The global Plastic Contract Manufacturing market size is expected to be worth around US$ 50.85 billion by 2030, according to a new report by Vision Research Reports.
The global Plastic Contract Manufacturing market size was valued at US$ 30.61 billion in 2020 and is anticipated to grow at a CAGR of 6.6% during forecast period 2021 to 2030.
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Plastic Contract Manufacturing Market (By Product: Polypropylene, ABS, Polyethylene, Polystyrene; By Application: Medical, Aerospace & Defense, Automotive, Consumer Goods & Appliances) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||US$ 50.85 Billion by 2030|
|Growth Rate||CAGR of 6.6% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||McClarin Plastics, LLC; EVCO Plastics; C&J Industries; Plastikon Industries, Inc.; RSP, Inc.; Mack Molding; Tessy Plastics; Inzign Pte Ltd.; Genesis Plastics Welding; Baytech Plastics; Gregstrom Corp.; Nolato AB; Natech Plastics, Inc.; PTI Engineered Plastics, Inc.; Rosti Group AB, Inc|
Increasing usage of plastics, such as polystyrene, polyethylene, polypropylene, and polyurethane, in household appliances is expected to fuel the market growth. Due to the COVID-19 pandemic, many countries were in lockdown, due to which various companies across the globe have adopted work-from-home culture from March 2020. Several companies are planning to adopt the work-from-home culture permanently, due to which, the demand for home appliances and electronics products is rising rapidly. This, in turn, is expected to benefit the market growth over the forecast period.
Plastic is required by various end-use industries due to which, several end-users prefer to outsource plastic components as it reduces their production cost. This is expected to drive market growth over the forecast period. Polypropylene and polyethylene are increasingly being used for the production of medical devices. The growing demand for improved healthcare facilities and the rising number of hospitals have augmented the growth of the medical devices sector worldwide. The growing sales of medical devices are expected to be beneficial for the market growth.
By Product Analysis
The Polypropylene (PP) segment led the market and accounted for 34.3% of the global revenue share in 2020. Polypropylene is majorly used for manufacturing components in medical and automotive applications.
Polyethylene (PE) is used in various applications including toys, milk bottles, shampoo bottles, pipes, houseware, reusable bags, trays, containers, and packaging films.
The ABS product segment is estimated to witness the fastest CAGR during the forecast period. ABS is a polymer, which provides chemical & impact resistance, strength, and chemical inertness.
Polystyrene is generally available in three forms including Expanded Polystyrene (EPS), High Impact Polystyrene (HIPS), and General-Purpose Polystyrene (GPPS).
By Application Analysis
The consumer goods & appliances segment led the market and accounted for 28.2% of the global revenue share in 2020. Rising dependency on household appliances, owing to the increasing working population, coupled with increasing disposable income levels, is expected to drive the demand for these appliances, propelling the segment growth.
The medical application segment is expected to grow at the fastest CAGR of 8.2% during the forecast period. Increasing utilization of catheters in the medical sector in several applications, such as angiography, cardiac electrophysiology testing, angioplasty, and administration of intravenous fluids, is expected to drive the product demand. In the aerospace industry, plastics are used for various applications including aerostructure, components, equipment, system & support, cabin interiors, propulsion systems, satellites, and insulation components.
By Regional Analysis
Asia Pacific led the market in 2020 accounting for over 44.1% of the global revenue share and is estimated to register the fastest CAGR over the forecast period. The region is the largest manufacturer as well as consumer of plastics.
The market in Central & South America is estimated to expand at a CAGR of 6.8% during the forecast period owing to significant growth in the appliances and consumer goods industry over the past few years as a result of the high investments in the manufacturing sector of the country. This is likely to have a positive impact on regional market growth.
- McClarin Plastics, LLC
- EVCO Plastics
- C&J Industries
- Plastikon Industries, Inc.
- RSP, Inc.
- Mack Molding
- Tessy Plastics
- Inzign Pte Ltd.
- Genesis Plastics Welding
- Baytech Plastics
- Gregstrom Corp.
- Nolato AB
- Natech Plastics, Inc.
- PTI Engineered Plastics, Inc.
- Rosti Group AB, Inc.
- By Product
- By Application
- Aerospace & Defense
- Consumer Goods & Appliances
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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