Philips Chemical Company, Huntsman Corporation, INEOS Group AG, LyondellBasell Industries N.V., Reliance Industries Limited, and SABIC.
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