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Increasing Demand for Electronic Products to Shape Global Molded Plastics Market

Blog Description

The evolution of plastics has completely changed the way we look at and use this material. Over the past few decades, plastics have slowly replaced fragile and bulky materials such as metals, glass, and paper, making objects far more durable and lighter. The ductility and durability of plastics have made this material an integral part of our daily lives. It is used in automobiles, homes, kitchenware, medical equipment, and for manufacturing electronic goods. The development of thermoplastics has truly changed the scenario of the global molded plastics market by increasing its scope and widening its reach across several segments.

Browse the full Global Molded Plastics Market Report:

The global molded plastics market is segmented on the basis of product, application, and geography. The products in the global molded plastics market are molded polyethylene, molded polystyrene, molded polypropylene, molded polyvinyl chloride, and others such as ABS and PU. The applications of molded plastics are seen in consumables and electronics, packaging, building and construction, automotive and transportation, and others such as stationery and clothing. Geographically, the global molded plastics market is segmented into regions such as Asia Pacific, Europe, North America, and Rest of the World.

Huge Need for Packaging will Keep Packing Segment Firmly at the Top

Out of all the applications, packaging dominates the global molded plastics market and is expected to retain its dominance in the coming few years. Demand in this segment will be driven by the growing usage of plastics for the purpose of packaging of food and beverages, electronic equipment, surgical equipment, and others.

Demand in the electronics and consumables segment is expected to be the highest in the next few years. The robust growth rate of this segment can be attributed to increasing demand for electronic goods such as televisions, laptops, and mobile phones. Furthermore, the growing demand for electronics is also fuelling the demand for molded plastics that are required in making internal and external electronic parts. According to analysts, the consumables and electronics segment is likely to account for a share of 30% in the overall molded plastics demand by 2019.

Emerging Economies in Asia Pacific will Drive Global Molded Plastics Market

Geographically, Asia Pacific was leading the global molded plastics market in 2012, with a share of over 35%. This position was mainly due to the growing demand from various industries in the region such as electronics, automotive, and packaging. As economies such as India, China, and Japan emerge with a strong manufacturing base, Asia Pacific is expected to remain in the top position in the global molded plastics market. Furthermore, rising per capita income, which is allowing consumers to purchase automobiles and electronics, will also drive this region’s growth. Lastly, the ever-increasing demand for packaged food and beverages will also make its generous contribution to the demand for molded plastics in the Asia Pacific region.

Browse the full Press Release of Global Molded Plastics Market

Some of the important players in the global molded plastics market are Saudi Basic Industries Corporation, BASF SE, Reliance Industries Limited, Eastman Chemical Company, and INEOS.