Molded plastics are the type of polymers, which can be molded into any size and shape for the use in commercial applications. The use of pigments and other additives enhances the quality of the molded plastics. Molded plastics are used in various end-use industries, owing to the characteristics, such as durability, lightweight, and high chemical resistance. The automobile industry uses molded plastic for manufacturing of air flow ducts, engine cover, wheel wells, car fascia, grilles, bumpers, and other components.
Extensive expansion and development in the construction, automotive, and packaging industry will boot growth in molded plastics market globally. For instance, according to Organization Internationale des Constructeurs Automobiles (OICA) the automotive industry increased with a growth rate of 4.5% during the period 2015-2016. Molded plastics are used in manufacturing automobiles that are environmentally sustainable and low-carbon emission vehicles, which are increasingly in demand. The rapid modernization in emerging economies such as India, China, and Brazil has led to increasing expansion of packaging industry owing to high outflow and inflow of fast moving consumer goods, which will in turn boost growth of molded plastic market. Furthermore, electrical and electronic industry has high demand for molded plastics as it is used in the manufacturing of electronic devices such as laptops, televisions, computers, and mobile phones.
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Asia Pacific was the largest market for injection molding in 2016 and is expected to retain its dominance during the forecast period. The high demand from the various end-use industries, such as packaging, building and construction, and automobile is expected to result in increasing demand for molded plastic market. Moreover, the plastic injection molding process yields higher production in considerably less time with minimal production waste, hence, further boosting the growth of global molded plastic market.
Global Molded Plastic Market, By Product:
Low density polyethylene
High density polyethylene
Global Molded Plastic Market, By Technology Type:
Film insert molding
Gas assist molding
Structural form molding
Key companies covered as a part of this study include 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 Polypropylene, Obeikan Investment Group (OIG), and Takween Advanced Industries .Owing to the insights from this report, marketers and the management authorities of the companies would be able to make informed decision regarding their technology up-gradation, future product launch, marketing tactics and market expansion.
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