global molded plastics market is estimated to rise at a CAGR of 4.5% during the forecast period of 2023 to 2030. Molded plastics are synthetic non-metallic materials that can be shaped for commercial purposes. These are flexible, effective, bendable, and can be made rigid if needed. These are used to make smaller components with remarkable detail and precision. Due to their high ductility, tensile strength, impact resistance, and moisture resistance, these are utilized in building and construction, automotive and transportation, consumable and electrical devices, packaging, and others, including medical, stationary, and textiles. These have more design flexibility. Automobile facade, bumpers, grilles, headlight pods, panels, fenders, wheel wells, engine covers, table components, air flow ducts, equipment, exterior fascia and ornamental panels, and other parts use these. These are used to make electrical ducts, rain, and sewage pipes, plumbing, gas distribution pipes, storage tanks, flooring tiles and rolls, PVC sheets, and insulating membranes. Rising demand for plastic components from the automotive, packaging, home appliance, electrical and electronics, and medical device industries will drive the market. The growth of the market is expected to be restricted by fluctuating prices of raw materials including benzene, ethylene, propylene, and styrene, as well as disposal concerns.
High-tech farming equipment is fuelling an expansion in the molded plastics business. Molded plastics are important in agriculture. This industry's increased use of plastics should drive the molded plastics market. Plastics have helped farmers raise agricultural productivity and food quality. Increased hygiene awareness has led to rising in the packaging business, where molded plastics are utilized to make complicated and elaborately structured plastics. This growth has raised hygiene awareness. The National Investment Promotion and Facilitation Agency reported in October 2020 that the packaging sector was worth $917 billion in 2019 and would reach $1.05 trillion by 2024, growing at a CAGR of 2.8%. This is one of the main reasons driving the molded plastics market during the forecast period. Due to a surge in demand for commercial space like offices, hotels, malls, industrial corridors, and other businesses, the building, and construction sector is rising rapidly in developed and developing economies like the U.S., China, India, and other comparable nations. A jump in infrastructure spending has led to strong development in the building and construction sector, contributing to the total boom. Invest India reported in August 2021 that the Indian government has a $1.4 trillion investment budget for infrastructure, with 16% going toward urban infrastructure. India's investment budget for urban infrastructure is $1.4 trillion.
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Crude oil, naphtha, and natural gas are the basic feedstocks for petrochemicals, which are used to make molded plastic items. Molded plastic producers' reliance on unpredictable commodities may affect their capacity to scale and sustain a profit margin. Current levels of plastic use have led to massive rubbish disposal, causing environmental difficulties. Plastic items released into the environment produce harmful substances as pollutants. Pollutant compounds contain benzene, dioxins, and heavy metals like lead and cadmium. Heavy metals and chemicals cause environmental pollution. Taiwan, Bangladesh, the UK, China, and others have banned plastic products. Leading molded plastics makers have encountered a production hiccup. Food and drinking water contain microplastics of varying shapes, sizes, and concentrations. These particles can induce eye discomfort, decreased vision, respiratory problems, vertigo, genotoxic consequences, cardiovascular problems, and gastrointestinal problems. These restrictions limit the market for molded plastics.
Due to increased demand for polypropylene (PP) in automotive components, home goods, and packaging, the PP category controlled more than 35% of the revenue in 2021. Polypropylene is expected to rise at a 4.0% CAGR from 2023 to 2030. Growing PP-based product penetration in electrical connections, battery housings, and food packaging is expected to boost demand over the projection period. Polypropylene is used in food packaging, automobiles, and electrical contact applications because it resists corrosion and insulates well. To avoid coronavirus transmission, production was reduced or halted. This has reduced PP usage and demand in several applications. Due to logistical obstacles and people mobility restrictions, producers are having trouble running their production units, which has hurt product demand. Movement limits cause these constraints. ABS became the second-most-important raw material in 2021. Rising demand for ABS components in medical devices, automotive components, electronic housings, and consumer appliances is expected to boost the market growth.
Injection molding was the most dominant technological market in 2021 and is expected to grow 4.4% from 2023 to 2030. This is because injection molding is used most often to make molded polymers. In addition, it uses automated techniques to reduce production costs and waste. Packaging accounted for almost 30% of overall revenue in 2021. Packaging completed goods go through various development processes to meet regulatory and end-user standards. Plastics used in packaging must enhance the shelf life of food, prevent wear and tear, and be durable. Injection-molded polymers have tremendous potential in medical and automaking. 2023 to 2030 is expected to be the fastest-growing period for medical devices and components. Optical clarity, biocompatibility, and cost-effective manufacturing will stimulate demand for medical items. A strict regulatory environment for medical-grade polymer in healthcare is expected to fuel growth. Over the projection period, medical device manufacturers are likely to boost their demand for biodegradable polymers, creating profitable opportunities in the industry.
Asia-moulded Pacific's plastics market is expected to grow at the fastest rate, 4.3% CAGR. Asia-Pacific had 48% of the molded plastics market in 2021. This is due to the increased demand for molded plastics in construction and consumer electronics. Both industries use molded polymers as insulation. In July 2021, the UN Statistics Division reported that China produced 28.7% of the world's consumer electronics. India and Australia's automotive businesses have also grown rapidly. In these countries, molded plastics are used to make automotive fascia, bumpers, grilles, headlamp pods, panels, fenders, wheel wells, engine covers, table components, air flow ducts, equipment, exterior fascia and decorative panels, and other components. In March 2021, the India Brands Equity Foundation reported 279,745 passenger automobiles, a 28.39 percent growth over March 2020s 217,879 units.
Molded plastics are popular in Europe. Europe's non-food and beverage packaging business handles cosmetics, pharmaceuticals, and household chemicals. In the UK, Germany, and France, the increased demand for laptops and cell phones is expected to drive demand in the consumables and electronics application industry. The rise of Europe's automotive industry is expected to boost regional demand over the forecast period. North America's market is distinguished by the presence of major injection molders. Because this area has a plethora of raw materials, businesses are focusing on boosting their production capacity to reduce production costs.
Molded plastics market is fragmented globally. Especially in Asia-Pacific and Latin America. Companies, notably from the Asia Pacific, have been searching for major capacity additions in recent years to achieve operational excellence and economies of scale. Diverse product offerings and product differentiation increase market price and distribution channel competition. Atlantis Plastics, Inc., China Plastic Extrusion Ltd., DuPont, Eastman Chemical Company, GSH Industries, Mitsubishi Chemical Corporation, Mitsui Chemicals Inc., Petro Packaging Company, Inc., Pexco LLC., and PSI Molded Plastics are key players in the molded plastics market.
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