Molded Plastics Market - Forecast(2024 - 2030)

Molded Plastics Market Overview

The Molded Plastics Market size is forecast to reach US$427.4 billion by 2027, after growing at a CAGR of 5.2% during 2022-2027. Molded plastics is a method of melting plastics pellets as polyethylene terephthalate, polyvinyl chloride, polyethylene, polystyrene and others that are widely used in various end-use industries such as automotive, building construction, food & beverages sectors for various applications like packaging, films, wires & cables and many more owing to the high strength, low maintenance & lightweight property. According to European Plastic Association, the global production of plastic in 2020 is around 367 metric tons which includes thermoplastics, polyurethanes, thermosets, elastomers, adhesives and polypropylene fibers. The rise in plastic production will eventually boost the demand for the molded plastics market. However, due to covid 19 pandemic, the market declined in 2020 owing to the shutdown of the manufacturing facilities to reduce the spread of the virus. But the market is expected to follow an increasing trend due to the growing consumption from the various end-use sector. Therefore, the rise in the production of laminated films, automotive parts, bumpers, bags & pouches and others will increase the demand for the molded plastics market during the forecast period.

Molded Plastics Market Report Coverage

The report: “Molded Plastics Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the molded plastics industry.

By Product Type: Polyvinyl Chloride, Polypropylene, Polystyrene, Polyethylene, Polyurethane, Polyethylene Terephthalate and Others.
By Technology: Injection Molding, Blow Molding, Extrusion molding, Thermoforming molding, Compression Molding and Others.
By Application: Packaging, Film, Automotive Parts, Corrugated Sheet, Bags & Pouches, Battery Cases, Bottles and Vials, Pipes, Containers, Filament Yarn, Wires & Cables and Others.
By End-use Industry: Transportation (Automotive, Aerospace, Marine, Railways), Building & Construction (Residential Construction, Commercial Construction, Infrastructure and others) Healthcare, Electric & Electronics, Food & Beverages, Agriculture, Sports, Leisure & Toys, Beauty & Personal Care, Oil & Gas, Textiles, Consumer Goods, Industrial and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, Italy, France, Netherlands, Belgium, Spain and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and Rest of the World: The Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa). 

Key Takeaways

• The Asia-Pacific is expected to register a CAGR of 5.9% during the forecast period (2022-2027). The increasing demand for molded plastics in various sectors such as packaging, automotive and building construction among Asian countries such as China, India, Japan and South Korea is driving the molded plastics market.
• The emergence of bioplastic at a low cost will drive the molded plastic market during the forecast period.
• The increase in the demand for sustainable plastic products based on polyvinyl chloride, polyethylene and polystyrene in various end-use industries such as building construction and food & beverages owing to its high strength and lightweight feature is driving the demand for the molded plastic market.

Figure: Asia Pacific Molded Plastics Market Revenue, 2021-2027 (US$ Billion)

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Molded Plastics Market Segment Analysis – By Product Type

The polypropylene Molded Plastics segments accounted for around 19% of the Molded Plastics Market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. Polypropylene is widely used owing to its high rigidness and environmental stress cracking resistance (ESCR). Polyethylene is mostly used for packaging, healthcare, food & beverages and building construction. The growth in these industries will eventually drive the molded plastic market. For instance, according to the China Association of Automobile Manufacturers, in April 2022, the total production of a new passenger car is around 996,000 units and commercial vehicles are around 210,000 units. The rise in the consumption of plastic in automotive for a dashboard, bumpers, music systems, wire spools, seat panels, mechanical parts and other components with an increase in the production of vehicles will drive the demand for the molded plastic market during the forecast period.

Molded Plastics Market Segment Analysis - By Application

The packaging segment accounted for approximately 39% of the Molded Plastics Market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. Packaging material based on polyethylene terephthalate, polyvinyl chloride and others is widely used in various end-use industries due to the increase in trade globally and to protect the products from getting damaged. The molded plastic packaging is widely preferred owing to flexibility in design, low cost and chemical & moisture resistance. According to the European plastic Association, around 40.5% of overall plastic production is being consumed for packaging in European Union in 2020 which holds the largest share of plastic consumption. Therefore, the growing consumption of plastic in packaging will boost the demand for the molded plastics market size during the forecast period.

Molded Plastics Market Segment Analysis - By Geography

Asia Pacific region held the largest portion of the Molded Plastics Market share in 2021 up to 51%, owing to the growing industrial, consumer goods, automotive, residential, commercial and large infrastructure projects, in developing countries like China, India, Indonesia and others. The major factor responsible for the growth of molded plastics is their availability at a low cost with high flexibility properties. For instance, China is the world’s largest construction market and is forecasted to grow at an annual average growth of 8.6% between 2022 and 2030 according to International Trade Administration. The increasing number of new housing units and significant investments in the construction sectors are driving the demand for molded plastic in China. Moreover, initiatives such as 'Make in India' and 'Digital India' have accelerated the growth of domestic electronics production, in turn increasing the market from US$11 billion in FY 2009-10 to US$20.8 billion in FY 2018-19 with a Year on the year growth rate of around 7%. Therefore, the rise in the development of building construction, consumer electronics and other sectors will eventually drive the molded plastics market size during the forecast period.

Molded Plastics Market Drivers:

The rise in demand for Bioplastics will drive the demand for molded plastic

The bioplastics market has been growing continuously with the increase in demand for bio-based products composed of polyethylene, polystyrene and polyurethane. Also, growing environmental & government concerns about plastics are boosting the market growth. According to the latest market data compiled by European Bioplastics in cooperation with the nova-Institute, global bioplastics production capacities are set to increase from around 2.42 million tonnes in 2021 to approximately 7.59 million tonnes in 2026. Hence, the share of bioplastics in global plastic production will increase by 2% for the first time. The rise in the production of bioplastics owing to formability, elasticity, hardness, rigidity and chemical and heat resistance property of molded plastics will eventually drive the demand for molded plastics during the forecast period.

Increasing demand for molded plastics in Agriculture

Agriculture is one of the key sectors using molded plastic for various applications such as tunnels, sprays cones, silage, fittings, pipes and others. These products are mostly composed of polyethylene terephthalate, polyvinyl chloride, polyethylene and polystyrene and are widely used in various stages such as irrigating crops, cutting crops and finally delivering them to the market. Plastic pipes are used in watering crops, plastics spray containers are used widely for crop protection, reservoirs are made using plastics which help in the irrigation and many more. According to European Plastic Associations, the agriculture sector holds 3.2% of the overall consumption of plastics. The rise in agriculture production will eventually increase the plastic-based product demand in agriculture and turn will boost the demand for molded plastic during the forecast period.

Molded Plastics Market Challenge:

The volatile price of Raw Materials

The volatile price of petrochemical raw materials such as ethylene, propylene benzene, styrene and others is hampering the market. This raw material is obtained using crude oil, natural gas and others. The instability in the price of these products will in turn fluctuate the price of petrochemical products. In 2020, the crude oil price has dropped by 20.45% with an increase of 55.05% in 2021 and 57.56% as of June 2022. According to US Energy Information Association, the spot price of Brent crude oil, a global benchmark, started the year at US$50 per barrel and increased to a high of US$86 per barrel in late October 2021 with Brent’s annual average of US$71 per barrel is the highest in the past three years. Therefore, the volatile price is likely to hamper the molded plastic market growth.

Molded Plastics Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the molded plastics market. The Molded Plastics top 10 companies include:

1. ExxonMobil Corporation
2. LyondellBasell Industries N.V.
3. Atlantis Plastics Inc.
4. BASF SE
5. China Plastic Extrusion Ltd.
6. DowDuPont
7. SABIC (Saudi Arabia)
8. PSI Molded Plastics
9. Eastman Chemical Company
10. Mitsubishi Chemical Corporation

Recent Developments

• In February 2022, Davies Molding LLC, has completed the acquisition of a high-precision injection molder, EA Plastics and the business will add 15 injection molding presses, a full in-house tool repair shop and a wealth of molding and engineering knowledge to the Davies brand.
• In November 2021, Dutch mold maker IGS GeboJagema (Eindhoven) created a U.S. subsidiary in Washington D.C. that will initially support its existing customer base in North America. IGS GeboJagema designs manufacture and validate high-precision injection molds for medical and healthcare applications, including contact lenses, asthma inhalers, insulin pens and blood-diagnostic devices.
• In June 2021, Custom Molded Plastics Ltd. expands its Holiday City, Ohio and Bluffton, Ind. facilities this year and through 2022 to include two 3,000-ton high-pressure machines and one 8,000-ton high-pressure machine. The 375- and 500-ton high-pressure presses in Holiday City will be relocated to the 325,000-square-foot facility in Bluffton.

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