Global Molded Plastics Market to Reach US$ 202.29 Billion by 2024; Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

TMR

ALBANY, New York, August 25, 2016 /PRNewswire/ --

Transparency Market Research has released a new market report entitled "Molded Plastics Market, By Material, By Technology, By Application, and Geography - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast - 2016-2024." According to this report, the global molded plastics market was valued at US$ 4.23 Bn in 2014 and is projected to reach US$ 202.29 Bn by 2024, at a CAGR of 5.6% from 2016 to 2024. In terms of volume the molded plastics market is expected to reach 300,449.9 kilo tons by 2024, expanding at a CAGR of 4.3% between 2016 and 2024.

Plastics, also known as polymers, can be modified into any shape and size. Additives such as pigments give the final product superior aesthetic value. Plastics can be altered to different specifications by the application of various molding technologies such as injection molding, blow molding, rotomolding, and extrusion molding. Different industries require finished goods made from any of the aforementioned technologies. Growing R&D on plastics resulted in increasing substitution of materials such as glass, paper, wood, and metals with plastics. Key factors such as reduction in weight have led to improved vehicle efficiency and decreased consumption of fuel, leading to a visible growth in the use of plastics in automobiles. This trend is expected to continue over the next few years, which in turn is anticipated to boost the demand for molded plastics.

Browse Research Report with ToC & Free Analysis: http://www.transparencymarketresearch.com/molded-plastics-market.html

In addition, stringent regulations such as Euro 5 and Euro 6 norms regarding vehicular emissions are expected to fuel the demand for plastics in automobiles. Furthermore, increased use of plastics in mobile phones to improve the aesthetic value of the device, coupled with the growth of the mobile phone industry, and are expected to contribute significantly to demand for molded plastic over the next few years. Industrial and commercial packaging lead the demand for molded plastics. Plastic packaging provides increased shelf life and improved aesthetics. This will further contribute to market development. The commercialization of new plastics opens up new avenues. Companies are accelerating R&D and are striving for licenses and patents in various countries to gain competitive advantage.