Albany, NY -- (SBWIRE) -- 04/10/2019 -- Increased oil and gas production activity and associated industrial development, as well as rapid expansion in the construction and packaging industries have contributed significantly to the rise in demand for molded plastic products. Collaboration with multinational players has helped plastic converters develop molded plastics that comply with world-class quality requirements and over the decades, plastics have replaced key materials such as metals, glass, and paper to become an integral part of our everyday life.
The global molded plastics market was valued at US$124.8 bn in 2015 and is projected to reach US$202.2 bn by 2024 at a CAGR of 5.6% therein. In terms of volume, the market is expected expand at a 4.3% CAGR from 2016 to 2024.
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Growing Usage of Molded Plastics in Packaging and Building & Construction
Molded plastics find application in various end-use industries, including packaging, consumables and electronics, automotive and transportation, and building and construction.
The packaging application leads the molded plastics market in terms of volume as well as value. This industry is anticipated to remain the most prominent consumer of molded plastics during the forecast period, with the consumption volume amounting to almost 30% more than any other application. The price of molded plastics used for packaging has been slightly higher than that for any other application and this is also contributing to the growth of the packaging segment by value.
The commercialization of advanced polymers is supporting the demand for molded plastics in the building and construction sector. Transparency Market Research has observed that molded plastic products used for building and construction have been witnessing increased growth and the emerging markets in Asia Pacific are significant contributors to this growth.
Europe and North America Face Maturity, APAC to Present Lucrative Opportunities
Geographically, the molded plastics market has been segmented into five regions: North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Asia Pacific, with countries such as India and China, led the global molded plastics market by volume, and is anticipated to account for a share of 49% by the end of 2016. This is followed by Europe and North America and the total revenue in these two regions together will constitute around 29% of the total market value by 2016 end.
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Key players in the molded plastics market include BASF SE, Eastman Chemical Company, SABIC, Huntsman Corporation, LyondellBasell Industries N.V., INEOS Group AG, Chevron Phillips Chemical Company LLC, Reliance Industries Limited, Harwal Group, Al Watania Plastics, Obeikan Investment Group (OIG), and Takween Advanced Industries.