Global Injection Molded Plastic Market is anticipated to reach USD 496.22 billion by 2025. Injection molding is a method of manufacturing parts by injection of molten materials into a mold to get a preferred size and shape of the product. This procedure is used on several substrates such as elastomers, metals, glasses, but are mostly used in thermosetting polymers and thermoplastics.
Factors, such as growing construction activities in developing markets, increasing saturation in an automotive application, positive outlook of the packaging industry, technological advancement and rising disposable income are likely to drive the injection molded plastic industry in the forthcoming period.
On the other hand, unstable prices of key raw materials that include propylene, benzene, and styrene and rising environmental concerns related with their disposal are anticipated to hinder injection molded plastics market growth in the future. However, rise in spending on construction specifically in growing markets is likely to create lucrative opportunities for the market.
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Injection molded plastic industry is expected to expand at a CAGR of 6.0% in the upcoming period as the scope, product types, and its applications are increasing across the globe. Injection molded plastic market is segmented by raw material type, application, distribution channel, and geography.
Injection molded plastics industry is segmented by raw material type as High-Density Polyethylene, Acrylonitrile-Butadiene-Styrene, Polypropylene, Polystyrene, and Others. The “Polypropylene” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of the market include increasing consumption of household goods, packaging applications, and automotive components.
The key applications that is segmented in the injection molded plastics market include Consumer Goods & Electronics, Automobile, Building & Construction, Packaging, and Healthcare. The “Packaging” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of the market include increased shelf life of food products, improved resistance towards tear and wear, and high strength is a limited requirement of plastics that need to meet for packaging applications. The injection molded plastic industry is segmented based on distribution channel as Offline and Online distribution.
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Asia-Pacific is a leading region in the market. It is likely to maintain a dominance in the forecast period owing to factors, such as increasing infrastructure spending, growing automobile demand in countries such as India, China, Malaysia, and Indonesia, technological advancement in the region, rising disposable income and key end-use industries such as automobile and electronics are shifting their manufacturing base to APAC countries such as India, China, Indonesia and Thailand due to low labor prices. Asia-Pacific is followed by the Europe region.
Key players operating in the injection molded plastic market include HTI Plastics, The Dow Chemical Company, BASF SE, Newell Rubbermaid, DuPont, INEOS Group, Nypro Incorporation, Rutland Plastics, LyondellBasell Industries, Berry Plastics Group, SABIC, Huntsman International Corporation, Becton Dickinson and Magna International Incorporation. The leading companies are involved in partnerships, mergers and acquisitions, and joint ventures in order to boost inorganic growth of industry.