Molded Plastics Market Size (2023-2028):

The Global Molded Plastics Market was worth US$ 499.3 billion in 2022 and is anticipated to reach a valuation of US$ 720.38 billion by 2028 and is predicted to register a CAGR of 6.3% during 2023-2028.

Market Overview:

The packaging industry is primarily driving the molded plastics market. Injection molding is the manufacturing process for the manufacture of plastics. Some of the main applications for this are automotive, packaging, building and construction, electrical and electrical, medical, and others. They are mainly employed in the packaging industry to manufacture packaging, food packaging, bottles for cosmetic and pharmaceutical products, and different types of closures.

During the foreseen period, the use of robotics in injection molding is predicted to generate lucrative prospects for producers of injection-molded plastics. Escalating calls from the construction industry due to the widespread use of injection-molded plastics in floors, ceilings, pipes, walls, insulation, and windows would increase the call for the product. These products offer high chemical and abrasion resistance and are economically viable, which is the main driver of the market. In addition, the growing preference of medical device manufacturers for biodegradable polymers is creating huge opportunities for expansion in the call for injection-molded plastics. During the foreseen period, stringent regulatory scenarios surrounding the use of medical-grade polymers in the healthcare sector are predicted to create expansion avenues for key players.

Market Drivers:

Agriculture is another important application for molded plastics. The growing call for plastics from this sector is predicted to drive the molded plastics market. The escalating use of plastics in this sector has helped farmers improve agricultural production and improve food quality. Molded plastics commonly employed in agricultural applications include PE, PP, PVC, and PET. These plastics are employed in greenhouses, tunnels, mulching, tanks, and irrigation systems, silage, laying and spraying cones, and nets employed to shade the interior of a greenhouse. Plastic irrigation hoses made of PVC help prevent water and nutrient waste. Tanks made of plastics help retain rainwater. Greenhouses and mulch help reduce pesticide use by keeping crops indoors. Vegetables, including watermelon and asparagus, are efficiently grown using plastic tunnels.

Market Restraints:

Crude oil, natural gas, and naphtha are the main raw materials employed in the production of primary petrochemicals, which are employed as raw materials to produce different types of molded plastics. Plastic preparers further process the resins, and then formulators use them to make plastic parts employed in the packaging, automotive, and construction industries. Therefore, changes in the cost of crude oil directly impact the costs of molded plastics, whereby the prices are distributed along the value chain of the molded plastics market. Fluctuations in raw material prices directly impact the profitability and scalability of molded plastics suppliers, which was evident during the drop in crude oil prices from 2014 until recently.

Market Opportunities:

Molded plastics are organic polymers that are processed in different ways using various molding technologies. By selecting the specific molding process, raw materials, additives, and operational properties such as formability, elasticity, hardness, stiffness, chemical, and thermal resistance, can be changed according to the required application. They are derived primarily from fossil sources, such as crude oil, natural gas, and naphtha. The environmental impact of molded petroleum-based plastics on the ecosystem has spurred the development of bio-based plastics. Bioplastics cover a wide range of materials. First-generation bioplastics were derived from traditional agricultural and renewable resources, such as soybeans, corn, and sugar cane. Second-generation sources have moved from renewable food sources to renewable non-food sources, such as hemp, sawdust, switchgrass, and castor beans, as well as first-generation raw material by-products, including shells and balls. Third-generation sources include methane bacteria and modified algae. 

Market Challenges:

Molded plastics are employed to make products for applications in the packaging, automotive, construction, and agricultural industries. These products are preferred in these industries because of their low weight, durability, high strength-to-weight ratio, impact resistance, and low toxicity. This, in turn, has driven the call for plastic products. However, their current levels of use have generated enormous waste disposal, leading to several environmental problems. When discarded and released into the environment, plastic products release harmful chemicals in the form of pollutants. 

MOLDED PLASTICS MARKET REPORT COVERAGE:

Market Segmentation:

Molded Plastics Market - By Type:

• PE
• PP
• PVC
• PET
• PS
• PU

Polyethylene is predicted to be the most important segment of the molded plastics market, in terms of value, during the foreseen period.

Molded Plastics Market - By Application:

• Packaging
• Automotive & Transportation
• Construction & Infrastructure
• Electronics & Electrical
• Pharmaceutical
• Agriculture

The packaging segment is predicted to be the largest and most dynamic application, in terms of value, during the foreseen period. 

 Molded Plastics Market - By Region:

•  North America 
•  Europe 
•  Asia Pacific 
•  Latin America 
•  Middle East & Africa 

APAC is predicted to be the largest and fastest-growing molded plastics market, in terms of value, during the foreseen period. The region's market is characterized mainly by the presence of the main molded plastics producers. APAC is the manufacturing center for the automotive, chemical, pharmaceutical, food and beverage, and personal care industries. This is predicted to fuel the call for molded plastics. Industrial expansion in India, Japan, and ASEAN countries is also predicted to boost the molded plastics market in the region. The North American market is characterized mainly by the presence of the main producers of molded plastics. Producers in the region are focusing on expanding their production capacities in order to take advantage of low production costs due to the abundance of raw materials.

Impact of COVID-19 on the Molded Plastics Market:

COVID-19 is a pandemic that disrupted all sectors in an unprecedented way. The spread of COVID-19 impacted the world economy drastically. In the initial months of 2020, there were lockdowns and restrictions on movement across the world where the supply chain and manufacturing units were stopped. This has negatively affected the molded plastics market. The market to grow at a higher rate in 2021 as all the activities resumed in the last months of 2020. 

Market Key Players:

1. China Petroleum Corporation (China)
2. Solvay S.A (Belgium)
3. Eastman Chemical Company (U.S.)
4. Formosa Plastics Group (FPG)
5. Chevron Corporation (U.S.)
6. Versalis (Italy)
7. BASF SE (Germany)
8. Hanwha Group (South Korea)
9. Reliance Industries (India)
10. Westlake Chemical (texas)
11. Haldia Petrochemicals (India)
12. AGC Chemicals (Exton)
13. Chemours Company (U.S.)

Market Key Developments:

• In 2021, Altair launched an injection molding simulation system. Altair's Inspire Mold helps in developing better design decisions at low cost with high quality.

• Berry Plastics introduces the latest product: Quad Series In-Mold Labels. Berry Plastics Corporation declared the availability of its latest line of IML Quad Series injection molded packaging.