Molded Plastics Market Projected to Attain $675.7 Billion Valuation by 2027
The molded plasstics market size is projected to reach USD 675.7 billion by 2027 from USD 499.1 billion in 2022, at a CAGR of 6.2% during the forecast period. Increasing demand from packaging applications and rising sustainable plastic demand is driving the global molded plastics market. Furthermore, growth of automotive industry coupled with positive outlook for construction industry is driving the growth of the molded plastics market.
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The key players in the molded plastics market include LyondellBasell (Netherlands), SABIC (Saudi Arabia), INEOS (Switzerland), DuPont (US), ExxonMobil (US), Sinopec (China), Dow Inc (US), BASF SE (Germany), Eastman Chemical Company (US), Chevron Corporation (US), Formosa Plastics Corporation (Taiwan), Solvay (Belgium), China Plastics Extrusion Ltd. (China), Lanxess AG (Germany), Versalis (Italy), LG Chem (South Korea) and Reliance Industries (India).
LyondellBasell is one of the leading players in the molded plastics market. The company provides PE- and PP-based molding resins to multiple end-use industries, including automotive, building and construction, packaging, and healthcare. LyondellBasell emphasizes on the development of new and innovative products in the plastic packaging sector. It operates through with its manufacturing sites and joint ventures in more than 21 countries. It has a sales presence in more than 100 countries across Europe, North America, Latin America, Asia Pacific, and the Middle East. The company is focusing on further strengthening its position in the molded plastics market, by adopting growth strategies such as strategic acquisitions, Joint Ventures, and expansions. For instance, in 2021, LyondellBasell completed the acquisition of Malaysia-based PolyPacific Polymers Sdn. Bhd. (PPM). PPM is a manufacturing facility producing reinforced and modified polyolefin compounds with a capacity of 25 KT. This acquisition has helped the company to strengthen its product portfolio in the global molded plastics market.
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SABIC is another leading player in the molded plastics market. The company offers different molded plastics products including PP, PE, PET, ABS through its petrochemicals & specialties business unit. SABIC has 66 world-class manufacturing and compounding facilities in multiple locations across the Middle East, Asia, Europe, and the Americas. Additionally, it has sales, technology, and innovation facilities worldwide, and these are managed by four regional offices in the Middle East & Africa, Asia, the Americas, and Europe. The company is enhancing its footprint by adopting both the organic and inorganic growth strategies including new product launch, partnerships, and Agreements. For instance, in 2022, SABIC introduced a specialized portfolio of SABIC PP compounds for foam injection molding. New mineral-reinforced PP grades that offer excellent aesthetics for visible automotive interior parts.
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