Molded plastics market in Asia-Pacific to grow at a CAGR of 4.6%

Press Release   •   Jul 02, 2012 14:29 BST

The global molded plastics market is projected to reach 157 million tons by the year 2017. Molded plastics market growth will be driven by the economic revival, rise in spending power, rapid industrialization, and strong demand from end-use markets of packaging, construction, and food & beverage.

Molded plastics represent one of the most ubiquitous raw materials used in a wide gamut of industries ranging from construction, automotives, packaging, electrical & electronics, appliances to medical products.

Emerging markets in the molded plastics industry are concentrating on the expansion of their production capabilities in order to target the export market. The rapid expansion of capacity, particularly in Asia-Pacific, which is set to experience a compound annual growth rate (CAGR) of 4.6% through 2017, is causing anxiety among the domestic markets of Western Europe, the US, and Japan by restricting export opportunities.

Asia has successfully emanated as a powerful exporter within the molded plastics market. A large proportion of production comes from Hong Kong, Japan, Korea and Taiwan, but many manufacturers have relocated themselves to low cost countries such as China, Malaysia, and Thailand.

Over the last decade, the Middle East has emerged as a serious player in the global molded plastics market owing to the twin benefits of low raw material and feedstock prices and proximity to the highly lucrative Asian market. The Middle East is expected to account for 50% of the new capacity additions during the next five years and would emerge as the world's leading supplier of polypropylene.

For more information on the molded plastics market, see the latest research: Molded Plastics Market Report

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