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What Main Factors Contributing Towards Molded Plastics Market Growth?

Author : Rahul Varpe | Published Date : 2019-03-19 

Based on technology, the molded plastics market is segmented into injection molding, blow molding, extrusion, thermoforming, & others. Extrusion process is relatively economical than its other counterparts and majorly deployed in bulk manufacturing of bottles and cans. Injection molding enable companies to increase their output in much shorter period of time with assorted moldable designs. The machinery & mold cost of extrusion is moderately low than that of injection blow mold because of low pressure requirement which is an extra benefit to processing.

Global molded plastics market can be segmented into different forms based on product, technology, application, and topography. By product, the molded plastics are classified into polyethylene (PE), polyvinyl chloride (PVC), polystyrene (PS), polypropylene (PP), polyethylene terephthalate (PET), polycarbonate and engineering plastics. PE is the most commonly used product, mainly due to its significant usage in consumer goods, especially in packaging. PET segment will witness growth on the account of its extensive usage for manufacturing food & beverage containers. PP has emerged as the largest raw material segment owing to its rising penetration in finished products like food packaging, protective caps in electrical contacts, and battery housings are likely to drive its demand in the future.

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Global molded plastics market can be segmented into different forms based on product, technology, application, and topography. By product, the molded plastics are classified into polyethylene (PE), polyvinyl chloride (PVC), polystyrene (PS), polypropylene (PP), polyethylene terephthalate (PET), polycarbonate and engineering plastics. PE is the most commonly used product, mainly due to its significant usage in consumer goods, especially in packaging. PET segment will witness growth on the account of its extensive usage for manufacturing food & beverage containers. PP has emerged as the largest raw material segment owing to its rising penetration in finished products like food packaging, protective caps in electrical contacts, and battery housings are likely to drive its demand in the future.

Global Molded Plastics Market size will experience a dynamic growth between 2018-2024 owing to growing packaging and petrochemical industry, using plastics in manufacturing household care products, use of plastic components in consumer electronics, and rise in consumption of molded plastics in the automotive industry.

The molded plastics market is likely to grow due to factors such as growing packaging and petrochemical industry, using plastics in manufacturing household care products, use of plastic components in consumer electronics, and rise in consumption of molded plastics in the automotive industry.

The healthcare sector growth is increasing the demand for molded plastics packaging for pharmaceuticals, liquid drugs, and restorative devices. The static properties of the product, along with its durability, versatility, and light weight, make it a feasible choice for packaging medical products. For example, thermoformed molded plastics are used for air-tight sealing, whereas injection molded plastics is appropriate choice for packaging disposable syringes.

Molded plastics have various desirable properties such as versatility, elasticity, insulation, high strength and low maintenance, which are essential for construction and automobile components. Polyvinyl chloride is used in manufacturing insulation tapes, cables, and other construction materials. Both Polyethylene and polypropylene are used in manufacturing gas pipes, drainage pipes, electrical conduits, windows, doors, flooring tiles, etc.

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Government initiatives like budgetary plans and taxation benefits in regions like China and India to expand the Foreign Direct Investment (FDI) stream has helped in building up the molded plastics market. These regions also offer low-cost labor, which further helps in reducing the overall manufacturing cost for producers. However, this shift has led to overutilization of various plastic products, thereby affecting their prices.

The molded plastics market competitive landscape includes key players such as Chevron Philips Chemical, Chen Hsong holdings, BASF, Eastman chemical, Sumitomo Heavy Industries, Exxon Mobil, DuPont de Nemours & Company, Huntsman, INEOS Group, LyondellBasell Industries, Reliance Industries, and SABIC. Top regional players cover vast product portfolio which caters to diverse industry demands, multifunctional quality, price and product compliances are expected to be the future industry trends over the forecasted period.
 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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