Global Molded Plastics Market Is Set For Rapid Growth And Is Expected To Reach USD 505.30 Billion By 2024

iCrowd Newswire
05 Oct 2020, 20:33 GMT+10

Zion Market Research has published a new report titled "Molded Plastics Market by Type (Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polystyrene (PS), Polyurethane (PU), and Others) and by Application (Packaging, Automotive & Transportation, Construction & Infrastructure, Electronics & Electrical, Pharmaceutical, Agriculture, and Other Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024". According to the report, the global molded plastics market was valued at USD 331.65 billion in 2017 and is expected to reach USD 505.30 billion by 2024, growing at a CAGR of 6.2% between 2018 and 2024.

Molded plastics are a range of plastic materials that are utilized in a varied range of applications, such as precision parts, functional parts, etc., for industrial machinery, automotive, and small precision.

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The automotive industry is one of the fastest growing end-users of the molded plastics market. The global molded plastic market growth is directly attributed to the growing automotive industry. The increasing use of molded plastic components in automotive is expected to witness significant growth over the forecast time period, thereby fuelling the market growth. However, the volatile raw materials prices might hamper the expansion of the molded plastics market. The manufacturers are focusing on introducing new products, thereby creating new growth avenues for the molded plastics market in the upcoming years.

By type, the molded plastics market is divided as polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polystyrene (PS), polyurethane (PU), and others. Polyethylene (PE) dominated the market and held a major market share in 2017. PE is expected to grow at the highest CAGR in the upcoming years, due to its usage in the consumer goods, especially in the packaging industry. Polyethylene terephthalate (PET) segment is projected to witness lucrative growth in the future, due to its wide-ranging use for manufacturing food and beverage containers. By application, the molded plastics market is mainly segmented into packaging, construction and infrastructure, automotive and transportation, pharmaceutical, electronics and electrical, agriculture, and others. In 2017, packaging dominated the molded plastics market globally, due to the rising product demand in automotive, packaging, construction particularly in Brazil, Russia, India, China, and South Africa.

By region, the global molded plastics market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2017, Asia Pacific was the largest market for molded plastics, owing to the huge product demand by the region's packaging industry. Moreover, the region is anticipated to be the fastest growing market for molded plastics over the next few years, due to the increasing demand for molded plastics, especially by automotive and transportation and construction industries. In 2017, Asia Pacific was followed by North America and Europe. The market growth rate in North America and Europe is likely to stay higher over the forecast time period.

The major players operating in the global molded plastics market are ExxonMobil, DowDuPont Inc., LyondellBasell Industries N.V., INEOS, SABIC, Formosa Plastics Corporation, Solvay, Eastman Chemical Company, Reliance Industries Limited, Chevron Corporation, Borealis AG, China National Petroleum Corporation, LG Chem Ltd., and Versalis S.p.A., among others.

This report segments the global molded plastics market as follows:

Global Molded Plastics Market: Type Analysis