Because of the expansion in building and construction in the area, the Middle East and Africa are predicted to have a stable growth in the moulded plastic market. The Middle East has experienced an increase in building, particularly in Qatar and Saudi Arabia, which is a primary driver of the moulded plastic market's growth. Naphtha, crude oil, and natural gas are common feedstocks utilised in the synthesis of basic petrochemicals, which are then used as raw materials in the production of many types of molded plastics. Plastic producers further process resins before formulators utilise them to make plastic parts used in the construction, automotive, and packaging sectors. As a result, fluctuations in crude oil prices have a direct impact on the prices of moulded plastics, causing costs to be dispersed over the whole value chain of the moulded plastics industry. Feedstock price fluctuations have a direct impact on the profitability of moulded plastics providers. Global growth in the moulded plastics market is predicted to be driven by extensive expansion and development in the construction, automotive, and packaging industries.
According to Coherent Market Insights, the global Molded Plastic Market is estimated to surpass US$ 258.7 billion by the end of 2028 in terms of revenue, exhibiting a CAGR of 6.10% during the forecast period (2021 to 2028).
Market Leaders in the Molded Plastic Industry:
1. BASF SE.
BASF SE operates as a chemical company worldwide. It operates through six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. BASF SE was founded in 1865 and is headquartered in Ludwigshafen am Rhein, Germany.
2. Eastman Chemical Company
Eastman Chemical Company operates as a specialty materials company in the United States and internationally. Eastman Chemical Company was founded in 1920 and is headquartered in Kingsport, Tennessee.
3. SABIC
SABIC Agri-Nutrients Company engages in the production, conversion, manufacturing, marketing, and trade of agri-nutrients products in Saudi Arabia. The company operates in two segments, Petrochemicals and Agri-nutrients. SABIC Agri-Nutrients Company was incorporated in 1965 and is headquartered in Al Jubaila, Saudi Arabia. SABIC Agri-Nutrients Company operates as a subsidiary of Saudi Basic Industries Corporation.
4. Huntsman Corporation
Huntsman Corporation manufactures and sells diversified organic chemical products worldwide. The company operates through three segments: Polyurethanes, Performance Products, and Advanced Materials. Huntsman Corporation was founded in 1970 and is based in The Woodlands, Texas.
5. LyondellBasell Industries N.V
LyondellBasell Industries N.V. operates as a chemical company in the United States, Germany, Mexico, Italy, Poland, France, Japan, China, the Netherlands, and internationally. The company operates in six segments: Olefins and PolyolefinsAmericas; Olefins and PolyolefinsEurope, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; Refining; and Technology. The company was incorporated in 2009 and is headquartered in Houston, Texas.
6. INEOS Group AG
Manufacturer of petrochemicals. The company offers ethylene, propylene, butadiene, raffinate 1, benzene, toluene, gasoline blending components and high-density and low-density polyethene, linear low-density polyethene and polypropylene. The company was founded in 1998, headquartered in London, U.K.
7. Chevron Phillips Chemical Company LLC
Chevron Phillips Chemical is one of the world’s top producers of olefins and polyolefins and a supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping, and polymer resins. Chevron Phillips Chemical produces chemical products that are essential to manufacturing over 70,000 consumer and industrial products. Chevron Phillips Chemical, with its joint venture partners, currently has 34 production facilities located in the United States, Colombia, Singapore, China, South Korea, Saudi Arabia, Qatar, and Belgium. The company was founded in 2000, headquartered in Texas, U.S.
8. Reliance Industries Limited
Reliance Industries Limited is an Indian conglomerate holding company headquartered in Mumbai India. Reliance owns businesses across India engaged in energy and telecommunications. The company was founded in 1973.
9. Obeikan Investment Group (OIG)
Obeikan Investment Group is a leader in packaging, education and health by providing digital transformation of operation.They added significant value to the manufacturing operations, and that can help the customers, partners, and other businesses. The company was founded in 1982, headquartered in Ar Riyadh, Saudi Arabia.
10. Takween Advanced Industries
Takween Advanced Industries produces and sells plastic packaging products in the Kingdom of Saudi Arabia and the Arab Republic of Egypt. It operates through Disposable Polystyrene Cups, Lids, and Other Plastic Related Products; and Non-Woven Fabrics segments. Takween Advanced Industries was founded in 1993 and is headquartered in Al Khobar, the Kingdom of Saudi Arabia.
*Definition-Molded plastics are polymers that may be shaped and moulded into any size and form for use in commercial applications. Molded plastics are widely employed in a variety of end-use sectors due to properties such as durability, lightweight, and excellent chemical resistance.
