Global molded plastics market likely to reach 171.58 million tons in 2019

ALBANY, USA: According to a new report published by Transparency Market Research "Molded Plastics Market - Global Forecast, Market Share, Size, Growth and Industry Analysis, 2013 - 2019," the global demand for molded plastics was 125.00 million tons in 2012 and is expected to be 171.58 million tons in 2019, growing at a CAGR of 4.7 pervent from 2013 to 2019.

In terms of revenue, the market was valued at $255 billion in 2012 and is expected to be $352.37 billion in 2019, growing at a CAGR of 4.8 percent from 2013 to 2019.

Over the past few years, the use of plastics has increased tremendously, and is presently used in majority of the market sectors such as electronics, packaging, automobile and construction among others. Growing demand for automobiles coupled with the increasing consumption of plastics in each vehicle manufactured is expected to be one of the primary factors driving the molded plastics market over the next few years.

Other key factors such as the increasing demand for plastics in mobile phones and the growth of the mobile phone industry and increasing consumption of plastics in household care products such as cosmetics are expected to boost the demand for molded plastics over the next few years.

However, environmental concerns associated with the manufacture and wastage of plastics and fluctuating prices of crude oil are key factors that are expected to hamper the demand for plastics over the next few years. Increasing use of plastic pipes for transmission of oil and gas is expected to provide opportunities for the growth of the market in the next few years.

Molded polyethylene was the largest product segment in the market, accounting for over 25 percent of the market share in 2012 and is expected to be the fastest growing segment during the forecast period. Polyethylene is majorly used for packaging of various goods such as food, beverages, medical devices and other equipment. Growth of the packaging industry, particularly in China, Brazil and India, is expected to augment the demand for polyethylene over the next few years.

Demand for molded plastics was the highest from packaging in 2012. However, consumables & electronics is expected to be the fastest growing application segment in the market over the next few years. The growth of the electronics market due to rise in disposable income of consumers and increasing consumption of plastics in several electronic goods due to its superior properties is expected to boost the demand for molded polymers over the next few years. The segment is expected to grow at a CAGR of 4.9 percent from 2013 to 2019.