Press release
Injection Molded Plastic Market to cross USD 345 billion by 2024 | Key players are ExxonMobil, BASF, DuPont, The Dow Chemical Company, Huntsman Corporation, INEOS Group, LyondellBasell, SABIC
Injection Molded Plastics Market
Increase in the demand for lightweight plastics will drive injection molded plastics market trends, from consumption in the packaging, construction and automotive industries due to excellent properties of the materials. The products provide high versatility and offer an alternative to several other plastics due to better chemical resistant properties against a large range of acids & bases, besides having a low coefficient of friction.
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Molded plastics have been experiencing a high demand owing to the capabilities like easily being reshaped, tough and durability. There has been an increase in the consumption of plastics due to low cost, reduced weight and easy availability in the market, which will encourage product penetration. Polypropylene injection molded plastics industry share will record a significant growth of more than 5.5% by 2024.
Injection molded plastics provide durability and high strength, becoming ideal for multiple industries like transportation as well as building & construction. Rise in the trends to replace steel used in the manufacturing of automobile with materials that are low cost, high performing and enhance automotive performance will foster injection molded plastics market share.
Widening application and increasing demand in the building & construction activities is anticipated to boost the consumption of plastic products over the next few years. Molded plastics offer abrasion & chemical resistant properties in comparison with its metal counterparts.
Global injection molded plastics industry size from building and construction applications is projected to exceed USD 25 billion by 2024.
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Injection molded plastics are extensively used in the construction business primarily in windows, roofing, and flooring. Surge in construction projects like the underground constructions and the product’s cost-effectiveness will fuel injection molded plastics market outlook over the projected time period.
Increasing advancements in technology with a significant change in the standard of living will amplify the use of electrical appliances, which is a prime factor driving injection molded plastics industry trends.
The cost-effectiveness of the products and launch of new innovative mobile technologies has helped expand the customer base for electronics goods. U.S injection molded plastics market share is anticipated to witness gains of more than 4.5% over the analysis period.
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Growing investments in research and development in consumer electronics coupled with an increase in product penetration through e-commerce will trigger the industry growth.
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