New York, USA, June 22, 2022 (GLOBE NEWSWIRE) -- Injection Molded Plastics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Injection Molded Plastics Market Information by Type, Application, and Region - Forecast till 2028”, the market is estimated to grow at a 5.78% CAGR to reach USD 420.5 Billion by 2028.
Market Scope:
Injection molding is the most used method for producing plastics as a result of its many benefits. It permits high-speed molding with precision and consistency. Injection molding is a highly advantageous manufacturing technique for mass production. In addition, the running and maintenance costs are relatively cheap, which reduces production costs.
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Report Scope:
| Report Attribute | Details |
| 2028 Market Size | USD 420.5 Billion |
| CAGR | 5.78% (2022–2028) |
| Base Year | 2021 |
| Forecast Period | 2022–2028 |
| Historical Data | 2020 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising demand for molded plastics in various end-user industries |
| The demand from the automotive industry is also increasing |
Competitive Dynamics:
The major global companies playing a key role in the injection molded plastic market are
- BASF SE (Germany)
- Huntsman International LLC (US)
- SABIC (Saudi Arabia)
- Exxon Mobil Corporation (US)
- LyondellBasell Industries Holdings BV (Netherlands)
- DowDuPont (US)
- INEOS Group Holdings SA (UK)
- Chevron Phillips Chemical Company (US)
- Reliance Industries Limited (India)
- Eastman Chemical Company (US).
Market Dynamics:
Market Drivers:
The expansion of the injection molded plastic market is driven by the rising demand for plastics in various end-use industries. The injection molding technology permits the mass manufacture of plastic objects with excellent resource efficiency and minimal waste. Due to its low production costs and great reproducibility, its market share is expanding. Injection-molding technology has become more significant in the mass manufacturing of complex plastic shapes as a result of improvements that reduce the rate of defective production.
The injection-molded plastic has a broad range of applications in numerous sectors. The automotive sector is also growing its desire for lightweight and durable replacements for heavy metal components. Similarly, the expansion of the packaging, construction, and pharmaceutical industries is driving an increase in the need for plastics that are injection molded. In addition, technological advances in molding technology will undoubtedly assist the injection molding industry and stimulate market expansion.
Market Limitations:
The high starting cost of injection molding machines is the primary factor inhibiting growth in the global injection molded plastics industry. As petroleum products are raw materials for the plastics sector, the fluctuating nature of fuel prices inhibits market expansion. In addition, increased concern about the negative environmental impact of plastics and research into their replacement will have a detrimental effect on the market.
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COVID-19 Analysis:
The worldwide injection-molded plastics market was severely impacted by Covid-19. The demand decreased due to the poor performance of major end-user industries such as the automobile, packaging, and construction industries. In addition, travel and movement limitations throughout the era impacted the injection-molded plastic market's supply chain. In order to prevent the spread of the virus, production was halted, resulting in a lack of items for a time. After the rebound of other end-user industries, the market is seeing a quick comeback. In a few months, the market's growth rate is anticipated to outpace its historical average.
Market Segmentation:
By Raw Material
By type, polypropylene dominates the global injection-molded plastics industry. This dominance is due to polypropylene's superior physical and chemical characteristics. Polypropylene represented approximately forty percent of the market share. It is quite inexpensive compared to other polymers and has exceptional flexural strength. It is water-resistant and resistant to a variety of chemical reactions.
By Application
Application-wise, the packaging segment dominates the injection molded plastic industry. The food and beverage, pharmaceutical, and consumer packaged goods industries have a growing demand for plastic packaging. According to a survey, over forty percent of all plastics manufactured are used for packaging.
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Regional Analysis:
Asia-Pacific represents around 40 percent of the worldwide injection-molded plastic market. Rapid industrialization and the expansion of numerous end-use industries for plastics are the primary market growth drivers. Moreover, factors such as the simple availability of raw materials and the low cost of labor are luring several plastic producers to this region. In addition, increased quality of living and disposable income are projected to contribute to market expansion over the projection period. Increasing infrastructure expenditures and rising vehicle demand in nations like China, India, Indonesia, and Malaysia are anticipated to drive market penetration in the region. Due to cheap labor costs, many end-use sectors such as electronics and autos are relocating their manufacturing base to India, China, Indonesia, and Thailand. Moreover, manufacturers in these localities are granted tax perks as government incentives.
The second-largest regional market for injection-molded plastics is North America. This region's market expansion is being driven by the higher prominence of industries that generate demand, such as automotive, packaging, and electronics. In addition, the widespread presence of the raw material (oil and gas) industry in this region is a good factor for the expansion of the injection molded plastic market.
Europe is a major regional market for injection-molded plastics, accounting for around 18 percent of the global market. Rising demand from the automobile and consumer goods industries is the region's primary growth driver. The considerable disposable income of the population in this region generates a substantial demand for high-end plastic luxury goods. The consumables & electronics application industry is anticipated to be driven by the rising demand for electronic devices such as laptops and cell phones, especially in the United Kingdom, Germany, and France. The expansion of the European vehicle sector is also anticipated to stimulate regional demand throughout the projection period.
Due to demand from expanding industrial operations in certain regions, it is anticipated that the Latin American market will rise moderately. In addition, the Middle East and African segments are expected to experience moderate growth over the forecast period.
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