The global molded plastics market is prognosticated to witness a healthy growth in the years to come, as reported by Transparency Market Research (TMR). The market's competitive landscape features heavy fragmentation at present, with a few vendors holding prominent shares in the global market. The market comprises of established players domineering the market at present, leaving little opportunity for new vendors to enter the market, as well as diminishing chances for small-scale players. Companies, particularly from emerging regions such as the Asia Pacific, are focused on looking for substantial expansion of their capacity to take advantage of operational excellence and achieve economies of scale. Companies are continuously working towards diversifying and differentiating their product portfolios, leading to generating high levels of competition among the vendors in terms of price and distribution channels.
According to TMR analysts, the global molded plastics market was estimated to be at US$124.8 bn in 2015 and is forecasted to reach US$202.2 bn by 2024 at a CAGR of 5.6% therein. In terms of volume, the market is expected rise at a 4.3% CAGR from 2016 to 2024, the forecast period.
Swiftly Progressing Automotive Industry to Drive Growth
As per Organization Internationale des Constructeurs Automobiles (OICA) the automotive business expanded with a development rate of 4.5% over the past years (between 2015 and 2016). Molded plastics are utilized in assembling cars that are naturally manageable and low-carbon emanation vehicles, which are progressively sought after. Solid move from metal parts towards plastic segments in the automotive business is foreseen to fuel the development of the market over a similar period. Government directions in the past have ordered automotive producers to utilize plastics rather than different materials, for example, iron and steel.
Automotive producers have been concentrating on diminishing overall weight of vehicles with a specific end goal to enhance eco-friendliness. Expanding utilization of plastics to supplant metals and amalgams in automotive segments is anticipated to help the development of the automotive and transportation end-utilize section.
Interest for Packaging Solutions to Offer Lucrative Opportunities
Packaging is the most promising application segment in the global molded plastics market presently. Molded plastics enhance the time span of usability of food products, shields products from harm, and enhances the product's toughness to adhere to the administrative rules and end-client prerequisites. Completed products utilized in packaging experience different improvement stages to adapt up to administrative rules and end-utilize necessities. Expanded timeframe of realistic usability of food products, better obstruction towards wear and tear, and high toughness are a couple of prerequisites that plastics need to meet for packaging applications. This is a key factor expected to offer ample growth opportunities for the growth of the global molded plastics market in the coming years.
Molded plastics hold vast potential in other industries such as the medical and automotive sectors. The market is anticipated to witness gargantuan growth in the medical devices and components sector. Cost-effective production, optical clarity, and biocompatibility of the product is anticipated to augment demand in the medical industry. The shift of manufacturing centers to emerging countries such as China, India, Indonesia, and Malaysia due to strengthening economies and growing population is expected to fuel the global molded plastic market to a large extent.
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."
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