The molded plastics market depicts the presence of a highly fragmented and emerging vendor landscape, with the level of competition gradually increasing over time, says Transparency Market Research on the basis of a recently published report. Most players operating in this market are focusing on developing innovative ways to manufacture enhanced molded plastic materials. Developing eco-friendly plastic varieties is a new target for many companies operating in the global molded plastics market. Many businesses are looking forward to participate in crucial mergers & acquisitions, as well as collaborating with newer companies to expand their geographical presence. The local companies face tough competition from international enterprises who have strongly cemented their position. BASF SE, Eastman Chemical Company, SABIC, Huntsman Corporation, Lyondell Basell Industries N.V., and INEOS Group AG, are some of the key players operating in this field.
The global molded plastics market had registered revenue valued at US$124.8 bn in the year 2015, which is further expected to reach a valuation of US$202.2 bn toward the end of 2024. This growth is prophesized to occur at a healthy 5.6% CAGR during the forecast period ranging from 2016 to 2024.
Rising Demand of Better Plastics in Construction and Packaging Drives Expansion
Molded plastic materials hold significant strength as compared to the conventional varieties, thus drawing more preference from consumers and manufacturers. Owing to such a preference, a rise in their production capacities is chiefly driving the global molded plastic market. These materials find extensive employment in the packaging sector owing to several to their several advantageous properties. And with widespread expansion of the packaging industry, the demand for plastic materials has tremendously increased, thereby driving the global molded plastics market. Moreover, with rising industrial development, a surge in the construction industry also has increased demand for molded plastics, thereby propelling extensive growth in the market. Lastly, commercialization of advanced polymers too is supporting the demand for molded plastics in the building and construction sector. In this way, the global molded plastics market is anticipated to experience a brisk expansion during the next few years.
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Lack of Skilled Labor in Underdeveloped Regions Stunts Market’s Growth
However, steep costs of processing raw materials required to make molded plastics is often passed onto the end consumers in the form of high product prices. This might discourage customers who cannot afford expensive molded plastics, in turn making them prefer cheaper alternatives, consequently hindering the global molded plastics market. Lack of skilled labor and shortage of raw materials in remote and underdeveloped regions is also fairly restraining this market up to a certain extent. Nevertheless, many companies are working hard towards introducing cost-effective plastic solutions. This could notably reducing the intensity of restraints affecting the global injection molded plastic market’s growth.