Extrusion technology is likely to provide high profit margins
USA, Rockville MD, May 17, 2022 (GLOBE NEWSWIRE) — According to a recently released Fact.MR report, the global molded plastics market is expected to grow at a compound annual rate (CAGR) of 4.7% between 2022 and 2032. The market is expected to reach $260.5 billion by the end of 2032.
the request molded plastics market is expected to increase over the forecast period and the market is expected to reach a global market size of US$165.8 billion by the end of 2022.
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The demand for molded plastics has increased significantly over the past few years across different end-use industries. To meet the demand, manufacturers have taken advantage of advanced technologies to provide robust products, thanks to which the margins on the products have been reduced.
Also, various technologies have been used in molded plastics, such as blow molding, injection molding, thermoforming, extrusion, and others. The extrusion process is widely deployed in large can and bottle manufacturing units due to its low cost of implementing other counterparts.
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Additionally, businesses have seen 2.5x growth using the above technologies in the past few years. This is expected to remain the same in the coming years and the overall market is expected to grow at a CAGR of 4.7% and touch the valuation of USD 260.5 billion in 2032 from USD 165.8 billion in 2022.
Additionally, the North American market is the largest consumer and manufacturer of molded plastics which has gained a large market share in the global market. From the perspective of high opportunities, the market of South Asia and Oceania is the most lucrative market, as different regional governments encourage manufacturers by providing lots of tax, land and transportation concessions, etc.
Based on a segmental study, polypropylene is the leading material which holds more than 1/5th market share of the global market. It is expected to add 273 bps at a CAGR of 6.0%. It is widely used in the manufacture of drain pipes, gas pipes, floor tiles, windows, electrical conduits, doors, etc.
Which countries in South Asia and Oceania have significant molded plastic demand?
Hassle-free labor availability, favorable regulations and many government-run projects help large companies to locate their manufacturing units in developing South Asian countries such as India, Indonesia and Thailand.
The abundant availability of agricultural fields and the growth of the automotive industry in these countries are expected to boost the demand for molded plastics. In addition, the increase in population generates a significant need for medical infrastructure, which is why governments plan to invest a large part of their budgets in it. This is expected to create huge revenue generation opportunities for market players in the future.
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Key segments covered by the Injection molded plastics Industry survey
- Molded Plastics Market by Material:
- Polyvinyl chloride
- Polyethylene terephthalate
- Other materials
- Molded Plastics Market by End Use:
- Consumables & Electronics
- Automotive and Transportation
- Building construction
- Other Apps
The global molded plastics market is largely fragmented with North American companies dominating the overall market due to their global presence. Industry players are focusing on improving their R&D capabilities and developing new products.
- In 2021, BASF has decided to expand its polyamide product portfolio for the high temperature variety by launching a new brand – heat stabilized Ultramid.
- In August 2021, LANXESS completed the acquisition of a leading US specialty chemicals manufacturer – Emerald Kalama Chemical.
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The key players in the Injection molded plastics Market
- BASF SE
- EI DU PONT DE NEMOURS AND COMPANY
- ExxonMobil Corp.
- DuPont de Nemours, Inc.
- Dow, Inc.
- Huntsman International LLC
- Eastman Chemical Company
- INEOS Group
- LyondellBasell Industries Holdings BV
- Magna International, Inc.
Main takeaways from Injection molded plastics Market research
- The molded plastics market is expected to add 1.6 times more value by 2032
- Polypropylene in the form of molded plastics segment captures almost a fifth of the global market share and is expected to provide an absolute dollar opportunity of approximately $19.8 billion over the period 2022-2032
- Among applications, packaging was the fastest growing segment with a CAGR of 5.4%.
- The North American molded plastics market dominates the global market in 2022, where the United States is expected to acquire more than 91% market share and generate abundant revenue during the forecast period
- India’s molded plastics market is expected to dominate the South Asia and Oceania region with more than 2/3 market share
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