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Injection Molded Plastic Market to accrue significant gains by 2024

02-04-2020 11:28 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: global market insights

Injection Molded Plastics Market

Injection Molded Plastics Market

According to the report published by Global Market insights Inc., the global Injection Molded Plastic Market was estimated at $ 225 billion in 2016 and is expected to hit $345 billion by 2024. The report provides a detailed analysis of the market size & estimations, major investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.

Growth in the applications of plastic compounds across various industries has had a positive impact over injection molded plastic market trends. Injection molding is essentially used in the manufacturing process to fabricate key plastic parts. There are extensive variety of products that are manufactured using plastic as the material capable of molding into any size and forms according to the application.

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Plastic is essentially melted in the injection molding machine, injected in the mold wherein it cools off and solidifies into the final product. Injection molds are also used in making thin-walled plastic parts for a broad range of applications, one of which consists of plastic housings. The thin-walled enclosure is used in a variety of products like consumer electronics, automotive dashboards, household appliances and power tools.

There has been a significant growth in the electrical and electronics industry across the European Union. In Germany, more than 20% of all the research & development spending as of May 2017 was attributed to the sector. Consistent demand for electronic products will bolster injection molded plastics market growth in the coming years.

Injection molded plastics are usually economically feasible and exhibit excellent abrasive & chemical resistant qualities that makes them highly demanded material across the construction industry. They are used for piping, flooring, windows, and walls for the construction of buildings. With the growing population and urbanization worldwide, the demand for construction activities have proliferated the business.

Growth drivers of Injection Molded Plastic Market are

o Increasing demand from automotive applications in North America and Asia Pacific
o Construction industry expansion in Asia Pacific
o Global packaging industry expansion

It has been projected that global Injection Molded Plastic Market size will exceed US$345 billion by 2024, with tremendous consumption of plastic components across the transportation, construction, packaging and electronics applications.

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A massive increase in the construction activities across Asia Pacific due to an increase in foreign investments has induced industrialization across the entire region. For instance, the government of Indonesia had allocated about US$22.9 billion for the infrastructure sector in 2016 wherein the ministry ensured the construction of roads and 11,642 affordable apartment units.

ABS plastic molding has an extensive application range across industries such as medical, automotive, marine and manufacturing. The raw material is seemingly inexpensive and is strongly resistant to breakage as the product tends to keep intact even after an impact. It also shows an excellent resistance to rigidity and scratching while also depicting superior dimensional stability.

Varied range of automotive parts use the ABS plastic raw material in order to make them look aesthetically appealing. As per the China Association of Automobile Manufacturers, China sold more than 27 million vehicles in the year 2018.
Evidently, the evolving automotive sector in China and other APAC countries will influence injection molding plastics market outlook as the demand for luxury vehicles and electronic cars, which need to be lighter in weight, grows over the coming years.

Browse Complete Report Summary @ https://www.gminsights.com/industry-analysis/injection-molded-plastic-market

With China being one of the largest vehicle industries in the world, the government of the country expected the production of automobiles to reach 30 million units by 2020. This shall induce a massive demand for automotive parts, driving injection molded plastic consumption across the automobile OEM and aftermarket sectors.

Leading market players

The key market players analyzed in the global Injection Molded Plastic Market report include ExxonMobil Corporation, BASF SE, Business Segment, DuPont, The Dow Chemical Company, Huntsman Corporation, Eastman Chemicals, INEOS Group, LyondellBasell Industries, SABIC, Magna International Inc., Berry Global Inc., Becton Dickinson (BD), IAC Group, Rubbermaid Commercial products LLC.

Contact Us
Contact Person: Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1 888-689-0688

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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