Rise in consumption of fast moving consumer goods in the Asia-Pacific region, owing the economic growth of countries such as India, China, and Indonesia has led to the surge in consumption of molded plastics in the packaging industry in the region.
Portland, OR -- (SBWIRE) -- 06/20/2017 -- Molded Plastics Market Report, published by Allied Market Research, forecasts that the global market was valued at $529,845 million in 2016, and is projected to reach $690,158 million by 2023, registering a CAGR of 3.9% from 2017 to 2023. In 2016, the molded polypropylene segment accounted for about one-fourth share of the global market in terms of revenue.
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Molded plastics are synthetically produced from non-metallic compounds, which can be molded into various shapes for commercial applications. These are highly versatile, efficient, and malleable, and can be hardened to achieve the desired consistency. These molded plastics can be modified by adding pigments to their polymers. Polyvinyl chloride, polypropylene, polystyrene, polyethylene, and others are some of the compounds that can be used as molded plastics in building & construction, automotive & transportation, consumable & electronics, packaging, medical, and other applications.
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Stringent government regulations to reduce CO2 emissions have led to increase in the consumption of lightweight materials such as molded plastics in the automobile industry. Rapid economic growth and rise in disposable income have increased the consumption of consumer electronics such as smartphones, tablets, laptops, computers, and TVs in the emerging economies such as India and China. The consumer electronics industry is expected to grow, particularly in the Asia-Pacific region, owing to extensive use of molded plastics. This in turn is expected to drive the demand for molded plastics.
Polypropylene was the leading product segment in the global market in 2016, owing to its wide range of applications in the packaging and the automotive industry. Polypropylene is used for packaging of various industrial and consumer goods, owing to its flexibility, strength, and high resistance to chemicals, bases, and acids. In the automotive industry, it is used in automotive dashboards, front bumpers, rear bumpers, bottle caps, music systems, wire spools, storage containers, one-piece chairs, seat panels, mechanical parts, and other components. However, the market is affected by factors such as volatile prices of raw materials prices such as ethylene and propylene.
Key Findings of the Molded Plastics Market:
-Asia-Pacific is expected to maintain its dominant position in the market in terms of value during the forecast period, followed by Europe.
-Polypropylene segment generated the highest revenue in 2016, and is projected to grow at the highest CAGR during the forecast period.
-Packaging is the largest application segment of the global molded plastics market, registering a significant CAGR from 2017 to 2023.
-The Asia-Pacific molded plastics market is anticipated to grow at the highest CAGR from 2017 to 2023.
-North America accounted for one-fifth share in the global molded plastics market, and is expected to grow at a CAGR of 3.9% during the forecast period.
Asia-Pacific and LAMEA collectively contributed about three-fifths share of the global market by revenue in 2016. LAMEA accounted for approximately one-tenth share of the global molded plastics market in 2016. According to the Automotive Industry Export Council, the South African automotive industry contributed 7.2% to the GDP of the country in 2014. In 2014, South Africa exported automobiles to 148 countries, resulting in export earnings of $6 billion by vehicles and $3.9 billion by components. Thus, heavy inflow of investment, vertical integration, and strong component sector of the automotive industry are projected to fuel the growth of the molded plastics market during the forecast period.
The key players operating in the global molded plastics market are BASF SE, Chevron Philips Chemical Company, Eastman Chemical Company, E. I. du Pont de Nemours and Company, Exxon Mobil Corporation, Huntsman Corporation, INEOS Group AG, Lyondell Basell Industries N.V., Reliance Industries Limited, and SABIC.
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