|02-11-2019 08:03 PM CET - Industry, Real Estate & Construction||
Polypropylene & High-impact Polystyrene Market for Injection Molding to Grow $67,498 Million by 2023
Press release from: Allied Market Research
According to a new report published by Allied Market Research, titled, Polypropylene & High-impact polystyrene Market for Injection Molding by Material and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global polypropylene & high-impact polystyrene market for injection molding was valued at $49,511 million in 2016, and is projected to reach $67,498 million by 2023, growing at a CAGR of 4.3% from 2017 to 2023. The polypropylene segment accounted for more than 98% share of the global polypropylene & high-impact polystyrene market for injection molding in 2016.
Injection molding is a manufacturing process used in mass production. This molding process is one of the most preferred processes to manufacture essential components, which are used in original equipment manufacturing (OEM) for a wide range of industries. At present, injection molding is used to manufacture almost all types of plastic parts components. Furthermore, robotics in injection molding is becoming very common in many industries due to their long reach and high degree of flexibility. They perform several operations such as finishing and assembling injection-molded parts and loading components into the injection molding machine. Injection-molded plastics are used in the production of complex and intricate-shaped parts to ensure precision and minimize wastage. Hence, injection-molded plastics are used in the production of automotive components, interior wrapping, and numerous assembly parts.
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Injection-molded polypropylene and high-impact polystyrene components are largely used in various end-user industries such as consumer goods & electronics, household, packaging, horticulture & agriculture, construction, automotive, textile, and others. This increased use of polypropylene and high-impact polystyrene in various end-user industries majorly drives the market. Furthermore, low waste production coupled with low labor cost and bulk production advantages supplements the growth of the polypropylene & high-impact polystyrene market for injection molding. However, single designed component that can be produced from injection molding and high tooling cost is expected to hamper the market growth. The use of robotics in casting process of injection molding is expected to make way for opportunities for the market growth.
Based on material, the market is segmented into polypropylene and high-impact polystyrene. The high-impact polystyrene segment is estimated to grow at the highest CAGR during the forecast period, owing to the high consumption in consumer goods industry. In consumer goods industry, the high-impact polystyrene is used in the production of refrigerator linings, vending cups, bathroom cabinets, toilet seats & tanks, closures, instrument control knobs, television, and others.
Based on application the market is segmented into consumer goods & electronics, household, packaging, horticulture & agriculture, construction, automotive, textile and others. The construction industry is the largest consumer of injection-molded polypropylene & high-impact polystyrene, owing to its inherent strength, economical nature, and easy of recyclability. Polypropylene, which is a thermoplastic polymer, is used widely in building and construction applications such as siding, air and moisture barrier membranes, carpet textiles, piping, and others.
Key Benefits for Stakeholders
• Porters Five Force's analysis helps analyze the potential of buyers and suppliers and the competitive scenario of the industry for strategy building.
• It outlines the current trends and future scenario of the polypropylene & high-impact polystyrene market for injection molding from 2017 to 2023 to understand the prevailing opportunities and potential investment pockets.
• Major countries in each region are mapped according to their individual revenue contribution to the global/regional market.
• An in-depth analysis of the current research & clinical developments within the market is provided along with the key dynamic factors.
• The key drivers, restraints, and opportunities and their detailed impact analyses are elucidated in the study.
• The profiles of key players along with their key strategic developments are enlisted in the report.
Key Findings of the Polypropylene & High-impact Polystyrene Market:
• The high-impact polystyrene segment is expected to grow at a significant CAGR of 6.8%, in terms of value, from 2017 to 2023.
• The construction segment is projected to grow at a CAGR of 5.0%, in terms of value.
• The polypropylene & high-impact polystyrene market for injection molding in Asia-Pacific is expected to grow at the highest CAGR of 5.3%, in terms of value.
• The North America polypropylene & high-impact polystyrene market for injection molding accounted for more than 38% of the global market in 2016.
• U.S. accounted for more than 67% of the North American market in 2016.
In 2016, North America and Europe collectively accounted for more than 65% of the global polypropylene & high-impact polystyrene market for injection molding industry, in terms of value. The packaging industry also majorly contributes to the growth of the injection-molded polypropylene & high-impact polystyrene, as these polystyrenes enhance the quality of packaging. Automobile sector in the North American and European regions is one of the large users of the polypropylene & high-impact polystyrene components. Furthermore, European legal framework and strategies foster the widespread use of injection-molded polypropylene & high-impact polystyrene products in various industries and provide growth opportunities for the market.
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The major companies profiled in this report are LyondellBasell, SABIC, Exxon Mobil Corporation, DuPont, INEOS, Total S.A., China Petrochemical Corporation, LG Chem, King Plastic Corporation, and Astor Chemical Industrial (jiangsu) CO.,LTD.
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
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