Molded Plastics Market to Cross $251.65 billion Revenue by 2030
Molded Plastics Market Growth Analysis Report By Material (Polypropylene, Polyethylene, Polyvinyl Chloride, Polystyrene & Polyethylene Terephthalate) By End-Use (Packaging, Consumables & Electronics, Automotive & Transportation & Building & Construction) By Region, Insights, Dynamics, Forecast Till 2023-2030
Categories: Chemical & Material
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Molded Plastics Market Overview
“The global Molded Plastics Market is expected to grow rapidly at a 4.5% CAGR consequently, it will grow from its existing size of from $173.85 billion in 2023 to $251.65 billion by 2030.”
What Exactly Is Molded Plastics?
Molding is a process of shaping liquid or malleable materials using a rigid frame called a mold or matrix. Molding plastics involves pouring a polymer like polyethylene or polypropylene into a mold, using various heat and pressure ranges to create an end product.
Types of Molded Plastics
Rotational Molding
Rotational molding, also known as rotomolding, is a manufacturing technique where resin is poured into a metal mold and rotated, generating centrifugal force, forming even-walled goods.
Injection Molding
Injection molding is a method of creating distinctive plastic items by injecting molten plastic into a metal mold at high pressure, which is then cooled and opened to reveal a solid plastic object, similar to other plastic molding techniques.
The process is similar to filling and cooling a Jello mold to achieve the final outcome.
Blow Molding
Blow molding is a technique used to create hollow, thin-walled plastic objects with homogeneous wall thickness and critical shape, similar to glass blowing, for producing goods with homogeneous wall thickness.
Blow molding involves heating and injecting air into plastic, causing it to expand like a balloon. The plastic is blasted into a mold, forming it. The "balloon" is then cooled and solidified before being ejected. The process takes less than two minutes, generating approximately 1440 pieces in a 12-hour day.
Compression Molding
Compression molding is a process where a heated plastic material is pressed into a specific shape after being placed in a heated mold. This process ensures the plastic maintains its strength after being compacted into the desired shape. The final stages include cooling, cutting, and extracting the plastic object from the mold.
Extrusion Molding
Extrusion molding produces a long, continuous shape similar to injection molding, but uses a "die" instead of a "mold."
Extruded items are created by pushing hot raw material through a specialized die, like Play Doh being squeezed through a formed hole.
This molding method involves extruding melted plastic directly into a die, unlike other molding methods that use extrusion to transfer resins into molds, determining the final product's shape rather than a mold.
Demand Outlook
The increasing use of polymers in various industries and molded plastics in agriculture is expected to boost demand and market expansion over the assessment period.
The molded plastics market, which currently accounts for 27.8% of the global plastics market, has experienced significant growth in the past half-decade due to its significant presence in industries like electrical, electronics, automotive, and transportation.
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Market Dynamics
Growth Drivers
Why is demand for molded plastics expected to rise steadily in the future?
“The automotive and packaging sectors are experiencing a surge in demand”
Plastic processing involves transforming polymers into shapes and components using molds or matrix. Common polymers used in plastic parts manufacturing include polyethylene, polyvinyl chloride, polypropylene, polyethylene terephthalate, polystyrene, polyamides, and polycarbonate.
The growing use of polymers across various sectors is boosting industry growth, particularly in the automobile manufacturing and consumer goods sectors, which are expected to demand safer and more secure packaging in the future.
The market revenue is predicted to increase by 1.6X by the end of the year.
“Increasing high-tech agricultural applications of molded plastics”
The increasing demand for molded plastics in agriculture is expected to drive sales during the assessment period, as it aids farmers in enhancing crop productivity and food quality.
PP, PE, PET, and PVC are molded plastics commonly used in agriculture for tunnels, greenhouses, mulching, silage, reservoirs, irrigation systems, nets, fittings, and spray cones to shade the inner side of greenhouses.
PVC-made plastic irrigation pipes, reservoirs, mulch, greenhouses, and plastic tunnels are used to reduce fertilizer and water waste, retain rainwater, reduce insecticide use, and raise crops like asparagus and melons.
“The use of molded plastic is influenced by several advantageous properties”
The molded plastics market is anticipated to rapidly expand due to its increasing applications in various sectors such as building, construction, transportation, and consumer goods.
The pharmaceutical industry is boosting demand for molded plastic packaging for liquid pharmaceuticals and medical gadgets due to their inert, adaptable, lightweight, and durable properties.
Injection-molded plastics are ideal for packing disposable syringes, while thermoformed plastics are commonly used for air-tight sealing.
Market Segment Analysis
The material commonly utilized in the production of molded plastics is polyethylene
Molded plastics are crucial for vehicle components and construction due to their elasticity, adaptability, low maintenance, high strength, insulation, and other essential features.
Polyvinyl chloride is utilized in insulating cables, tapes, and building materials, while polyethylene and polypropylene are used in drainage pipes, gas pipes, flooring tiles, electrical conduits, doors, and windows.
Polypropylene dominates the global molded plastics market, accounting for two-fifths and predicted to grow at a 6% CAGR during the assessment period.
Potential revenue growth of a molded plastic application
The packaging industry is expected to account for over a quarter of the molded plastics market in 2022, driven by increased demand for substitutes like glass and metals, driven by various industries.
Molded plastics are expected to significantly increase packaging industry consumption due to their design flexibility, moisture and chemical resistance, low cost, and lightweight properties, used in pharmaceutical, chemical, food, and beverage containers, cans, bottles, and packaging films.
Competitive Landscape of the Molded Plastics Market
- BASF SE
- 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
Recent Developments in Molded Plastics
October 11, 2023, Nova Formworks unveils expansion plans, to set up new manufacturing units:
- Construction company Nova Formworks on Wednesday unveiled its vision for growth and development until the year 2025 by launching new products, establishing new manufacturing units, distribution centers, and offices across strategic locations.
In 2021, BASF set out to increase its polyamides product portfolio for the high-temperature variety by launching a new brand - heat-stabilized Ultramid.
In August 2021, LANXESS completed the acquisition of a USA-based leading manufacturer of specialty chemicals - Emerald Kalama Chemical.
Regional Insights
Manufacturers of molded plastics are increasingly seeking Germany for its high-quality products and competitive pricing
The European pharmaceutical industry is expected to experience significant growth in the coming years, driven by substantial investments in Germany, which is expected to significantly increase demand for molded plastics.
The German pharmaceutical industry's growth is expected to attract molded plastics manufacturers, as the market, which accounts for one-fifth of the European market, is predicted to grow at a 4.21% CAGR.
South Asia and Oceania countries are the primary regions responsible for a significant increase in molded plastic demand
The highest demand for molded plastic is found in South Asian and Oceanian countries. Top firms are locating manufacturing operations in developing South Asian countries like India, Indonesia, and Thailand due to favorable labor availability, favorable rules, and government-run projects.
The demand for molded plastics is expected to rise due to abundant agricultural areas and growing automobile industries in countries with abundant population. Governments are investing heavily in medical infrastructure, providing significant revenue opportunities for market participants in the future.
The automotive sector is experiencing a surge in demand for molded plastics due to rising middle-class affluence and urbanization, prompting international firms to monitor South Asia and Oceania for potential growth.
The molded plastics market in South Asia and Oceania is projected to grow by 89 BPS over the next decade, providing a potential monetary opportunity of $11.5 billion.
Segments Covered in Molded Plastics Market
Molded Plastics Market by Material
- Polypropylene
- Polyethylene
- Polyvinyl Chloride
- Polystyrene
- Polyethylene Terephthalate
- Other Materials
Molded Plastics Market by End Use
- Packaging
- Consumables & Electronics
- Automotive & Transportation
- Building & Construction
- Other Applications
Molded Plastics Market by Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Frequently Asked Questions:
Who are the key manufacturers of molded plastics?
Prominent suppliers of molded plastics are Company BASF SE, E. I. DU PONT DE NEMOURS AND COMPANY, ExxonMobil Corp., and Dow, Inc.
Which region leads the global molded plastics market?
North America is the largest molded plastics market accounting for 1/3 of global market share in 2022.
Which material contributes maximum share to molded plastic sales?
The polypropylene segment holds 20.5% share in global sales of molded plastics
At what rate did the market expand historically?
2018 to 2022 saw the global molded plastics market expand at 2.9% CAGR.
Base Year:2022
Historical Data:2018-2022
No of Pages:122
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