As per the findings of a recent market research report published by Transparency Market Research, the vendor landscape of the global molded plastics market is a highly fragmented one. The research report expects that the competition in the market will only increase in coming years. Majority of the companies operating in the market space are concentrating on developing highly innovative methods for the production improved molded plastic materials. Several businesses are trying to strengthen their position in the global market by adopting inorganic strategies such as acquisition, mergers, strategic alliances, and joint ventures. Furthermore, they are also looking to expand their operations to the previously unknown geographical territories. The research report predicts that such developments can pose some problems to the local vendors.
Some of the well-known brands in the global molded plastics market include names such as INEOS Group AG, Lyondell Basell Industries NV, Huntsman Corporation, SABIC, Eastman Chemical Company, and BASF SE among others.
The market research report on global molded plastics market expects it to reach a valuation worth US$202.2 bn by the fall of 2024. Initially, the global market was valued at US$124.8 bn in the year 2015. This development of the global market is expected to be achieved with the help of a strong CAGR of 5.6% over the course of the assessment period of 2016 to 2024.
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Flourishing Packaging Sector to Propel Market Growth
The research report maps out several factors that are responsible for the development of the global molded plastics market. One of the key driving factor for the market growth has been its high tensile strength. These plastics have comparatively higher strength than their traditional varieties. Thus, these plastics are in great demand from both manufacturers as well as consumers. Because of such changing preference, such plastics are being produced in large quantities. This too is helping the overall development of the global market.
Another important factor that is driving the growth of the market has been their rising demand from the packaging sector. Molded plastics find application in several packaging activities due to their wide ranging properties. This fact coupled with the advancements and developments in the packaging industry itself are helping to pump up the demand for molded plastics and ultimately driving the growth of the global market.
In addition to this, with growing industrial development, the construction industry is expected to create huge demand for molded plastics. Also, recent commercialization of high-end polymers is further helping the overall development of the global molded plastics market.
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High Cost of Raw Materials to Impede Market Development
There are however, a few challenges that might slow down the development of the global molded plastics market. One of the key challenges faced by the market is the expensive nature of the costs for processing the raw materials needed for production of molded plastics. This often corresponds to high prices for end users, which may then deter them from purchasing. However, several companies in the market are now focusing on developing cost effective solutions. This is projected to reduce the negative impact on market growth in coming years.
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