The growth of the global molded plastics market is due to the growing use in the consumer packaging, household cleaning, and consumer electronics industry. Rapid growth in the construction, electricity and electronics, automotive, and packaging sectors is expected to increase demand for molded plastics over the forecast year. The use of molded plastics in the electronics and electrical industry has augmented considerably in recent years on laptops, mobile phones, computers, and televisions. Molded plastics are also approximately used in automotive applications such as bonnets, grilles, airflow ducts, cowlings, and bumpers.
Growing demand for environmentally friendly, low-carbon vehicles has increased the use of molded plastics in the automotive industry to increase fuel consumption and reduce vehicle weight.
The growth of the global molded plastics market, however, is hampered by high upfront costs and short production cycles that can form a barrier to market participants.
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Market Segmentation:
The global molded plastics market is divided based on application, material, technology, and region.
The type segment is broadly classified into polyvinylchloride, polypropylene, polyethylene terephthalate, polystyrene, polyethylene, and others
Based on the application, the market is diversified into automotive, packaging, building and construction, electronics, and others.
On the basis of technology, the global molded plastics market is diversified into extrusion molding, injection molding, thermoforming, blow molding, and others.
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Regional Analysis:
The Asia Pacific region dominated the global molten plastics market in 2022 due to the growing acceptance of the packaging, construction, and automotive industries in the region. The growing need for environmentally friendly, low-carbon vehicles has further increased the use of molded plastics in the production of light fuel-efficient cars. In addition, the swift growth of developing economies such as India, China, and several ASEAN nations has led to spur in demand for molded plastics in numerous sectors. Several manufacturers have moved to China, India, and Indonesia. This, combined with economic growth and population growth, is expected to stimulate market growth in the region.
The European market is also anticipated to grow as a result of growth in space and defense industry, with major established aircraft OEMs such as Dassault Aviation, Airbus Group, and BAE Systems. Molded plastic is used in the aerospace industry for battery boxes, pitot tubes, pushbuttons, switch boxes, and connectors. Also, the recovery of the automotive industry with increased light vehicle production is expected to stimulate demand for molded plastics in the region. North America is another important region for the molded plastics market due to the recovery of established industries such as construction, automotive and electronics.
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