Global demand for moulded plastics to rise to 171.58 mn tons in 2019
Updated: Jan 20, 2014 03:43:38pm
New Delhi, Jan 20 (KNN) Global demand for moulded plastics, at 125 mn tons in 2012, is expected to be 171.58 mn tons in 2019, growing at a CAGR (compound annual growth rate) of 4.7 per cent from 2013 to 2019, as per Transparency Market Research.
In terms of revenue, the market was valued at USD 255 billion in 2012 and is expected to be USD 352.37 billion in 2019, growing at a CAGR of 4.8 per cent 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 moulded 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 moulded 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.
Moulded polyethylene was the largest product segment in the market, accounting for over 25 per cent 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 moulded plastics was the highest from packaging in 2012.
However, consumables and 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 moulded polymers over the next few years.
The segment is expected to grow at a CAGR of 4.9 per cent from 2013 to 2019. Due to the high prevalence of automobile, packaging and electronic industries in Asia Pacific, the region dominated the global market in 2012. Rise in disposable income of consumers is expected to be the primary factor driving the growth of these industries in the near future.
In addition, the increasing consumption of plastics in these industries is expected to fuel the demand for moulded plastics in this region over the next few years. Demand for moulded plastics in Asia Pacific is expected to be over 65 mn tons by 2019.
Demand for moulded plastics is expected to be significantly high in developing economies of Latin America due to the upcoming automobile manufacturing industry in this region.
These factors are expected to contribute significantly to the global moulded plastics market during the forecast period. (KNN)
In terms of revenue, the market was valued at USD 255 billion in 2012 and is expected to be USD 352.37 billion in 2019, growing at a CAGR of 4.8 per cent 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 moulded 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 moulded 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.
Moulded polyethylene was the largest product segment in the market, accounting for over 25 per cent 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 moulded plastics was the highest from packaging in 2012.
However, consumables and 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 moulded polymers over the next few years.
The segment is expected to grow at a CAGR of 4.9 per cent from 2013 to 2019. Due to the high prevalence of automobile, packaging and electronic industries in Asia Pacific, the region dominated the global market in 2012. Rise in disposable income of consumers is expected to be the primary factor driving the growth of these industries in the near future.
In addition, the increasing consumption of plastics in these industries is expected to fuel the demand for moulded plastics in this region over the next few years. Demand for moulded plastics in Asia Pacific is expected to be over 65 mn tons by 2019.
Demand for moulded plastics is expected to be significantly high in developing economies of Latin America due to the upcoming automobile manufacturing industry in this region.
These factors are expected to contribute significantly to the global moulded plastics market during the forecast period. (KNN)
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