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Molded Plastics Market An insight on the important factors and trends influencing the market 2024

Molded Plastics Market An insight on the important factors and trends influencing the market 2024
PR-Inside.com: 2017-11-02 12:37:25
The opportunity in the global molded plastics market was pegged at US$124.8 bn in 2015 and is projected to be worth US$202.2 bn by 2024, rising at a CAGR of 5.6% therein. By volume, the market is anticipated to register a 4.3% CAGR from 2016 to 2024.


View Full Report: www.transparencymarketresearch.com/molded-plastics-market.html

“The development of new plastic materials and competitive pricing are some of the key strategies though which companies have penetrated the molded plastics market,” the author of the study says. Establishing a wider global presence to respond to emerging trends faster is also being seen as a technique to accelerate growth. BASF is one such company that has strengthened its global network by targeting emerging markets with high growth potential. In October 2015, the company set up an engineered plastics compounding plant in South Korea and plans to expand its existing compound capacities for engineered plastics at its site in Germany by 2017.

Geographically, the molded plastics market has been segmented into five regions: North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Asia Pacific, with countries such as India and China, led the global molded plastics market by volume, and is anticipated to account for a share of 49% by the end of 2016. This is followed by Europe and North America and the total revenue in these two regions together will constitute around 29% of the total market value by 2016 end.

The global molded plastics market is highly fragmented with the top 10 companies accounting for only 40% of the overall market in 2015. These companies include Chevron Philips Chemical Company LLC, BASF SE, Eastman Chemical Company, LyondellBasell Industries N.V., and SABIC. Transparency Market Research finds that most market leaders have benefited from experience and have, over the years, developed technical expertise. They have also established high brand equity, making it immensely difficult for new and small players to compete with them.

Report Overview, with TOC - www.transparencymarketresearch.com/report-toc/561

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Transparency Market Research
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