Plastic Contract Manufacturing Industry Overview

The global plastic contract manufacturing market size was valued at USD 29.61 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2020 to 2028.

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.

The spread of the COVID-19 has resulted in increased hospitalizations in the U.S., resulting in an increased demand for medical devices. This has also resulted in an increased demand for drugs and healthcare services. The high demand for healthcare services along with medical devices is anticipated to boost the market growth in the U.S. over the forecast period. Innovations in the electronics industry to produce lightweight, user-friendly, and better-quality products are anticipated to have a positive impact on the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Plastic Contract Manufacturing Market

As the household appliances market is highly competitive, manufacturers are continuously making efforts to develop innovative low-cost product designs that offer improved performance to tap consumer attention. Technical know-how and adequate availability of raw materials are expected to reduce barriers for new players in the global market.

However, high initial capital investments and increased requirements of establishing good relations with raw material suppliers are expected to restrict the entry of new players into the market. Thus, the threat of new entrants is expected to be moderate. In-house manufacturing is one of the alternatives used by companies. However, the requirement of large capital to set up plastic molding facilities and the rapidly changing manufacturing technologies are expected to have a positive effect on the market growth.

Browse Through Grand View Research's Plastics, Polymers And Resins Industry Research Reports.

• Plastics In Consumer Electronics Market: The global plastics in consumer electronics market size was valued at USD 5.50 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.8% from 2021 to 2028. Factors, such as increasing demand from smartphone & wearable manufacturers and growing demand for laptops and tablets, are anticipated to fuel the market growth.

• Blow Molded Plastics Market: The global blow molded plastics market size was valued at USD 75.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.3% from 2021 to 2028. Growing demand from the key application sectors including construction, automotive, and packaging, particularly in BRICS (Brazil, Russia, India, China, and South Africa), is expected to drive the market over the forecast period.

Plastic Contract Manufacturing Market Segmentation

Grand View Research has segmented the global plastic contract manufacturing market on the basis of product, application, and region:

Plastic Contract Manufacturing Product (Revenue, USD Million, 2017 - 2028)

• Polypropylene

• ABS

• Polyethylene

• Polystyrene

• Others

Plastic Contract Manufacturing Application (Revenue, USD Million, 2017 - 2028)

• Medical

• Aerospace & Defense

• Automotive

• Consumer Goods & Appliances

• Others

Plastic Contract Manufacturing Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America

• Europe

• Asia Pacific

• Central & South America

• Middle East & Africa

Key Companies profiled:

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.

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