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Molded Plastics Market size is poised to grow with a lucrative CAGR from 2023 to 2032 in view of new expansion activities in the petrochemical and packaging industries. Robust growth in the healthcare sector will drive up the demand for molded plastic packaging for medicines, liquid medications, and restorative equipment. The product's static qualities, as well as its durability, adaptability, and low weight, make it a viable option for packaging medical items. For instance, thermoformed molded plastics are utilized for airtight sealing, whereas injection molded plastics are ideal for packing disposable syringes.
Molded plastics are also widely used in consumer electronics, home cleaning products, and the automobile sector. They offer a variety of desired features, including adaptability, elasticity, insulation, high strength, and minimal maintenance, all of which are required for building vehicle components. Polyvinyl chloride is used in the production of insulating tapes, wires, and other building materials. Polyethylene and polypropylene are both utilized in the production of drainage pipes, windows, electrical conduits, doors, gas pipes, flooring tiles, etc.
Government measures such as budgetary plans and tax breaks in areas such as China and India to extend the Foreign Direct Investment (FDI) stream have aided in the growth of the molded plastics market. These locations also have low-cost labor, which helps businesses to reduce overall production costs.
Price volatility of petrochemical raw materials such as benzene, ethylene, propylene, and styrene, along with increased environmental concerns about their disposal, may impede market sustainability. To address such issues, prominent molded plastics producers are creating joint ventures with biotechnology businesses to synergize their operations for producing bio-based molded plastics.
Based on product, the molded plastics market is divided into polyethylene terephthalate (PET), polyvinyl chloride (PVC), polystyrene (PE), polypropylene (PP), polycarbonate, and engineering plastics. PE is most frequently utilized owing to its widespread application in consumer products, particularly packaging. While PET will rise in popularity due to its broad application in the production of food and beverage containers. Meanwhile, due to its rising penetration in finished goods like food packaging, electrical contact protection covers, and battery cases, PP has emerged as the key raw material.
In terms of technology, the molded plastic industry is segmented in blow molding, injection molding, extrusion, thermoforming, and others. Extrusion is a reasonably inexpensive procedure that is widely used in the mass production of bottles and cans. With a variety of moldable designs, injection molding allows businesses to expand productivity in a much shorter amount of time. Because of the low pressure required, the machinery and mold costs of extrusion are moderately lower than those of injection blow mold, which is an added benefit to processing.
With respect to application, molded plastics market is classified into electronic and consumer goods, healthcare, packaging, automotive & transport building, and construction, and others such as railways, marines, textiles etc. The growing use of plastics in automotive components coupled with increasing production of passenger cars and heavy-duty vehicles, especially in Asia and Latin America, is expected to drive the molded plastics industry growth.
The shift of industrial businesses to nations such as China, India, Indonesia, and Malaysia due to economic expansion and population increase would strengthen the Asia Pacific molded plastics. While rising demand for electronic appliances such as laptop computers and cell phones, particularly in the United Kingdom, Germany, and France will accelerate the Europe market expansion.
Some of the major key players in the molded plastics market include SABIC, Chevron Philips Chemical, Reliance Industries, Chen Hsong holdings, LyondellBasell Industries, BASF, INEOS Group, Eastman Chemical, Huntsman, Sumitomo Heavy Industries, DuPont de Nemours & Company, and Exxon Mobil. These manufacturers and suppliers are introducing new products to expand their market footprint.
Higher inflation can lead to an increase in raw material costs, which will impact the production costs of molded plastic products worldwide. This can result in higher prices for consumers and lower demand for these materials. Low consumer purchasing could deter companies to invest in research and development, which may slow down innovation in the industry. Furthermore, inflation can increase labor costs, potentially leading to lower production output and supply chain disruptions.