The Injection Molded Plastic Market was is expected to grow at a compound annual growth rate of 4.6% for the forecasted period. The rise is primarily due to broad range of applications in ever-expanding industries. Robotics in injection molding is expected to provide lucrative opportunities for injection molding plastics producers over the forecast period. Growing demand from the construction industry, owing to the increasing usage of injection molded plastics in flooring, roofing, pipelines, walls, insulation, and windows, would boost product demand. The process of melting plastic pellets (thermosetting/thermoplastic polymers) and injecting them at high pressure into a mold cavity, which fills and hardens to form a final product, is known as plastic injection molding. Some of the most commonly used thermoplastic polymers in injection molding include polypropylene, low-density polyethylene, high-density polyethylene, polycarbonate, polystyrene, polyvinyl chloride, polyurethane, and polyurethane. Injection molded polymers of excellent quality are employed in several applications. Among the applications are homes, commercial structures, vehicles, industrial equipment, and combat protection. In addition to apparel, footwear, cleaning solutions, and personal care products, high-quality injection molded plastics are employed in common consumer items. The market has been categorized and sub-categorized on the basis of Raw Material, Application and Regional Basis.
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The wide range of applications in ever-expanding sectors is one of the most appealing elements in the Injection Molded Plastic Market. The packaging business, particularly food packaging, is the sector’s driving force, as injection molding plastic method is used to make a wide range of items, including caps, containers, bottles, and many more. These are all reusable, leak-resistant, washable, and microwavable goods that are in high demand due to their benefits. The packaging industry was the market leader for 2020 during the application evaluation, with a market share of 30.6%. Furthermore, technological advancements in the injection molding industry are expected to support injection molded plastics’ growth, as new packaging is environmentally friendly and 100% recyclable. Various government agencies also advocate recyclable packaging as a way to cut carbon emissions.
Furthermore, the market is confronted with a number of hurdles that are impeding its expansion. High initial costs and the high expense of mold remediation are just a few of the issues that are predicted to stifle worldwide demand. Volatility in crude oil prices is projected to be a big concern for industry players. Over the projected period, variable costs of major raw materials such as ethylene, benzene, propylene, and styrene, as well as increased environmental concerns about their disposal, are likely to stifle expansion in the injection molded plastic sector. Polypropylene dominated the market on the basis of raw materials, with a market share of approximately 34.2%, in 2020, due to its increasing demand for automotive components, household and packaging applications. However, decrease in the consumption of polypropylene has resulted from a slow down or halt to productive activities to prevent the spread of the coronavirus pandemic and has affected demand in various applications.
Asia-Pacific dominated the Injection molded plastic market with a market share of 38.6% in 2020. Countries such as China and India are expected to be the region’s primary growing markets for injection-molded plastics. Large end-use sectors such as electronics and automobiles are shifting production to Asia Pacific countries such as India, China, Indonesia, and Thailand due to low labor costs. Europe is expected to be the world’s second-largest market for injection-molded plastics. Non-food and beverage packaging applications in Europe include cosmetics & toiletries, pharmaceuticals, and household chemicals. Consumables and electronics applications are expected to develop as demand for electronic appliances such as laptops and cell phones increases, particularly in the United Kingdom, Germany, and France. The European vehicle sector is expected to continue to stimulate regional demand over the forecast period.
Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V., Huntsman Corporation, Dow Chemical Company, Eastman Chemical Company, and China National Petroleum Corporation (CNPC) are the major participants in the Injection Molded Plastic Market. Some other players in the market are Saudi Basic Industries Corporation (SABIC), INEOS Group Holdings SA, Baoding Swan Fiber Co. Ltd., Berry Global Inc. Players have employed a range of marketing techniques to stay competitive in the worldwide injection molded plastics market, including new product releases, growth, joint ventures, and acquisitions.
The Injection Molded Plastic Market Segmentation
|Segmentation||Raw Material Segment (2019-2029; US$ Mn)|
|Application Segment (2019-2029; US$ Mn)|
|Region type Segment (2019-2029; US$ Mn)|
|Global Impact of Covid-19 Segment (2020-2021; US$ Mn )|
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