Global Molded Plastics Market – An Overview:
A multitude of factors are helping the Global Molded Plastics Market chart a notable growth trajectory over the forecast period of 2016 to 2024. Some of the industries that are growing, driving the demand for molded plastics, are consumable and electronics, building and construction, and automotive and transportation. And, as the Global Molded Plastics Market grows, the landscape would be market by new growth opportunities that players who are active and aggressive will leave no stone unturned to make the most of.
Some of the notable developments and factors that are helping the Global Molded Plastics Market chart the projected growth over the forecast period are elaborated below.
- Construction volumes are growing and the pace is remarkable. As per a recent study, 85% increase would be noted in these volumes by 2030 and that would help the market accrue a USD 15.5 trillion worth of revenue. It is pertinent to note here that countries that will be at the forefront of this growth are just three and are India, China, and the United States of America.
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- There would be an increase in demand for automotive and transportation and construction and building over the forecast period owing to an increase in human population on the planet which is estimated to be to the tune of 2 billion, increasing the current number of 7.7 billion to 9.7 billion by the year 2050. These extra people inhabiting the year by 2050, will demand extra houses, offices, recreational centers, and civic amenities, leading to a growth in the Global Molded Plastics Market. They would also require transportation means and modes to go about their daily business, adding to demand for vehicles. This again would be a significant growth propeller in the market over the stated period.
Molded Plastics Market: Snapshot
Increased oil and gas production activity and associated industrial development, as well as rapid expansion in the construction and packaging industries have contributed significantly to the rise in demand for molded plastic products. Collaboration with multinational players has helped plastic converters develop molded plastics that comply with world-class quality requirements and over the decades, plastics have replaced key materials such as metals, glass, and paper to become an integral part of our everyday life.
The global molded plastics market was valued at US$124.8 bn in 2015 and is projected to reach US$202.2 bn by 2024 at a CAGR of 5.6% therein. In terms of volume, the market is expected expand at a 4.3% CAGR from 2016 to 2024.
Growing Usage of Molded Plastics in Packaging and Building & Construction
Molded plastics find application in various end-use industries, including packaging, consumables and electronics, automotive and transportation, and building and construction.
The packaging application leads the molded plastics market in terms of volume as well as value. This industry is anticipated to remain the most prominent consumer of molded plastics during the forecast period, with the consumption volume amounting to almost 30% more than any other application. The price of molded plastics used for packaging has been slightly higher than that for any other application and this is also contributing to the growth of the packaging segment by value.
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