Molded Plastic Market Estimated To Witness a Phenomenal Growth by 2025
Molded plastics are the type of polymers, which can be molded into any size and shape for the use in commercial applications. The use of pigments and other additives enhances the quality of the molded plastics. Molded plastics are used in various end-use industries, owing to the characteristics, such as durability, lightweight, and high chemical resistance. The automobile industry uses molded plastic for manufacturing of air flow ducts, engine cover, wheel wells, car fascia, grilles, bumpers, and other components.
The rapid growth in the construction, automotive and packaging industry is expected to fuel the growth of molded plastics market globally. According to the Organization Internationale des Constructeurs Automobiles (OICA), the automotive industry has seen a growth of 4.5% from 2015-2016. The rise in the demand for environment sustainable and low carbon emitting vehicles has increased the use of molded plastics in manufacturing of automobiles. Moreover, the rapid growth of emerging economies has further surged the packaging industry, owing to the increased outflow and inflow of fast moving consumer goods, in turn augmenting the growth of molded plastic market. Furthermore, the demand for molded plastics from the electrical and electronic industry has seen a substantial growth, due to the increased application in the electronic devices such as laptops, televisions, computers, and mobile phones.
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In terms of revenue, Asia Pacific is anticipated to be the largest and fastest growing region for molded plastic market witnessing the highest CAGR of 6.7% during the forecast period. The growth of various end-use industries such as packaging, construction, and automobile has surged the demand for molded plastic. Furthermore, growing population and increasing disposable income of the consumers in the emerging economies such as China and India, are major factors responsible for the growth of the molded plastic market in Asia Pacific. In addition, the growth in the electrical and electronic industry in the region is also surging the market positively.
The Indian electronic market is expected to reach US$ 400 billion during the forecast years, mainly due to the setting up of Electronic Hardware Technology parks (EHTP) in the Special Economic Zones that has brought about more Foreign Direct Investments. Government has also initiated the MSIPS (modified special incentive package) under which US$ 1.7 billion will be offered to the electronic sector in 2017.
Europe is the second largest market for molded plastic, followed by North America. The developed electrical and automotive industry is the major factor boosting the growth of molded plastic market. The increase in remodeling and renovating activities in the North American region is further expected to fuel the growth of molded plastic market. The New Building Canada Fund has committed US$ 10 billion over a 10 year period i.e. 2014-24 to build public infrastructure in Canada. 9 US$ in the National and regional projects and 1 US$ in small population fund.
The Middle East and Africa is expected to have a steady growth in the molded plastic market, owing to the increase in the building and construction in the regions. The Middle East has seen a growth in construction with Qatar and Saudi Arabia, which is major driver for the growth of molded plastic market. This is primarily due to upcoming FIFA World Cup 2022 in Qatar, which is likely to bring millions of people to the country. Construction of stadia, hotels, malls, and public infrastructure is driving the growth of molded plastic market. Moreover, the recent Africa Construction Summit 2017 will also act as a positive impact in the global molded plastic market.
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Based on the End-use, packaging is the largest segment in 2016 and is expected to be the same during the forecast years. Packaging holds a revenue of US$ 63830.84 million and is expected to grow at a CAGR of 5.9% from 2017-2025. Packaging industry accounted for the largest market share due to the increased use of light weight packaging in various industries, such as pharmaceuticals, electrical, and electronics.
Major Players in the Global Molded Plastic Market:
Key players operating molded plastic market include Eastman Chemical Company, SABIC, Huntsman Corporation, LyondellBasell Industries N.V, INEOS Group AG, Chevron Phillips Chemical Company LLC, Reliance Industries Limited, Obeikan Investment Group (OIG), Takween Advanced Industries, and BASF SE.
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