DUBLIN, Jan. 19, 2024 /PRNewswire/ — The “Global Plastic Contract Manufacturing Market Size, Share, & Trends Analysis Report by Product (Polypropylene, ABS, Polyethylene, Polystyrene, Others), Application (Medical, Aerospace & Defense, Automotive), Region, and Segment Forecasts, 2023-2030” report has been added to ResearchAndMarkets.com’s offering.
The global plastic contract manufacturing market size is expected to reach USD 45.11 billion by 2030, registering a CAGR of 5.1%
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 Report Highlights
- Polypropylene accounted for over 34.5% of the global revenue share in 2022 attributed to its increased usage in the manufacturing of automotive components, packaging & labeling, medical devices, and diverse laboratory equipment
- The medical application segment is expected to witness the fastest CAGR from 2023 to 2030 owing to the growing complexities in the engineering and designing of the products
- Asia-Pacific accounted for the maximum revenue share in 2022 owing to the rapid growth of the manufacturing sector as a result of abundant availability of raw materials, cheap labor cost, and high domestic demand
- The demand India is expected to witness a lucrative CAGR from 2023 to 2030 owing to rapidly growing markets for aerospace, medical devices, automotive, as well as consumer goods
- Companies including CJ Industries, EVCO Plastics, Plastikon, McClarin Plastics, and Nordon cater to the contract manufacturing for various industries and have capabilities in various technologies, such as injection molding, roto-molding, and thermoforming
Company Profiles
- 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
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Product outlook
2.2.2. Application outlook
2.2.3. Regional outlook
2.3. Competitive Insights
Chapter 3. Plastic Contract Manufacturing Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Value Chain Analysis
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market driver analysis
3.5.2. Market restraint analysis
3.5.3. Industry opportunities & challenges
3.6. Plastic Contract Manufacturing Market Analysis Tools
3.6.1. Industry Analysis – Porter’s
3.6.2. PESTEL Analysis
Chapter 4. Supplier Portfolio Analysis
4.1. List of Suppliers
4.2. Kraljic Matrix
4.3. Sourcing Best Practices
4.4. Negotiation Strategies
Chapter 5. Plastic Contract Manufacturing: Product Estimates & Trend Analysis
5.1. Plastic Contract Manufacturing Market: Key Takeaways
5.2. Plastic Contract Manufacturing Market: Movement & Market Share Analysis, 2022 & 2030
5.3. Polypropylene
5.3.1. Polypropylene market estimates and forecasts, 2018 to 2030 (USD Million)
5.4. ABS
5.5. Polyethylene
5.6. Polystyrene
5.7. Others
Chapter 6. Plastic Contract Manufacturing: Application Estimates & Trend Analysis
6.1. Plastic Contract Manufacturing Market: Key Takeaways
6.2. Plastic Contract Manufacturing Market: Movement & Market Share Analysis, 2022 & 2030
6.3. Medical
6.4. Aerospace & Defense
6.5. Consumer Goods and Appliances
6.6. Automotive
6.7. Others
Chapter 7. Plastic Contract Manufacturing Market: Regional Estimates & Trend Analysis
7.1. Regional Outlook
7.2. Plastic Contract Manufacturing Market by Region: Key Takeaway
Chapter 8. Competitive Landscape
8.1. Recent Developments & Impact Analysis, By Key Market Participants
8.2. Market Participant Categorization
8.2.1. Company overview
8.2.2. Financial performance
8.2.3. Product benchmarking
8.2.4. Strategic initiatives
For more information about this report visit https://www.researchandmarkets.com/r/f912q2
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
