Molded plastics have several properties that have propelled their adoption of the same in multiple industries. These properties include durability, lightweight, and higher chemical resistance. Further, the use of pigments and other additives can enhance the quality of Molded Plastics. The Global Molded Plastics Market is estimated to expand at a high CAGR through the forecast period. One of the primary reasons for the ascension noticed in the Global Molded Plastic Market is the rising adoption of the same in various end-use industries owing to its properties of durability, cost-effectiveness, and higher chemical resistance.
According to Market Research Future (MRFR), In 2020 the molded plastics market size was valued at USD 265.1 billion globally and was predicted to expand at a CAGR of 4.6% from 2021 to 2028. Augmenting market demand from the burgeoning automotive & packaging industry is a major driving force behind the growth of the market. Also, some of the diverse applications of molded plastic in automotive, such as airflow ducts, engine covers, car fascia, grilles, and bumpers, foster market growth.
The rise in the demand for low carbon-emitting vehicles defines the growing landscape of the market, increasing the fuel economy by using Molded Plastics in the manufacturing of lightweight automobiles. Additionally, factors such as the ever0increasing population, urbanization, and industrialization across the globe, substantiate the growth of the market. Also, improving economic conditions worldwide influence the growth of the market positively.
On the other hand, high initial costs and short production runs are the major factors acting as growth impeders for the Molded Plastic Market. Nevertheless, increasing R&D investments made in the field to improve molding and manufacturing techniques and associated technologies would support the growth of the market throughout the projected period.
Molded Plastic Market – Segmentations
The analysis has been segmented into four major dynamics.
By Material: Polypropylene, Polyvinylchloride, Polystyrene, Polyethylene, Polyethylene Terephthalate, and other materials.
By Technology: Injection Molding, Blow Molding, Thermoforming, and other technologies.
By Application: Packaging, Electronics, Building & Construction, and others.
By Regions: Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
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Global Molded Plastic Market – Competitive Landscape
Highly Competitive, Global Molded Plastic Market appears to be fragmented, with many matured players forming a competitive landscape. These players adopt strategies such as collaborations, mergers & acquisitions, expansion, and technology launch to gain a larger competitive advantage in this market. Players also to sustain their market positions.
Major Players:
Players Leading the Molded Plastic Market include Harwal Group of Companies (UAE), BASF SE (Germany), DuPont (US), Eastman Chemical Company (US), HTI Plastics (US), INEOS (UK), Reliance Industries Limited (India), LyondellBasell Industries Holdings BV (Netherlands), SABIC (Saudi Arabia), Magna International Inc. (Canada), Exxon Mobil Corporation (US), and Takween Advanced Industries (Saudi Arabia), among others.
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