ALBANY, New York, August 25, 2016 /PRNewswire/ --
Transparency Market Research has released a new market report entitled "Molded Plastics Market, By Material, By Technology, By Application, and Geography - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast - 2016-2024." According to this report, the global molded plastics market was valued at US$ 4.23 Bn in 2014 and is projected to reach US$ 202.29 Bn by 2024, at a CAGR of 5.6% from 2016 to 2024. In terms of volume the molded plastics market is expected to reach 300,449.9 kilo tons by 2024, expanding at a CAGR of 4.3% between 2016 and 2024.
Plastics, also known as polymers, can be modified into any shape and size. Additives such as pigments give the final product superior aesthetic value. Plastics can be altered to different specifications by the application of various molding technologies such as injection molding, blow molding, rotomolding, and extrusion molding. Different industries require finished goods made from any of the aforementioned technologies. Growing R&D on plastics resulted in increasing substitution of materials such as glass, paper, wood, and metals with plastics. Key factors such as reduction in weight have led to improved vehicle efficiency and decreased consumption of fuel, leading to a visible growth in the use of plastics in automobiles. This trend is expected to continue over the next few years, which in turn is anticipated to boost the demand for molded plastics.
Browse Research Report with ToC & Free Analysis: http://www.transparencymarketresearch.com/molded-plastics-market.html
In addition, stringent regulations such as Euro 5 and Euro 6 norms regarding vehicular emissions are expected to fuel the demand for plastics in automobiles. Furthermore, increased use of plastics in mobile phones to improve the aesthetic value of the device, coupled with the growth of the mobile phone industry, and are expected to contribute significantly to demand for molded plastic over the next few years. Industrial and commercial packaging lead the demand for molded plastics. Plastic packaging provides increased shelf life and improved aesthetics. This will further contribute to market development. The commercialization of new plastics opens up new avenues. Companies are accelerating R&D and are striving for licenses and patents in various countries to gain competitive advantage.
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The global molded plastics market has been segmented on the basis of material into polypropylene, polyethylene, polyvinyl chloride, polystyrene, polyethylene terephthalate (preforms), polyethylene terephthalate (others), and others. By molding technology, the market has been segmented into injection molding, blow molding, thermoforming, and others (rotomolding and casting). Furthermore, the molded plastics market has been segmented by various end-use applications including packaging, consumable & electronics, automotive & transportation, building & construction, and other applications. The molded plastics market has been segmented into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Polyethylene terephthalate (PET), on account of its high demand in the food & beverage packaging industry, is expected to expand at a CAGR of 7.7% from 2016 to 2024 by volume. Polypropylene and polyethylene terephthalate are the two major plastic materials, together constituting 26% of the total market value in 2016. The molded plastics market is expected to cater to new and different applications related to the industries covered in this report. The evolution of polymer technologies and molding technologies is in accordance with the changes in regulations across the globe. It is anticipated that the global molded plastics market for packaging applications would reach to US$ 101.1 Bn by 2024 at CAGR of 6.5% between 2016 and 2024.
Key players in the molded plastics market are 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 among others.
Molded Plastics Market: By Material
- Polyvinyl Chloride
- Polyethylene Terephthalate (PET)
Molded Plastics Market: By Technology
- Injection Molding
- Blow Molding
Molded Plastics Market: By Application
- Consumable & Electronics
- Automotive & Transportation
- Building & Construction
- Other Applications
Molded Plastics Market: By Region
- The U.S.
- The U.K.
- Rest of Europe
- Japan and South Korea
- Rest of Asia Pacific
Middle East & Africa
- South Africa
- Rest of Middle East and Africa
- Rest of Latin America
Browse Regional Market Analysis Blog: http://www.europlat.org/global-molded-plastics-market.htm
Browse Other Research Reports:
- GCC Molded Plastics Market: http://www.transparencymarketresearch.com/gcc-molded-plastics-market.html
- Biodegradable Plastics Market: http://www.transparencymarketresearch.com/biodegradable-plastics-market.html
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