Press release
Global Injection Molded Plastic Market, Size And Forecasts To 2024
Injection molding is the most commonly used method for manufacturing plastics products in which plastics are heated until they are converted into a liquid form, and then with the help of the injection molding machine, they are injected into a mold of the final desired part. In the mold, the plastics solidifies to form the final desired product.
The injection molding process allows the use of multiple plastics at the same time and the creation of intricate and complex parts of high strength. Injection molded plastic products require less finishing which helps in cost reduction. Apart from this, the process is quick and has a high output rate, and can be automated, which further reduces the overall cost of the manufactured products. All these benefits of the injection molding process will help drive the growth of the injection molded plastics market.
The increasing demand for plastic components from various end-user industries such as packaging, automotive, and medical is expected to drive the growth of the injection molded plastics market during the forecast period. However, rising environmental concerns regarding the use of plastics and volatile prices of raw materials are expected to hinder market growth.
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The injection molded plastics market report covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market. An exclusive coverage has been provided for market drivers, restraints, challenges & opportunities for a country-level market in the respective regional segments. The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to the competitive landscape of the market and the recent strategies & products that will assist or affect the market in the near future.
Based on raw materials, the injection molded plastics market has been segmented into polypropylene, Acrylonitrile butadiene styrene (ABS), polystyrene, and polyethylene. Polypropylene accounted for the largest share in the market. The high demand for polypropylene products from various end-user industries such as automobile, packaging, and household products is one of the key reasons for its large share in the injection molded plastics market. ABS accounted for the second largest share in the injection molded plastics material based on raw materials.
On the basis of application, the packaging segment accounted for the largest share in the market. The automobile application is expected to show tremendous potentials for growth in the injection molded plastics market. The automobile industry is increasingly focusing on reducing the overall weight of vehicles in order to improve fuel efficiency.
The growth in the adoption of electric vehicles will further require reduction in vehicle weight. All these factors are expected to drive the demand for injection molded plastics for automobile applications. Another lucrative application segment is the medical sector. The strict regulatory guidelines regarding the use of medical grade polymers are expected to positively impact the market.
Geographically, Asia-Pacific accounted for the largest share in terms of demand in the global injection molded plastics market. The growing automobile and electronics industry in countries like China, India, and Indonesia is expected to drive the growth of the injection molded plastics in this region.
The availability of cheap labour and various tax benefits provided to manufacturers by governments in this region are expected to drive the demand further. Apart from this, many plastic manufacturers are starting new operations or increasing the capacity of their plants in this region, which is expected to positively impact the market.
Europe is also a major market for injection molded plastics. The rising automobile sector and the increasing demand for electronics from countries such as France, Germany, and UK are expected to drive the European injection molded plastics market.
Company Profiles:
The major players operating in the injection molded plastics market include:
BASF SE (Germany)
Chevron Phillips Chemical Company (US)
Dow Chemical Company (US)
Eastman Chemical Company (US)
Exxon Mobil Corporation (US)
Huntsman Corporation (US)
INEOS Group (UK)
LyondellBasell Industries N.V. (the Netherlands)
SABIC (Saudi Arabia)
amongst others.
Companies are increasingly focusing on ramping-up their current manufacturing capacity in order to meet the market demand. For instance, in 2017, Dow Chemical completed the construction of the company’s new polyethylene manufacturing plant in Houston, Texas. The plant has a capacity of around 400,000 metric tons per year. Apart from this, companies are also focusing on developing new products, particularly for use in specific end-use industries.
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