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BANGALORE, India , Nov. 30, 2022 /PRNewswire/ -- Molded Plastics Market by Product (Polyvinyl Chloride, Polypropylene, Polystyrene, Low Density Polyethylene, High Density Polyethylene, Polyethylene Terephthalate, Engineering Plastics), by Technology (Injection Molding, Blow Molding, Extrusion, Others), by Application (Building and Construction, Automotive, Electrical and Electronics, Packaging, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the Plastics & Polymers Category.
The global molded plastics market was valued at USD 573.3 billion in 2021 and is projected to reach USD 869.2 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
Major Factors Driving The Growth Of Molded Plastics Market
The packaging industry has expanded as a result of rising awareness of hygiene-related activities and the widespread use of molded plastics in the creation of intricate and complexly shaped plastics. Thus, the increasing demand for the packaging industry will drive the growth of the molded plastics market.
Furthermore, the building & construction sector has experienced significant growth as a result of an increase in infrastructure investment. This will further drive the growth of the molded plastics market.
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TRENDS INFLUENCING THE GROWTH OF MOLDED PLASTICS MARKET
A growing number of application industries, including food and beverage, home care, electrical and electronics, personal care, and automotive, are incorporating more products into their operations. The need for molded plastic packaging solutions is rising due to the global retail sector's expansion. This factor is expected to drive the growth of the molded plastics market. Additionally, the demand for processed and frozen meals is projected to increase as a result of changing lifestyles and a consumer trend toward dining on the go. It is anticipated that the food sector in developing nations like China and India would continue to fuel molded plastics market expansion.
Moreover, molded plastics are organic polymers that have been molded and are processed utilizing a variety of molding processes. Raw materials, additives, and operating characteristics including formability, elasticity, hardness, stiffness, and chemical and heat resistance can all be changed according to the application by choosing the right molding method. Molded plastics are used in commercial and industrial applications because they are more affordable and lighter than alternative materials, such as metals. These advantages will fuel the molded plastics market growth.
The increasing use of pharmaceuticals is expected to drive the growth of molded plastics market. To preserve their products, pharmaceutical businesses rely heavily on packaging and labeling. Additionally, pharmaceutical packaging solutions are in charge of advertising the product, adhering to regulations, and boosting patient repeat purchases.
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According to estimates, the revenue growth rate for the polypropylene segment would be the greatest, with a CAGR of 4.0% from 2022 to 2031. The packaging and automotive industries typically employ polypropylene-based molded plastics because they are adaptable, secure, and reasonably priced. Molded polyethylene is used in the automotive industry for the dashboard, bottle caps, bumpers, grills, music systems, wire spools, storage containers, one-piece chairs, seat panels, and other items.
According to projections, the revenue growth rate for the injection molding segment would be the greatest, with a CAGR of 4.4% from 2022 to 2031. This is explained by the fact that the most widely utilized technology for creating molded plastics is injection molding. Additionally, it makes use of automated processes to cut down on waste production and manufacturing costs. These elements have contributed to the injection molding market segment's increased growth in the global molded plastics market.
In terms of sales, Asia-Pacific had the greatest share (47.3%) in 2021, increasing at a CAGR of 4.9%. This is explained by the rising need for molded plastics in the architecture and construction and consumer electronics industries, where they are a key insulating component. For instance, China accounted for about 28.7% of the world's manufacturing output for consumer electronics, according to a report released by the United Nations Statistics Division in July 2021 .
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