Molded Plastics Market worth US$ 675.7 billion by 2027- Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 16, 2022 /PRNewswire/ -- The global "Molded Plastics Market By Type (PE, PP, PVC, PET, PS, PU), Application (Packaging, Automotive & Transportation, Construction & Infrastructure, Electronics & Electrical, Pharmaceutical, Agriculture), And Region- Global Forecast To 2027", size is projected to reach USD 675.7 billion by 2027 from USD 499.1 billion in 2022, at a CAGR of 6.2% during the forecast period. 

The increasing demand for molded plastics in packaging applications is driving the global molded plastics market. The growth of automotive industry and positive outlook for construction industry also supports the growth of the molded plastics market. Further, rising population and urbanization in emerging regions are expected to provide growth opportunities to molded plastic manufacturers, especially in Asia Pacific and the Middle East & Africa regions. 

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Based on type, PET segment is estimated to be the fastest-growing segment in the overall molded plastics market

PET segment is projected to grow at the highest growth rate in the molded plastics market. PET molded plastics are widely preferred in the packaging application owing to their high stiffness, heat resistance, steam barrier properties (food protection), stretchability (film and fiber applications), good transparency, and strong impact & rigidity balance.

Based on technology, the Injection molding segment is projected to be the largest in the molded plastics market during the forecast period

Injection molding produces lightweight, chemical & corrosion-resistant, good durability plastics thereby having higher demand in the molded plastics market. Further, Molded plastics produced by injection molding techniques are used for various applications in several end-use industries including automotive, packaging, electronics, construction, agriculture, and pharmaceuticals.

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Based on application, the packaging is estimated to grow at the highest growth rate in the molded plastics market

Based on application, the packaging segment is projected to grow at a higher growth rate than that of other applications, in the molded plastics market. This growth is attributed to the increasing adoption of molded plastics in the packaging industry due to increasing global trade that has reduced tariffs and decreased trade barriers which increased the international trade in packaging machinery & materials where molded plastic finds major application for producing packaging components & spares in order to boost its aesthetics and user-friendly packaging of the product.

Based on region, Asia Pacific accounts for the highest market share in the molded plastics market during the forecast period

Asia Pacific is projected to be the largest and fastest-growing market for molded plastics between 2022 and 2027. The presence of emerging economies including China and India, growing population and urbanization, and increasing industrialization are some of the factors driving the molded plastics market in the Asia Pacific. Further, increasing demand from end-use industries is driving the demand of molded plastics.

Market Players

The key players in the molded plastics market include LyondellBasell (Netherlands), SABIC (Saudi Arabia), INEOS (Switzerland), DuPont (US), ExxonMobil (US), Sinopec (China), Dow Inc (US), BASF SE (Germany), Eastman Chemical Company (US), and LG Chem Ltd. (South Korea) and others.

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