The global injection molded plastic market is expected to reach more than USD 425.7 billion (approximately Rs 31,76,999 crore) by 2027, with a CAGR of 6.4% during the forecast period, as per a new study released by Polaris Market Research. The report “Injection Molded Plastic Market Size By Raw Material (Polystyrene, Polypropylene, Acrylonitrile-butadiene-styrene (ABS), High-density polyethylene (HDPE), Others); By End-User (Automotive, Construction, Packaging, Healthcare, Consumer Goods, Others); By Region, Segments & Forecast, 2020 – 2027” provides an extensive analysis of present market dynamics and predicted future trends.
In 2019, during the forecast period, Asia Pacific is expected to lead injection molded plastic market. The tremendous growth in industries such as healthcare, packaging, automotive, construction, and consumer goods have contributed in the growth for injection molded plastic market. The other driving factors such as lower labor cost, reduced wastage, material flexibility, introduction of lower labor costs, have also contributed in the growth of the market. However, the factors such as concerns regarding environmental pollution, increase in demand for bio-based polymers are expected to restrict the growth of the market. Increase in demand from developing nations and technological advancement are expected to provide future opportunities to the injection-molded plastic companies.
Injection-molded plastic is used in many applications in automotive industry. It is used for manufacturing automotive interiors, exteriors, underhood applications, and fueling framework. Injection-molded plastics are cost-effective and hence used in almost all manufacturing automotive parts. Presently, it is also used as substitute for metals, which offers lighter weight, provides rust resistance, and reduces wear and tear in automotive parts.
Asia Pacific has the largest share in injection-molded plastic market. It is also expected to lead the market through the forecast period. In Asia Pacific, there are many emerging industries for healthcare, construction, and packaging. There are many research and development activities carried in this market. The government has also amended favorable policies to accelerate the growth of the market. Rapid industrialization and growth of manufacturing industry further support market growth in the region. The other end-user applications for injection-molded plastic are automotive, construction, packaging, healthcare, consumer goods, and others.
The top companies for injection molded plastics are E. I. DuPont De Nemours and Company, China National Petroleum, Huntsman, BASF SE, LyondellBasell, Berry Plastics Group, Eastman Chemicals, SABIC, INEOS Group, the Dow Chemical Company, Exxon Mobil, and many others. The companies are continuously working on new product launches and are collaborating with other companies to increase production and cater to the growing need for injection-molded plastic.
Polaris Market Research has segmented the global injection molded plastic market on the basis of raw material, end-user, and region. The raw materials covered include polystyrene, polypropylene, acrylonitrile-butadiene-styrene (ABS), and high-density polyethylene (HDPE), among others.
Based on end-users, the market was divided into automotive, construction, packaging, healthcare, consumer goods, and others. The following regions were covered North America (US, Canada, and Mexico); Europe (Germany, UK, France, and Italy); Asia Pacific (China, India, Japan, and Australia); Latin America (Brazil) and Middle East & Africa (UAE and Saudi Arabia).
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.
