Molded Plastics Market
REPORT DESCRIPTION
Molded Plastics Market( Material Type- Polypropylene, Polyethylene, Polyvinyl Chloride, Polystyrene, Polyethylene Terephthalate, Polyethylene Terephthalate; Technology- Injection Molding, Injection Molding, Blow Molding, Thermoforming; Application- Packaging, Consumable & Electronics, Automotive & Transportation, Building & Construction)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024
In a highly fragmented global molded plastics market, in 2015, the top 10 companies held only 40 % of the overall market. Some of these are companies are Chevron Philips Chemical Company LLC, Eastman Chemical Company, SABIC, BASF SE, and LyondellBasell Industries N. V. Top companies in this market have established high brand equity due to a long presence in this market, notes a study by Transparency Market Research. This factor, along with the technical expertise of key companies makes it difficult for new and small companies to compete with them.
“ Focus on renewable raw materials to manufacture plastics for packaging industries is one of the key strategies that key players in this market have adopted, says the author of this study. Strengthening global presence by targeting emerging markets with high growth potential has also been adopted to accelerate growth. A case in point is BASF SE. In October 2015, the company established an engineered plastics compounding unit in South Korea and have plans to expand its existing engineered plastics compound capacities in Germany by the end of 2017.
The global molded plastics market was pegged at US $ 124.8 bn in 2015 and is expected to be worth US $ 202.2 bn by 2024 at a CAGR of 5.6 % therein. The market is expected to display a CAGR of 4.3 % between 2016 and 2024 in terms of volume.
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Transparency Market Research
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