10th December 2020 – Global Injection Molded Plastic Market
is anticipated to reach USD 496.22 billion by 2025. Injection molding
is a method of manufacturing parts by injection of molten materials into
a mold to get a preferred size and shape of the product. This procedure
is used on several substrates such as elastomers, metals, glasses, but
is mostly used in thermosetting polymers and thermoplastics.
Factors, such as growing construction activities in developing
markets, increasing saturation in an automotive application, positive
outlook of the packaging industry, technological advancement and rising
disposable income are likely to drive the injection molded plastic
industry in the forthcoming period. On the other hand, unstable prices
of key raw materials that include propylene, benzene, and styrene and
rising environmental concerns related with their disposal are
anticipated to hinder injection molded plastics market growth in the
future. However, rise in spending on construction specifically in
growing markets is likely to create lucrative opportunities for the
market.
Injection molded plastic industry is expected to expand at a CAGR of
6.0% in the upcoming period as the scope, product types, and its
applications are increasing across the globe. Injection molded plastic
market is segmented by raw material type, application, distribution
channel, and geography.
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Injection molded plastics industry is segmented by raw material type
as High-Density Polyethylene, Acrylonitrile-Butadiene-Styrene,
Polypropylene, Polystyrene, and Others. The “Polypropylene” segment
accounted for a prominent share in the market. It is likely to witness
substantial growth in the years to come. The key factors that could be
attributed to the growth of the market include increasing consumption of
household goods, packaging applications, and automotive components.
The key applications that are segmented in the injection molded
plastics market include Consumer Goods & Electronics, Automobile,
Building & Construction, Packaging, and Healthcare. The “Packaging”
segment accounted for a prominent share in the market. It is likely to
witness substantial growth in the years to come. The key factors that
could be attributed to the growth of the market include increased shelf
life of food products, improved resistance towards tear and wear, and
high strength is a limited requirement of plastics that need to meet for
packaging applications. The injection molded plastic industry is
segmented based on distribution channel as Offline and Online
distribution.
Asia-Pacific is a leading region in the market. It is likely to
maintain a dominance in the forecast period owing to factors, such as
increasing infrastructure spending, growing automobile demand in
countries such as India, China, Malaysia, and Indonesia, technological
advancement in the region, rising disposable income and key end-use
industries such as automobile and electronics are shifting their
manufacturing base to APAC countries such as India, China, Indonesia and
Thailand due to low labor prices. Asia-Pacific is followed by the
Europe region.
Key players operating in the injection molded plastic market include
HTI Plastics, The Dow Chemical Company, BASF SE, Newell Rubbermaid,
DuPont, INEOS Group, Nypro Incorporation, Rutland Plastics,
LyondellBasell Industries, Berry Plastics Group, SABIC, Huntsman
International Corporation, Becton Dickinson and Magna International
Incorporation. The leading companies are involved in partnerships,
mergers and acquisitions, and joint ventures in order to boost inorganic
growth of industry.
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