Molded plastics market Trends, Revenue, Competitive Landscape And Developments Forecast By 2026
Market Overview Molded plastics are the type of polymers, which can be molded into any size and shape for the use in commercial applications. The use of pigments and other additives enhances the quality of the molded plastics. Molded plastics are used in various end-use industries, owing to the characteristics, such as durability, lightweight, and high chemical resistance. The automobile industry uses molded plastic for manufacturing of air flow ducts, engine cover, wheel wells, car fascia, grilles, bumpers, and other components. Extensive expansion and development in the construction, automotive, and packaging industry will boot growth in molded plastics market globally. For instance, according to Organization Internationale des Constructeurs Automobiles (OICA) the automotive industry increased with a growth rate of 4.5% during the period 2015-2016. Molded plastics are used in manufacturing automobiles that are environmentally sustainable and low-carbon emission vehicles, which are