Plastic Contract Manufacturing Market Size to grow by USD 12431.5 million between 2024-2028
According to a research report “ Plastic Contract Manufacturing Market” by Type (Polypropylene, Acrylonitrile butadiene styrene (ABS), Polyethylene, Others) End-user (Consumer goods, Automotive, Medical, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 12431.5 million, at a CAGR of 10.87% during the forecast period. The Plastic Contract Manufacturing Market is poised for significant growth due to the rising demand for electronic devices, including smartphones and wearables, fueled by increasing disposable income worldwide. The global pandemic compelled businesses to adopt remote work cultures, leading to a surge in the adoption of IoT, IT-OT convergence, and cloud migration. This trend is expected to persist, driving the demand for plastic contract manufacturing services in the technology sector during the forecast period..
Browse market data tables, figures, and in-depth TOC on “Plastic Contract Manufacturing Market” by Type (Polypropylene, Acrylonitrile butadiene styrene (ABS), Polyethylene, Others) End-user (Consumer goods, Automotive, Medical, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Type, the Polypropylene segment is projected to dominate the market size in 2024
The polypropylene segment is poised for the fastest growth in the global plastic contract manufacturing market, with an anticipated CAGR during the forecast period. Polypropylene is a versatile plastic material, widely utilized in sectors such as packaging, household goods, and automotive components, due to its superior properties, including rigidity, stiffness, and excellent load-bearing capacity. In the food and beverage industry, polypropylene's low density (0.895 g/cm-0.92 g/cm) and resistance to chemical corrosion and moisture make it a preferred choice for producing food containers. The expansion of the small and medium-sized enterprises (SMEs) in this sector is projected to fuel the demand for polypropylene plastic contract manufacturing services.
By End-user, Consumer goods segment is expected to hold the largest market size for the year 2024
In today's highly competitive consumer products industry, manufacturers are constantly seeking efficient solutions to reduce costs and adapt to shifting consumer preferences. Plastic contract manufacturing offers a viable alternative, enabling the production of plastic components more quickly and streamlining supply chain operations. This system, which is demand-driven, allows original equipment manufacturers (OEMs) to collaborate with contract manufacturers to mitigate demand fluctuations, ensuring consistent manufacturing and effective supply chain management. By outsourcing production, organizations can avoid the significant investments required for new production sites, tools, equipment, and employee training.
APAC is forecasted to hold the largest market size by region in 2024
The Plastic Contract Manufacturing Market represents a significant business opportunity for manufacturers, offering customized solutions for various industries. This sector caters to the production of plastic components and products based on client specifications, ensuring quality, cost efficiency, and timely delivery. Companies in this market leverage advanced technologies and expertise to meet diverse customer needs, driving growth and innovation.
The Plastic Contract Manufacturing Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
The Plastic Contract Manufacturing Market encompasses various industries, including Video recorders, Healthcare devices, Smartwatches, and other Electronic gadgets. Plastics play a significant role in the production of Medical equipment, Aerospace and Defense components, and Consumer goods such as Medical machines, Electronics products, Household appliances, and more. Acrylonitrile Butadiene Styrene (ABS), Polyurethane, Polypropylene, Polyethylene, and Polystyrene are commonly used plastics in contract manufacturing. Recyclable plastics and biodegradable plastics are gaining popularity due to their eco-friendly nature. The Consumer goods industry and Medical devices sector are major consumers of plastic contract manufacturing. Computer-aided design (CAD) and 3D printing technologies have revolutionized the manufacturing process, enabling the production of complex parts with precision. Plastics are lightweight materials, making them ideal for use in the Aerospace and Defense industry. In the Healthcare services sector, plastics are used to create disposable medical equipment and packaging. The Electronics industry also relies heavily on plastics for the production of circuit boards, connectors, and other components. The Plastic Contract Manufacturing Market is expected to grow significantly due to the increasing demand for eco-friendly materials and the versatility of plastics. The use of plastics in various industries, from Consumer electronics to Medical devices, will continue to drive market growth.
Market Research Overview
The Plastic Contract Manufacturing Market encompasses a wide range of industries, including Televisions, Computers, Video recorders, Electronic gadgets, Healthcare devices, Smartwatches, and more. Key plastic materials used in this market are Polyvinyl Chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), and Polypropylene (PP). PVC is commonly used in insulation components, while ABS is preferred for its lightweight properties in applications like cabin interiors, system and support, and aerostructures. In the Consumer Goods Industry, plastics like Polypropylene, Polyethylene, Polystyrene, and Polyurethane are used in various electronic products such as Laptops, Cameras, Smartphones, and TVs. In the Medical segment, plastics are used in Medical Machines Industry for manufacturing medical devices and healthcare services. Recyclable and biodegradable plastics are gaining popularity due to their eco-friendly nature. The Aerospace and Defense industry uses plastics for manufacturing insulation components, electrical components, power trains, recorders, and recreational vehicles. Plastics like ABS and Polycarbonate are used in making satellites, propulsion systems, and recreational vehicles. Computer-Aided Design (CAD) and 3D printing technologies are increasingly being used in plastic contract manufacturing for faster prototyping and production. Overall, the Plastic Contract Manufacturing Market is a significant contributor to various industries, offering lightweight, durable, and cost-effective solutions.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
