Increasing use of molded plastic in the automotive industry is likely to augment market growth during the forecast period

Market Segmentation

The molded plastics market is projected to reach USD 265.1 billion by 2020 & it expand at a CAGR of 4.6% from 2021 to 2028.

The global molded plastics market has been segmented by material, technology, application, and region.

On the basis of material, the market has been divided into polypropylene, polyvinylchloride, polystyrene, polyethylene, and polyethylene terephthalate. The polypropylene segment accounted for the largest market share of the global molded plastics market in 2017 and is expected to grow at a considerable rate during the review period. Polypropylene possesses various properties such as high stiffness, heat resistance, and low density, hence, it is widely used in low-friction applications and furniture in place of plastics such as acetal (POM). It is also highly desired in various other industries such as automotive, construction, and packaging. Polyvinylchloride is another prominent type of molded plastic owing to the increasing demand for high-performance plastics in automobiles to reduce vehicle weight and enhance fuel economy.

Based on application, the market has been segmented into packaging, electronics, building and construction, automotive, and others. The packaging segment accounted for the largest market share in 2017 owing to the growing demand for rigid packaging in household and industrial products. Also, the increasing demand in the electronics industry in various components such as semiconductors, switches, and capacitors is driving market growth.

Regional Analysis

Based on region, the molded plastic market has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The market in Asia-Pacific accounted for the largest share in 2017 due to the growing industries such as automotive, aerospace and defense, and electrical and electronics in developing economies such as India, China, and Thailand. Free trade agreements between countries such as India and China are likely to further drive market growth during the review period.

The market in North America is also expected to grow at a considerable rate during the review period on account of the reviving automotive, electronics,  Europe is another prominent market for molded plastic owing to the increasing demand in the aerospace and defense industry with the rising increasing production of aircraft.

The markets in Latin America and the Middle East & Africa are likely to register substantial growth during the review period as a result of the growing automotive and construction industries in these regions.

Competitive Analysis

Some of the key players in the global molded plastic market are BASF SE (Germany), Harwal Group of Companies (UAE), DuPont (US), HTI Plastics (US), Eastman Chemical Company (US), INEOS (UK), LyondellBasell Industries Holdings BV (Netherlands), Reliance Industries Limited (India), SABIC (Saudi Arabia), Exxon Mobil Corporation (US), Magna International Inc. (Canada), and Takween Advanced Industries (Saudi Arabia).

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