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Molded Plastics Market Report 2019 By Regional Revenue, Growth & Trends Analysis 2025

Author : Rahul Varpe | Published Date : 2019-06-27 

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 process of using a rigid frame for shaping plastic is called plastic molding. These are synthetic compounds that can be sculpted into various shapes based on application. Molded plastics can be redesigned by adding pigment to their synthetic polymers.

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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.

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.

Growing demand from key application sectors such as construction, automotive, and packaging, particularly in BRICS (Brazil, Russia, India, China, and South Africa), will drive the molded plastics market. The shift of manufacturing hubs towards countries like China, India, Indonesia, and Malaysia due to economic growth and rise in population will boost the market in the Asia Pacific region. Europe’s non-food and beverages packaging applications include cosmetics, toiletries, pharmaceutical, and household chemicals and increasing demand for electronic appliances such as laptops and cellular phones particularly in U.K., Germany, France, and Germany will accelerate the demand.
Lastly, GCC union play a major role in the overall expansion of the global molded plastics market, representing the alliance of world’s leading producers of crude oil and downstream petrochemical products, which is a crucial raw material required in production of synthetic polymers, are the major exporters of raw polymer across the globe.

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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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