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Molded Plastics Market Size
Molded Plastics Market is expected to record significant growth trends during 2024 and 2032, driven by rising disposable income. For instance, as per worldpopulationreview.com, gross disposable income in the United States alone stands at $54,854. Increased consumer spending levels are driving demand for consumer goods, which, in turn, boosts the consumption of molded plastic products used in packaging, appliances, furniture, and other goods.
Molded Plastics Market Trends
The increasing adoption of recycled and biodegradable plastics in the molded plastics industry reflects a growing awareness of environmental concerns and a shift towards more sustainable materials. Recycled plastics, made from post-consumer or post-industrial waste, help reduce the dependence on virgin plastic resin and minimize the environmental impact of plastic production. According to a report by OurWorldinData, as of 2023, a staggering 8.3 billion metric tons (Mt) of virgin plastics have been produced globally. Biodegradable plastics, which break down into natural compounds over time, offer a viable alternative to traditional plastics that can persist in the environment for hundreds of years. As a result, governments and consumers alike are pushing for more sustainable packaging solutions and inducing demand for molded plastics.
Molded Plastics Market Analysis
Blow molding technology segment is anticipated to register decent growth through 2032, owing to its advantages, including high production efficiency, cost-effectiveness, and the ability to create complex shapes and designs. The growing demand for lightweight and sustainable packaging solutions will favor the incorporation of blow molding technology for molded plastics.
Polyethylene terephthalate (PET) segment share is poised to grow substantially by 2032, as it is a versatile thermoplastic polymer widely used in the production of bottles, containers, packaging films, and other molded plastic products. Its excellent properties, including transparency, strength, and recyclability, make it a preferred material for various applications. Moreover, rising demand for PET packaging solutions in industries such as beverages, personal care, and pharmaceuticals is augmenting segment growth.
Asia Pacific molded plastics market size is set to expand at a rapid pace through 2032, driven by rapid industrialization, urbanization, and increasing consumer demand for packaged goods. Countries like China, India, and Japan are witnessing a surge in manufacturing activities and infrastructure development projects, leading to higher demand for molded plastic products. Moreover, favorable government policies and initiatives to promote sustainable packaging solutions are further driving market growth in the region.
Molded Plastics Market Share
Some of the major players in the market include:
- SABIC
- Chevron Philips Chemical
- Reliance Industries
- Chen Hsong Holdings Ltd.
- LyondellBasell Industries
- BASF
- INEOS Group
- Eastman Chemical
- Huntsman,
- Sumitomo Heavy Industries
- DuPont de
- Nemours & Company
- Exxon Mobil
These manufacturers and suppliers are introducing new products to expand their market footprint.
Molded Plastics Industry News
- In September 2023, Danimer Scientific announced that it is broadening its partnership with Chevron Phillips Chemical to utilize Rinnovo polymers, produced via a loop slurry reactor process, for manufacturing biodegradable films and molded parts.
- In July 2023, Omega Plastics Group, a fully integrated plastic injection molding group, announced the expansion of injection molding press capacity at both Signal Plastics and Omega Plastics.