Global Molded Plastic Market

Molded Plastic Market Size, Share, Growth Analysis, By Testing(mechanical testing and environmental testing), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15A2334 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 34 |Figures: 74

Molded Plastic Market Insights

Molded Plastic Market size was valued at USD 160 billion in 2021 and is poised to grow from USD 165 billion in 2022 to USD 250 billion by 2030, growing at a CAGR of 4.7% in the forecast period (2023-2030).

The global molded plastic market is witnessing significant growth due to various factors. The increasing demand for lightweight and durable materials in industries such as automotive, packaging, and construction is driving the market's growth.

Molded plastics offer advantages such as cost-effectiveness, design flexibility, and ease of manufacturing, making them a preferred choice for many applications. Additionally, the rising awareness regarding the need for sustainable and eco-friendly materials has led to the adoption of recycled and bio-based molded plastics, further fueling market growth.

The market is also influenced by technological advancements in molding processes and materials, allowing for the production of complex and customized plastic components. However, factors such as fluctuating raw material prices and environmental concerns related to plastic waste management pose challenges to the market's growth.

Overall, the global molded plastic market is poised for expansion, driven by increasing industrial applications and the need for innovative, sustainable solutions.

US Molded Plastic Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 160 billion

Largest Segment

mechanical testing

Fastest Growth

mechanical testing

Growth Rate

4.7% CAGR

Global Molded Plastic Market ($ Bn)
Country Share for North America Region (%)

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Molded Plastic Market Segmental Analysis

The global molded plastic market is segmented by testing type, and region. Based on type, the market can be segmented into mechanical testing and environmental testing. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Molded Plastic Market Analysis by Testing

The dominant sub-segment in the testing type category of the global molded plastic market is mechanical testing. Mechanical testing involves evaluating the mechanical properties of molded plastic products, such as their strength, durability, elasticity, and impact resistance. This sub-segment is dominant because mechanical testing is crucial to ensure that molded plastic products meet quality and performance standards, especially in industries such as automotive, construction, and consumer goods.

The fastest-growing sub-segment in the testing type category of the global molded plastic market is environmental testing. Environmental testing focuses on assessing the behavior of molded plastic products under various environmental conditions, including temperature, humidity, exposure to UV radiation, and chemical resistance. This sub-segment is witnessing rapid growth due to increasing concerns about the environmental impact of plastic materials and the need for sustainable and eco-friendly solutions. Environmental testing helps in developing molded plastic products that are resistant to environmental degradation and can withstand harsh conditions, making them suitable for a wide range of applications.

Global Molded Plastic Market By Type, 2023 (%)

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Molded Plastic Market Regional Insights

One dominant region in the global molded plastic market is Asia-Pacific. Asia-Pacific is the largest and fastest-growing region in terms of molded plastic production and consumption. The region's dominance can be attributed to factors such as the presence of key manufacturing hubs, abundant availability of raw materials, and a growing consumer base. Countries like China, India, and Japan have a strong presence in the market, with a large number of manufacturing facilities and a well-established supply chain. The region's robust industrial infrastructure, technological advancements, and favorable government policies supporting the manufacturing sector contribute to its dominant position in the molded plastic market.

Another fastest-growing region in the global molded plastic market is the Middle East and Africa (MEA). The MEA region is experiencing significant growth in the molded plastic market due to the rapid industrialization and infrastructure development taking place in countries like the United Arab Emirates, Saudi Arabia, and South Africa. The growing construction, automotive, packaging, and consumer goods industries in the region are driving the demand for molded plastic products. Additionally, favorable government initiatives promoting foreign investments and industrial development are attracting global players to establish their presence in the region. The increasing consumer awareness about sustainable packaging solutions and the adoption of eco-friendly materials are also contributing to the growth of the molded plastic market in the MEA region.

Global Molded Plastic Market By Geography, 2024-2031
  • Largest
  • Fastest

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Molded Plastic Market Dynamics

Molded Plastic Market Drivers

Increasing Demand For Lightweight And Durable Materials

  • Driver: One key driver of the global molded plastic market is the increasing demand for lightweight and durable materials in various industries. Molded plastics offer several advantages such as versatility, cost-effectiveness, and ease of production. Industries such as automotive, packaging, electronics, and construction are increasingly adopting molded plastic components to replace traditional materials. The lightweight nature of molded plastics helps in reducing fuel consumption in the automotive sector and transportation costs in the packaging industry. Additionally, molded plastics offer design flexibility and can be customized for specific applications, further driving their demand in various sectors.

Molded Plastic Market Restraints

Environmental Impact Associated With Plastic Waste And Disposal

  • One significant restraint of the global molded plastic market is the environmental impact associated with plastic waste and disposal. Molded plastics are primarily derived from petroleum-based materials that are non-biodegradable and contribute to pollution and waste accumulation. The improper disposal of plastic waste poses significant challenges to waste management systems and can have adverse effects on ecosystems and wildlife. Additionally, the increasing awareness of plastic pollution and the growing emphasis on sustainability have led to stricter regulations and consumer demand for eco-friendly alternatives. These factors pose a restraint on the growth of the molded plastic market, necessitating the development of sustainable and recyclable plastic solutions.

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Molded Plastic Market Competitive Landscape

The global market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Molded Plastics. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.

Molded Plastic Market Top Player’s Company Profiles

  • SABIC (Saudi Arabia)
  • ExxonMobil Corporation (United States)
  • Formosa Plastics Corporation (Taiwan)
  • Mitsubishi Chemical Holdings Corporation (Japan)
  • LG Chem Ltd. (South Korea)
  • Chevron Phillips Chemical Company LLC (United States)
  • TotalEnergies SE (France)
  • Sumitomo Chemical Co., Ltd. (Japan)
  • INEOS Group Holdings S.A. (United Kingdom)
  • Solvay S.A. (Belgium)
  • Huntsman Corporation (United States)
  • China Petrochemical Corporation (Sinopec) (China)
  • Reliance Industries Limited (India)
  • Braskem S.A. (Brazil)
  • Covestro AG (Germany)
  • Eastman Chemical Company (United States)
  • Arkema Group (France)

Molded Plastic Market Recent Developments

  • In January 2023, PolyPlast Industries introduced a new line of eco-friendly molded plastic products. The company utilizes innovative biodegradable materials in their manufacturing process, catering to the growing demand for sustainable packaging solutions.
  • In March 2023, TechPlast Corporation announced the launch of a breakthrough molded plastic technology, revolutionizing the automotive industry. Their new lightweight and high-strength plastic components offer improved fuel efficiency and enhanced vehicle safety features.
  • In June 2023, GlobalPlast Ltd. unveiled a range of customizable molded plastic solutions for the healthcare sector. These specialized medical-grade plastics are designed to meet stringent regulatory requirements, ensuring safety and reliability in medical devices and equipment.

Molded Plastic Key Market Trends

  • One key market trend in the global molded plastic market is the increasing adoption of sustainable and eco-friendly plastic materials. As environmental concerns and regulations become more stringent, there is a growing demand for molded plastic products made from recycled or biodegradable materials. Companies are focusing on developing innovative solutions using bio-based polymers, such as plant-based plastics, to reduce the reliance on traditional petroleum-based plastics. Additionally, the implementation of circular economy principles, including recycling and waste reduction initiatives, is gaining traction in the industry. This trend not only addresses environmental concerns but also helps companies meet consumer expectations for sustainable and socially responsible products.

Molded Plastic Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

The global molded plastic market is experiencing significant growth due to the increasing demand for lightweight and durable materials across various industries. Molded plastics are widely used in automotive, packaging, construction, electronics, and consumer goods sectors, among others. The market is driven by factors such as the growing population, urbanization, and industrialization, leading to increased consumption of plastic products. Additionally, advancements in manufacturing technologies and the development of innovative plastic materials have further propelled the market growth. However, environmental concerns regarding plastic waste and regulations on plastic usage in certain regions pose challenges to the market. Overall, the global molded plastic market is expected to witness steady growth in the coming years, driven by the demand for cost-effective and sustainable plastic solutions.

Report Metric Details
Market size value in 2023 USD 160 billion
Market size value in 2031 USD 250 billion
Growth Rate 4.7%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Testing
    • mechanical testing and environmental testing
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • SABIC (Saudi Arabia)
  • ExxonMobil Corporation (United States)
  • Formosa Plastics Corporation (Taiwan)
  • Mitsubishi Chemical Holdings Corporation (Japan)
  • LG Chem Ltd. (South Korea)
  • Chevron Phillips Chemical Company LLC (United States)
  • TotalEnergies SE (France)
  • Sumitomo Chemical Co., Ltd. (Japan)
  • INEOS Group Holdings S.A. (United Kingdom)
  • Solvay S.A. (Belgium)
  • Huntsman Corporation (United States)
  • China Petrochemical Corporation (Sinopec) (China)
  • Reliance Industries Limited (India)
  • Braskem S.A. (Brazil)
  • Covestro AG (Germany)
  • Eastman Chemical Company (United States)
  • Arkema Group (France)
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Molded Plastic Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Molded Plastic Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Molded Plastic Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Molded Plastic Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Molded Plastic Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Molded Plastic Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Molded Plastic Market size was valued at USD 160 billion in 2021 and is poised to grow from USD 165 billion in 2022 to USD 250 billion by 2030, growing at a CAGR of 4.7% in the forecast period (2023-2030).

The market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Molded Plastics. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions. 'Dow Chemical Company (United States)', 'BASF SE (Germany)', 'LyondellBasell Industries N.V. (Netherlands)', 'SABIC (Saudi Arabia)', 'ExxonMobil Corporation (United States)', 'Formosa Plastics Corporation (Taiwan)', 'Mitsubishi Chemical Holdings Corporation (Japan)', 'LG Chem Ltd. (South Korea)', 'Chevron Phillips Chemical Company LLC (United States)', 'TotalEnergies SE (France)', 'Sumitomo Chemical Co., Ltd. (Japan)', 'INEOS Group Holdings S.A. (United Kingdom)', 'Solvay S.A. (Belgium)', 'Huntsman Corporation (United States)', 'China Petrochemical Corporation (Sinopec) (China)', 'Reliance Industries Limited (India)', 'Braskem S.A. (Brazil)', 'Covestro AG (Germany)', 'Eastman Chemical Company (United States)', 'Arkema Group (France)'

Driver: One key driver of the molded plastic market is the increasing demand for lightweight and durable materials in various industries. Molded plastics offer several advantages such as versatility, cost-effectiveness, and ease of production. Industries such as automotive, packaging, electronics, and construction are increasingly adopting molded plastic components to replace traditional materials. The lightweight nature of molded plastics helps in reducing fuel consumption in the automotive sector and transportation costs in the packaging industry. Additionally, molded plastics offer design flexibility and can be customized for specific applications, further driving their demand in various sectors.

One key market trend in the molded plastic market is the increasing adoption of sustainable and eco-friendly plastic materials. As environmental concerns and regulations become more stringent, there is a growing demand for molded plastic products made from recycled or biodegradable materials. Companies are focusing on developing innovative solutions using bio-based polymers, such as plant-based plastics, to reduce the reliance on traditional petroleum-based plastics. Additionally, the implementation of circular economy principles, including recycling and waste reduction initiatives, is gaining traction in the industry. This trend not only addresses environmental concerns but also helps companies meet consumer expectations for sustainable and socially responsible products.

One dominant region in the molded plastic market is Asia-Pacific. Asia-Pacific is the largest and fastest-growing region in terms of molded plastic production and consumption. The region's dominance can be attributed to factors such as the presence of key manufacturing hubs, abundant availability of raw materials, and a growing consumer base. Countries like China, India, and Japan have a strong presence in the market, with a large number of manufacturing facilities and a well-established supply chain. The region's robust industrial infrastructure, technological advancements, and favorable government policies supporting the manufacturing sector contribute to its dominant position in the molded plastic market.

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Global Molded Plastic Market

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