Molded Plastics Market
Declining Crude Oil Prices Positively Influencing Molded Plastics Market
In the present scenario , declining crude oil prices have positively impacted the petrochemical industry . The drop in oil prices has improved the profit margins of several petrochemical companies considerably , says analyst at TMR . Hence , the growth of the petrochemical industry is expected to positively impact the molded plastics market .
The flourishing building and construction sector is also fuelling the growth of the molded plastics market , says TMR . With continued investments from government and private developers for infrastructural development and real estate projects , the construction industry has reached new heights .
On the flip side , environmental hazards associated with the use of molded plastics , economic instability and political unrest in several countries predominantly in the Middle East , and unpredictable demand in the Middle East and Europe are expected to challenge the growth of the molded plastics market during the forecast period .
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The Middle East and Africa to Display Fast Growth in Future
In terms of material type , polypropylene displays the highest demand accounting for its dominance in the molded plastics market . In 2016 , the segment held 41 % share in the global market . However , polyethylene terephthalate ( PET ) is expected to display the highest CAGR of 8.6 % between 2016 and 2024 . On the basis of technology , in 2015 , injection molding led the molded plastics market and the technology segment is expected to increase two times by 2024 . Blow molding , on the other hand , is evolving rapidly with an impressive growth rate .
In terms of application , packaging is expected to be leading consumer of molded plastics until the end of the forecast period in 2024 . Packaging is expected to generate the highest revenue until 2024 . The construction sector contributes a significant revenue to the overall molded plastics market . Geographywise , while currently , Asia Pacific contributes the highest revenue to the global market , the Middle East and Africa is expected to display growth at a fast pace .
Transparency Market Research
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