ALBANY, New York, June 7, 2019 /PRNewswire/ --The global molded plastics market witnesses a fragmented competitive landscape, as reported by Transparency Market Research (TMR). A handful players hold substantial shares in the global molded plastics market, with other vendors vying for consumer attention. There is limited opportunity for entry of new players. Vendors operating in developing economies such as Asia Pacific are expected to focus on expansion of their production capacities.
For many businesses working in the worldwide molded plastics market, the development of environmentally friendly plastic variants is a fresh target. Many companies look forward to participating in critical merger and acquisitions as well as working on expanding geographical presence with newer companies. Future trends in the sector over the anticipated era are anticipated to include multifunctional quality, prices and product compliance.
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Key players in the global molded plastics market are Huntsman Corporation, BASF SE, Al Watania Plastics, Chevron Phillips Chemical Company LLC, and Eastman Chemical Company.
According to TMR's analysis, the global molded plastics market is likely to grow at a 4.3% CAGR in terms of volume over the forecast tenure from 2016 to 2024. In terms of revenue, the market is projected to rise at a 5.6% CAGR over the coming years. The global molded plastics market had registered revenue valued at US$124.8 bn in the year 2015, which is further expected to reach a valuation of US$202.2 bn toward the end of 2024.
In the molded plastics industry, Asia Pacific will stay the most appealing region, as more than half of world population and emerging markets are in the Asian-Pacific region. This has led to a growing focus on the region by global players.
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High Demand from End-Use Industries to Bolster Molded Plastics Market
Molded plastics have multiple desirous characteristics, which, are crucial for automobile parts and construction activities. The product's elasticity, insulation, high strength, and low maintenance are some of the leading features. Polyvinyl chloride is used in the production of insulated tapes and wires. In gas pipes, drainage pipes, electrical ducts, windows, doors, floor tiles etc., polyethylene as well as polypropylene are used.
Factors including increasing demand packaging and the petrochemical industry, use of plastics in the production of family care products, use of plastic parts in consumer electronics and increased consumption of molded plastics in the automotive industry, are probable to increase the molded plastics market. The future of the molded plastics industry is likely to be driving factors such as the growing building activity in the developing markets, increased saturation in the automotive industry, good perspective on the packaging industry, technological progress and increasing disposable incomes.
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Construction Industry in Emerging Regions to Boost Market Opportunity
The molded plastics markets in North America and Europe are rather mature and have restricted potential. The CIS area in Europe is however a shining place where the market for molded plastics is anticipated to grow more quickly than in other regions.
The Latin American building sector accounted for roughly $550 billion, with an annual growth rate of 6 percent, according to International Towers Cranes 2012. The more flexible and lightweight designs of molded plastics are utilized in cars. Increasing building expenditure is anticipated to drive demand for products, notably in emerging markets like Brazil, China, India, Mexican, Russia and South Africa.
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Additionally, governments are contributing to developing the plastics industry through fiscal benefits and economic incentives in China and India to boost the Foreign Direct Investments (FDI) flow. They also offer cost-effective labor, reducing the production cost for manufacturers further. These factors are likely to amplify opportunities in the global molded plastics market.
This review is based on TMR's report titled, "Molded Plastics Market (Material Type - Polypropylene, Polyethylene, Polyvinyl Chloride, Polystyrene, Polyethylene Terephthalate, Polyethylene Terephthalate; Technology - Injection Molding, Injection Molding, Blow Molding, Thermoforming; Application - Packaging, Consumable & Electronics, Automotive & Transportation, Building & Construction) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
The global molded plastics market has been segmented as follows:
- Polyvinyl Chloride
- Polyethylene Terephthalate (PET)
- Injection Molding
- Blow Molding
- Consumable & Electronics
- Automotive & Transportation
- Building & Construction
- Other Applications
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- The UAE
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America
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