Molded Plastics Market Overview:
According to the research report published by DataM Intelligence, the global Molded Plastics Market size valued USD XX billion in 2021, it is expected to reach USD XX billion by the end of 2029, with growth at a CAGR of 4.6% during the forecast period 2022-2029.
Molded plastics refer to synthetic compounds, which are formed and molded-in numerous shapes depending on the application. These molded plastics are customizable by combining pigments and colors to their polymers.
Market Growth Drivers:
By the year 2050, plastic production is anticipated to have tripled and will estimate for a fifth of global oil consumption. Growing demand for plastic components from various end-use industries, including packaging, automotive, electrical and electronics, and medical devices, is anticipated to drive molded plastics.
Innovative production capabilities and experience with various thermoplastic resins enable the manufacture of large quantities of plastic parts for the agriculture industry and its vendors by any standard or requirement. Furthermore, the commonly used molded plastics in agriculture applications include P.E., P.P., PVC, and PET. These plastics are used in greenhouses, tunnels, reservoirs, and irrigation systems, fitting and spray cones, and nets used to shade the interior of a conservatory.
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Market Segmentation:
As per the analyst report, the global market is segmented based on Type, Technology, and End-user.
Based on Type, it is divided into Polyethylene, Polyvinyl Chloride, Polypropylene, Polyethylene terephthalate, Polystyrene, and Others. Based on Technology the market is subdivided into Injection Molding, Blow Molding, Extrusion, Thermoforming, and Others. And Based on End-User into Packaging, Building and Construction, Automotive and Transport, Electrical and Electronics, Pharmaceuticals, and Others.
Market Share by Segmentation:
Polyethylene is expected to be the largest segment of the molded plastics market, in terms of value, during the forecast period.
The packaging segment is foreseen to be the largest and fastest-growing application, in terms of value, during the forecast period.
Besides, building and construction are supposed to be the second-largest end-user segment in the molded plastics market over the forecast period.
Geographical Analysis:
The global molded plastics market is categorized into five major regions such as;
Asia Pacific Molded Plastics Market:
APAC is predicted to be the largest and fastest-growing run for molded plastics in value during the forecast period. APAC is the production hub for the chemical, automotive, pharmaceutical, food & beverage, and personal care industries. This, in turn, is foreseen to fuel the demand for molded plastics.
North America Molded Plastics Market:
North America’s market is mainly characterized by the presence of the leading molded plastics producers. US Market is dominating the North America region.
Europe Molded Plastics Market:
Europe region will show a decent growth rate in the overall global molded plastics market during the forecast period 2022-2029.
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Market Key Players:
Some of the major companies controlling the global market are; ExxonMobil Corporation, LyondellBasell Industries Holdings BV, SABIC, INEOS, DowDuPont, China Petroleum Corporation, Eastman Chemical Company, Formosa Plastics Group, Chevron Corporation, and Westlake Chemical.
Recent Happenings in the Global Molded Plastics Industry
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Automotive Plastics Market
Biodegradable Plastics Market
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