Press release
Injection Molded Plastics Market Seeing Increased Adoption, Reaching Over USD 511.7 Billion by 2031
Injection Molded Plastics Market
The increasing demand for cost-effective manufacturing processes and the surge in adoption of lightweight and durable materials in end-use industries are expected to propel the injection molded plastics market size during the forecast period. Research and development in injection molding technology such as automation and 3D printing is also likely to offer lucrative opportunities for vendors in the industry. Vendors are launching recyclable products and solutions while expanding their presence across various end-use sectors to gain market share.
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Market Introduction
Injection molding involves injecting molten plastic material into a mold cavity under high pressure. It is a rapid manufacturing process that offers high production output, making it efficient and cost-effective for producing various plastic products. Injection molded plastic finds widespread application in industries such as home appliances, electrical & electronics, packaging, automotive, medical devices, and more.
Increase in Demand for Cost-Effective Manufacturing
Plastic injection molding is one of the most affordable forms of manufacturing in terms of price per unit. It can produce multiple parts simultaneously at high volumes, bringing down the per-unit cost significantly. Raw materials like plastic resin pellets used in the process are relatively inexpensive. Moreover, injection molding is highly automated and requires less labor. The overall production cost decreases further with increasing volumes. Thus, the rising demand for cost-effective manufacturing is fueling market growth.
Surge in Adoption of Lightweight and Durable Materials
Materials like polycarbonate, ABS, and HDPE used in injection molding are lightweight, durable, and resilient. They can withstand heat and impacts. The increasing adoption of such materials in industries like automotive and aerospace to improve performance while reducing weight is boosting market demand. Lightweight plastics also enhance fuel efficiency and recyclability of products.
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High Demand from Packaging Industry
The packaging segment dominates the injection molded plastics market owing to high demand from e-commerce and FMCG sectors. Plastics like PVC, PP, and polystyrene are used in automated production of disposable packaging, caps & closures, and medical delivery systems. Asia Pacific to Account for Over 45% of Global E-commerce Growth
According to estimates, the e-commerce sector in Asia Pacific and Australasia will account for more than 45% of the total absolute value growth in global e-commerce from 2020 to 2025. The rapid expansion of the online retail industry due to rising internet and smartphone penetration is fueling the injection molded plastics market in the region.
Analysis of Key Players
BASF SE, Dow, Huntsman International, INEOS, Sabic, ExxonMobil, LyondellBasell Industries, and DuPont are key players operating in this market.
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