The global molded plastics 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. The global molded plastics market is mainly driven by the high demand for molded plastics in packaging, automotive & transportation, construction & infrastructure, pharmaceutical, and agriculture applications. Expansions, acquisitions, and new product development are the key strategies adopted by the major players to strengthen their position in the global molded plastics market.
North America, followed by the APAC and the Middle East and Africa witnessed the maximum number of strategic developments undertaken by various players between 2012 and 2017.
ExxonMobil (US), LyondellBasell (Netherlands), DowDuPont (US), SABIC (Saudi Arabia), INEOS (Switzerland), Solvay (Belgium), Formosa Plastics (Taiwan), Chevron (US), Eastman (US), China Petroleum (China), Borealis (Germany), Versalis (Italy), LG Chem (South Korea), and Reliance Industries (India) are the leading molded plastics manufacturers globally.
DowDuPont (US) is one of the leading players in the molded plastics market. It is a US-based chemical company formed by the merger of Dow Chemical and DuPont in August 2017. The company has been focusing on new product development and expansions to maintain its leading position in the market. For example, in October 2016, E. I. du Pont (US) launched polyamide (PA66 and PA6) and glass-filled molded plastics used for various applications in the automotive industry. Moreover, in November 2014, Dow (US) expanded the production of polyethylene by revamping its production technology in Argentina. It revamped its 4 production units for Low Density Polyethylene (LDPE) production units.
LyondellBasell (Netherlands) and ExxonMobil (US) are other major players in the molded plastics market. LyondellBasell adopted the strategy of acquisitions to establish its foothold in the Asia Pacific. For example, in April 2016, the company acquired polypropylene compounder, Zylog Plastalloys Pvt. Ltd. in India. With this acquisition, the company established its foothold in the high-growing APAC market. In February 2017, the company also launched a new grade of polypropylene for the consumer goods application, such as caps and closures, and for flexible & rigid packaging of medical devices and pharmaceuticals.
In October 2017, ExxonMobil (US) started commissioning of the polyethylene production facility in Texas, US. This expansion is expected to increase the capacity of the plant by 65% or 650,000 tons, which is expected to lead to a total production capacity of 2.5 million tons. The company is focusing on the production of high-performance polyethylene through this expansion. The company has commissioned molded plastics production facilities closest to its upstream projects to have easy access to raw materials. This has enabled it to produce the resins at low cost.
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
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