Global Molded Plastics Market To Reach $505.30 Billion By 2024!

Plastic products are used extensively all around the world. They are cost-effective, lightweight and easy to work with. In molding, the plastic liquid is shaped using a rigid frame called as a mold. A powder or liquid polymer such as polyethylene or polypropylene is then placed into the hollow mold so the polymer can take its shape. Depending on the type of plastic molding process, various ranges of heat and pressure are used to create a plastic product.

Following are the different types of processes used for plastic molding:

• Rotational molding
• Injection molding
• Compression molding
• Blow molding
• Extrusion molding
• Thermoforming

Molded plastics are used in a multitude of different ways. Its application can be found in consumer goods, medical equipment, automotive, electronics, and various other industries. Furthermore, home decor products and lawn decorations, to a large extent, are also created from molded plastics.

According to Zion market research, the global molded plastics market was valued at USD 331.65 billion in 2017 and is expected to reach USD 505.30 billion by 2024, growing at a CAGR of 6.2% during the forecasted period.

Molds can be formed from a variety of thermoplastic materials, including the following:

• Polyethylene (PE)
• Polypropylene (PP)
• Polystyrene (PS)
• Polyethylene Terephthalate (PET)
• Polyvinyl Chloride (PVC)
• Polyurethane (PU)

Polyethylene (PE) plastic sector led the market and held a major market share in 2017. It is expected to grow at the highest CAGR in the upcoming years due to its usage in consumer goods, especially in the packaging industry. Polyethylene terephthalate (PET) plastic sector is predicted to have a lucrative growth in the future owing to its use for food and beverage packaging containers.

In 2018, Asia Pacific was the largest market for molded plastics and is anticipated to grow at the highest rate in the near future. Speaking of regional markets, China and India will experience exponential growth, due to the product demand in automotive, construction, and packaging industries. In addition, urbanization and industrialization activities are anticipated to fuel the Asia Pacific molded plastics market.

The ever-growing packaging sector in Germany, France, and the UK is likely to advance the market progress in the upcoming years. The market is likely to be influenced by the growing automotive and food packaging industries. The food, cosmetics, household chemicals pharmaceutical, toiletries and increasing need for electronic appliances, such as mobiles and laptops, are projected to fuel the European molded plastics market in the future.

The North American market is likely to see sustainable growth in the future. This can be due to the massive surge in industrial activities. The increasing use of molded plastics in automotive, transportation, construction, and infrastructure sectors will further boost the market. Moreover, the increasing industrial activities in the U.S and Canada will play a major role in elevating the regional market’s profit margin in the next few years.

If you are in the plastic molding industry, then Plastivision is a great platform for you to showcase your product range and network with industry professionals. Book your booth today!