Global Molded Plastics Market to Cross US$ 200 billion
The global molded plastics market is expected to exhibit a showcase bountiful opportunities of growth in the coming years, as reported by Transparency Market Research (TMR). According to the report, the market is predicted to be a highly fragmented one, with a handful of enterprises accounting for a substantial market share. The market constitutes of seasoned players that dominate the market, leaving little room for small players and new market entrants. Some of the prominent vendors of the molded plastics market are Huntsman Corporation, Chevron Phillips Chemical Company LLC, BASF SE, INEOS Group AG and Harwal Group.
The worldwide molded plastics market stood at US$124.8 bn in the year 2015, and is expected to reach a valuation of US202.2 bn toward the end of the forecast period (2016 to 2024). The market is thus prognosticated to rise at a healthy 5.6% CAGR over the mentioned duration.
Application of Packaging to Emerge Leading Segment due to High Demand from End Use
The application of packaging influences the molded plastics market regarding volume and in revenue. This industry is foreseen to remain the most conspicuous purchaser of molded plastics over the forecast period, with the utilization volume adding up to almost 30% more than any other application. The cost of molded plastics utilized for packaging activities has been somewhat higher than that for some other application and this is additionally adding to the growth of the global molded plastics market by value.
Asia Pacific, with nations, for instance, China and India, are expected to push the worldwide molded plastics market by volume, with an evaluated market share of 49% by 2016. This is trailed by Europe and North America and the aggregate income in these two areas together constituted around 29% of the aggregate market by the end of 2016. Asia Pacific is prognosticated to remain the most alluring region for the molded plastics market given that the greater part the worldwide populace and developing markets are in Asia Pacific. Thus, worldwide players have expanded their attention on the locale.
Surge in Fabrication Enterprises in Asia Pacific to Offer Market Opportunity
The promising growth of the healthcare sector is surging the interest for molded plastic packaging for pharmaceuticals, principally fluid medications, and restorative equipment packaging. The dormant properties of plastics, alongside its adaptability, sturdiness, and lightweight, makes it the best choice for pharmaceutical packaging. Besides, packaging medications and medicinal items need to meet stringent universal administrative consistence checks for security. Different evaluations of plastics are utilized to store diverse types of restorative equipment, for instance, thermoformed plastics are used for impermeable seals. The surge in utility of plastic molded material is anticipated to provide impetus to market growth.
Government initiatives like budgetary plans and tax breaks, in regions like China and India, to expand the FDI stream has helped in building up the market for plastics. These areas likewise offer minimal effort, which additionally helps in reduction of the general assembling cost for producers. The advancement of new machines, for instance EBLOW, which is a vitality productive blow forming gear has aided in the growth of the packaging business. The fundamental advantage of this innovation is that it can be combined with the upsides of utilizing the BA 34.2 pressure driven canister machine to offer a mechanical, temperate, and attractive solution for delivering articles of ten to thirty five liter capacity.
Source : GLOBE NEWSWIRE