Global Molded Plastics Market size will experience a dynamic growth between 2018-2024 owing to growing packaging and petrochemical industry, using plastics in manufacturing household care products, use of plastic components in consumer electronics, and rise in consumption of molded plastics in the automotive industry.
The process of using a rigid frame for shaping plastic is called plastic molding. These are synthetic compounds that can be sculpted into various shapes based on application. Molded plastics can be redesigned by adding pigment to their synthetic polymers.
The molded plastics market is likely to grow due to factors such as growing packaging and petrochemical industry, using plastics in manufacturing household care products, use of plastic components in consumer electronics, and rise in consumption of molded plastics in the automotive industry.
The healthcare sector growth is increasing the demand for molded plastics packaging for pharmaceuticals, liquid drugs, and restorative devices. The static properties of the product, along with its durability, versatility, and light weight, make it a feasible choice for packaging medical products. For example, thermoformed molded plastics are used for air-tight sealing, whereas injection molded plastics is appropriate choice for packaging disposable syringes.
Molded plastics have various desirable properties such as versatility, elasticity, insulation, high strength and low maintenance, which are essential for construction and automobile components. Polyvinyl chloride is used in manufacturing insulation tapes, cables, and other construction materials. Both Polyethylene and polypropylene are used in manufacturing gas pipes, drainage pipes, electrical conduits, windows, doors, flooring tiles, etc.
Government initiatives like budgetary plans and taxation benefits in regions like China and India to expand the Foreign Direct Investment (FDI) stream has helped in building up the molded plastics market. These regions also offer low-cost labor, which further helps in reducing the overall manufacturing cost for producers. However, this shift has led to overutilization of various plastic products, thereby affecting their prices.
Instability in prices of petrochemical raw materials like propylene benzene, ethylene, and styrene, associated with growing environmental concerns with their disposal, will hinder market sustainability. To overcome such challenges, major molded plastic manufacturers collaborate to form joint ventures with biotechnology companies to synergize their operations for manufacturing bio-based molded plastics.
Global molded plastics market can be segmented into different forms based on product, technology, application, and topography. By product, the molded plastics are classified into polyethylene (PE), polyvinyl chloride (PVC), polystyrene (PS), polypropylene (PP), polyethylene terephthalate (PET), polycarbonate and engineering plastics. PE is the most commonly used product, mainly due to its significant usage in consumer goods, especially in packaging. PET segment will witness growth on the account of its extensive usage for manufacturing food & beverage containers. PP has emerged as the largest raw material segment owing to its rising penetration in finished products like food packaging, protective caps in electrical contacts, and battery housings are likely to drive its demand in the future.
Based on technology, the molded plastics market is segmented into injection molding, blow molding, extrusion, thermoforming, & others. Extrusion process is relatively economical than its other counterparts and majorly deployed in bulk manufacturing of bottles and cans. Injection molding enable companies to increase their output in much shorter period of time with assorted moldable designs. The machinery & mold cost of extrusion is moderately low than that of injection blow mold because of low pressure requirement which is an extra benefit to processing.
The application areas of the molded plastics industry are building & construction, automotive & transport, electronics & consumer goods, packaging, healthcare, and others such as textiles, marines, railways, etc. Increasing plastics usage in automotive parts along with surge in passenger and heavy-duty commercial vehicle production, especially in Asia and LATAM, will likely to propel the molded plastics market growth over the forecasted period.
Growing demand from key application sectors such as construction, automotive, and packaging, particularly in BRICS (Brazil, Russia, India, China, and South Africa), will drive the molded plastics market. The shift of manufacturing hubs towards countries like China, India, Indonesia, and Malaysia due to economic growth and rise in population will boost the market in the Asia Pacific region. Europe’s non-food and beverages packaging applications include cosmetics, toiletries, pharmaceutical, and household chemicals and increasing demand for electronic appliances such as laptops and cellular phones particularly in U.K., Germany, France, and Germany will accelerate the demand.
Lastly, GCC union play a major role in the overall expansion of the global molded plastics market, representing the alliance of world’s leading producers of crude oil and downstream petrochemical products, which is a crucial raw material required in production of synthetic polymers, are the major exporters of raw polymer across the globe.
The molded plastics market competitive landscape includes key players such as Chevron Philips Chemical, Chen Hsong holdings, BASF, Eastman chemical, Sumitomo Heavy Industries, Exxon Mobil, DuPont de Nemours & Company, Huntsman, INEOS Group, LyondellBasell Industries, Reliance Industries, and SABIC. Top regional players cover vast product portfolio which caters to diverse industry demands, multifunctional quality, price and product compliances are expected to be the future industry trends over the forecasted period.