Molded Plastics Market Worth 475.86 Billion USD by 2023

PUNE, India, May 11, 2018 /PRNewswire/ --

The report "Molded Plastics Market by Type (PE,PP, PVC, PET, PS, PU), Application (Packaging, Automotive & Transportation, Construction & Infrastructure, Electronics & Electrical, Pharmaceutical, Agriculture), and Region - Global Forecast to 2023" published by MarketsandMarkets™, the market is estimated to be USD 352.21 Billion in 2018 and is projected to reach USD 475.86 Billion by 2023, at a CAGR of 6.2% between 2018 and 2023.

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Browse 166 market data Tables and 54 Figures spread through 188 Pages and in-depth TOC on "Molded Plastics Market"

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The growth of the Molded Plastics Market can be attributed to the increasing consumption of molded plastics in the packaging, automotive & transportation, construction & infrastructure, pharmaceutical, and agriculture applications. Molded plastics possess excellent stiffness and Environmental Stress Cracking Resistance (ESCR), high load melt strength, and excellent rigidity.

Among types, the polyethylene segment is expected to be lead the Molded Plastics Market during the forecast period.  

Based on type, the Molded Plastics Market has been segmented into polyethylene (PP), polypropylene (PE), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polystyrene(PS), and polyurethane(PU). Polyamide, polycarbonate, and acrylonitrile butadiene styrene have been considered under the others segment. Among types, the polyethylene segment is expected to lead the Molded Plastics Market from 2018 to 2023.  Polyethylene molded plastics are being used in various applications, owing to their low cost, moisture resistance, high chemical resistance, and excellent processability. These are used to produce plastic products and components, such as household containers, personal care containers, fuel tanks, water tanks, and bottles.

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The packaging application segment is projected to grow at the highest CAGR between 2018 and 2023.  

Based on application, the Molded Plastics Market has been segmented into packaging, automotive & transportation, construction & infrastructure, agriculture, electronics & electrical, pharmaceutical, and others. The packaging segment is projected to be fastest-growing application segment of the Molded Plastics Market during the forecast period. The growth of this segment can be attributed to the increasing use of molded plastics to package pharmaceutical, food & beverages, cosmetics, and industrial products such as chemicals, acids, and lubricants. Molded plastics are used to produce packaging products such as packaging films, cans, bottles, and containers. The increasing per capita expenditure on food & beverages, improved lifestyle, and changing packaging patterns are some of the factors that are expected to fuel the consumption of molded plastics in packaging. The automotive & transportation is projected to grow at the second-fastest CAGR during the forecast period. The high demand for molded plastics to produce automobile parts, such as panes and railings, bumper supports, fenders, mudguards, door locking systems, consoles, garnish pillars, cockpit systems, and fuel tanks is expected to fuel the growth of the automotive & transportation application segment.