Albany, NY -- (SBWIRE) -- 09/20/2012 -- Molded plastics have different segments such as Molded LDPE, Molded Polystyrene, Molded PVC, Molded Polypropylene Molded HDPE and Molded LLDPE. Molded HDPE resins represent the largest product segment in the molded plastics market fueled by its application in industrial packaging, while Molded LLDPE will see the fastest growth in molded plastics.
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During the economic recession period of 2008 – 2010, the molded plastics market declined due to decrease in plastic consumption. This market saw a comeback due to the subsequent economic revival, recovery in GDP, rise in spending power and discretionary incomes, industrialization and demand from end – users in packaging, construction and the rebound in manufacturing activity and food & beverages.
The global molded plastics market volume was 124 million tone in 2011 and this market is projected to reach 160 million tons by 2018 The market will grow with the compound annual growth rate of 3.6% during 2011 - 2018. Molded plastics find usage in different industrial applications such as construction, medical products appliances, automotives, electrical & electronics, and packaging.
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The molded plastics market shows an incline towards the developed and emerging countries. Thus, the future growth in the molded plastics market will be seen in developing regions of Africa, Middle East and Asian countries, particularly in countries such as South Korea, Taiwan and China. Molded plastics growth will be driven by the following factors - rapid industrialization, improvements in the standard of living, strong construction activity, burgeoning consumer economy, food and beverage, and consumer packaging sectors.
The global molded plastics industry has some major players like BASF SE, Chevron Phillips Chemical Company, LLC, Doeflex-Vitapol, Eastman Chemical Company, Lyondell Basell Industries N.V, NOVA Chemicals Corporation, Saudi Basic Industries Corporation, and Reliance Industries Limited.
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