The top 10 players in the global molded plastics market represented only 40% of its value in 2015, pointing towards the highly fragmented nature of the market. BASF SE, Chevron Philips Chemical Company LLC, LyondellBasell Industries N.V., Eastman Chemical Company, and SABIC are among the top 10 companies in the market. Transparency Market Research (TMR) observes that the high technical acumen and strong brand equity of these players are creating a high entry barrier for new players to penetrate in the market.
The majority of the leading players are aiming at expanding their market shares by product innovation, competitive pricing, and enhancing geographical outreach. “Collaborations between small and multinational players are paving way for molded plastics that comply with world-class quality requirements,” says TMR’s lead analyst. The global market for molded plastics had a valuation of US$124.8 bn in 2015 and is anticipated to rise to US$202.2 bn by 2024, progressing at a CAGR of 5.6% between 2016 and 2024.
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Asia Pacific to Remain Ahead until 2024
On the basis of end-use industries, the packaging industry is the most prominent consumer of molded plastics and will retain its position until 2024. The higher price of molded plastic used for the packaging sector is the primary reason behind high revenue contribution from this segment. The building and construction sector is estimated to post noteworthy CAGR during the same period.
Geographically, Asia Pacific will continue to be at the forefront of the global market for molded plastics until 2024, thanks to the robust economic growth of countries such as China and India. The large base of population in the region, which accounts for more than half of the global population, is contributing to its leadership. The Middle East and Africa is poised to register strong growth, rising at a CAGR of 6.5% during the review period.
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Declining Oil Prices Fosters Growth Prospects
The increasing oil and gas production activity and concurrently declining oil prices are escalating the growth of the global petrochemical industry. Lower oil prices are helping petrochemical companies in improving their profit margins. Therefore, with the positive growth trajectory of the petrochemical industries, the global molded plastics market is expected to rake in a healthy share of the revenue pie.
The robust growth of the building and construction sector is also providing a fillip to the growth of the global molded plastics market. “The evolution of the construction sector in the last few years and the continuous investments by government clients and private organizations in real estate projects and new infrastructure are contributing to the growth of the industry,” says a TMR analyst.
Environmental Concerns Take their Toll on Global Molded Plastics Market
Despite the overwhelming demand from end-use industries, the various environmental issues pertaining to the use of molded plastics are restricting the market from realizing its utmost potential. Moreover, political and economic instability in various countries, especially those belonging to the Middle East region, are leading to unpredictable demand patterns in these regions, which is hampering the growth prospects of the global molded plastics market. However, the flourishing growth of the packaging industry worldwide is likely to open new avenues for market players.
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