The Injection Molded Plastics Market size was valued at USD 265.1 billion in the year 2021 and is projected to grow at a CAGR of 4.6% from 2021-2028.
Global Injection Molded Plastics Market – Overview
Injection molded plastics are hugely used in the development process of interior wrapping, miscellaneous assembly parts and automotive components. Intricate and compound shaped parts are products for precision using injection molded plastics. It is also utilized in packaging purposes for the production of packaging parts and increasing the aesthetics of the packaging products. Injection molded plastics are hugely used in construction and building purposes because of the efficient features of injection molded plastics such as appearance, strength and durability. There is growing demand for plastic parts in construction and building sectors as these plastic parts are hugely used for roofing purposes, piping systems and insulation wall board. Among all the sectors, healthcare industry is the fastest growing sector during forecast period for injection molded plastic industry. Injection molded plastics become more popular due to their exciting characteristics such as cost effectiveness and lightweight.
Plastics Market Dynamics
There is increasing demand from various end-use industries for plastic components such as electronics, automotive, packaging, home appliances and electrical. Medical devices are projected to impel the market. Automated process makes use of injection molded plastics, which results into lessening the manufacturing cost. It also lessens the waste production of manufacturing process. The combination of faster production process and low production waste would enhance the injection molded plastics market growth. This process also makes use of various kinds of plastics at the same time to manufacture plastic parts. Moreover, another booming factor for the market growth is robots are used in injection molding process for performing various operations like loading components and finishing, assembling injection molded parts into the injection molding. On the other hand, high initial tooling price and unstable petroleum costs can restrict the market growth.
Injection Molded Plastics Market Research Segment Analysis:
- Consumer Goods & Electronics
- Building & Construction
By Raw Material Type
- Acrylonitrile Butadiene Styrene (ABS)
- High Density Polyethylene (HDPE)
- Others (Polyamide and Polyvinyl Chloride)
- North America
Geographically, this plastics market is categorized into many crucial regions but North America is among the leading market regions for injection molded plastics which obtained the huge market share in the year 2014. LAMEA and Asia Pacific also shared huge market growth for injection molded plastics because of the increasing application in automotive industries, building, and consumer appliance and construction sectors. Asia Pacific is anticipated to witness a CAGR of 5.7% in upcoming years.
Key Companies Involved in Plastics Market:
Industries in the injection molded plastics market follow some efficient marketing strategies such as acquisition, expansion, joint venture and new product launching to maintain their competitiveness in the market. This report depicts the complete analysis of prominent industries and provides competitive analysis of the market. The key strategy followed by the market players in the market is new product launchings.plastics market is hugely fragmented with the existence of a hugely unorganized segment especially in Asia Pacific. A few of the major key companies operating in the injection molded plastics market are:
- Lyondellbasell Industries N.V.
- Dow, Inc.
- Eastman Chemical Company
- INEOS Group
- BASF SE
This market report covers the quantitative analysis of the present size and evaluations of the forecast period for recognizing the latent opportunities. This global injection molded plastics market report gives thorough analysis of the application to understand the development of favored raw materials utilized in every application sector.