Polypropylene & High-impact Polystyrene Market Targets $67.49 Billion by 2023, Globally
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.
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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.
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.
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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Key Findings of the Polypropylene & High-impact Polystyrene Market:
• 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.
• 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 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.
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