Plastic Contract Manufacturing Market Is Expected To Positively Affect The Growth Of The Segment Over The Forecast Period
Plastic Contract Manufacturing Industry Overview
The global plastic contract manufacturing market size is expected to reach USD 45.82 billion by 2028, registering a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. 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.
Plastics can be easily molded into desired shapes using techniques, such as injection molding or 3D printing. Thus, manufacturers in the consumer electronics industry have exhibited a rising affinity towards contract manufacturing of their plastic components to decrease production costs, which is expected to contribute to the industry growth. Key players are investing to enhance manufacturing capabilities and efficiencies to improve profit margin. For instance, in April 2021, EVCO Plastics expanded its manufacturing space by purchasing a new plant by up to 500 tons capacity in Georgia, U.S. for 20 injection molding machines, thereby enhancing its medical capabilities.
Plastic Contract Manufacturing Market Segmentation
Grand View Research has segmented the global plastic contract manufacturing market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Polypropylene, ABS, Polyethylene, Polystyrene, and Others.
- 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. The properties of polypropylene, including sterilization and impact resistance, are expected to augment its utilization in the medical industry.
- Polystyrene is generally available in three forms including Expanded Polystyrene(EPS), High Impact Polystyrene (HIPS), and General-Purpose Polystyrene (GPPS). Increasing adoption of HIPS and GPPS in food & non-food packaging, yogurt pots, meat trays, disposable cups & cutlery, and consumer electronics, including TV, fridge liners, and display sheets, is expected to positively affect the growth of the segment over the forecast period.
Based on the Application Insights, the market is segmented into Medical, Aerospace & Defense, Automotive, Consumer Goods & Appliances, and Others.
- The consumer goods & appliances segment led the market and accounted for 27.2% 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 7.2% during the forecast period. Increasing utilization of cathetersin 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.
Plastic Contract Manufacturing Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies & Market Share Insights
The market is characterized by the presence of various contract manufacturers across the world. The market players cater to the product demand stemming from applications in the medical, automotive, aerospace & defense, consumer goods & appliances, telecommunication, industrial, and agriculture industries. The competitive environment in the market is driven by innovation in technology used in manufacturing processes. Companies operating in the market are investing heavily in R&D as well as developing equipment to optimize the production method, improve process efficiency, and manufacture complex components. Some prominent players in the global plastic contract manufacturing market include:
- 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.
Order a free sample PDF of the Plastic Contract Manufacturing Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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