DUBLIN, Oct. 5, 2022 /PRNewswire/ — The “Molded Plastics Market By Product, By Technology, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
The global molded plastics market was valued at $573.3 billion in 2021, and is projected to reach $869.2 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
Molded plastics are synthetically produced non-metallic compounds, which can be molded into various shapes for commercial use. These are highly versatile, efficient, malleable, and can be hardened to obtain the desired consistency. These are used for designing small components with tremendous amount of detailing and refinement.
These are used in various applications such as building & construction, automotive & transportation, consumable & electronics, packaging, and others such as medical, stationary, and textiles, owing to their high ductility, tensile strength, impact resistance, moisture resistance, and greater design flexibility.
In addition, these are used in the manufacturing of car fascia, bumpers, grilles, headlight pods, panels, fenders, wheel wells, engine cover, table components, air flow ducts, equipment, exterior fascia & decorative panels, and other components. These are used to produce electrical conduits, rain water & sewage pipes, plumbing, gas distributions pipes, storage tanks, flooring tiles & rolls, PVC sheets, insulating membranes, and other construction materials.
Rise in awareness regarding hygienic goods, safe food, and pharmaceutical is expected to boost the demand for molded plastics in the growing packaging industry. In addition, factors such as reduced raw material costs associated with production and procurement of molded plastic-based packaging parts and components has made key manufacturers become more linear toward using molded plastics to increase the aesthetic value and consumer friendliness of the packaging products. This may propel the growth of the molded plastics market.
Furthermore, surge in investments in building infrastructure in countries such as the US, China, Japan, Mexicoand India have led the building & construction sector to witness a significant growth where molded plastics are widely used as insulating materials, cladding panels, and pipes in various construction sites. This is predicted boost growth of the molded plastics market.
However, molded plastics pose threat to both humans and environment owing to its disposal, decomposition, release of toxic chemical constituents, and other factors. In addition, long term exposure to molded plastics may cause health-related problems such as irritation in eye, vision failure, respiratory problems, dizziness, genotoxic, cardiovascular, and gastrointestinal problems. This is expected to hamper the market growth.
On the contrary, molded plastics are widely employed as substitutes over metals, owing to its corrosion resistance property. Moreover, factors such as growth in concentration of manufacturers, availability of feedstock at reduced prices, and arrival of local players have led manufacturers to offer molded plastics at low prices. This is anticipated to increase sales of molded plastics in several end use sectors; thus creating lucrative opportunities for the market.
The leading players of…