SEATTLE, July 08, 2021 (GLOBE NEWSWIRE) -- Injection molding is widely used for manufacturing a variety of plastic parts from the tiniest to the largest objects. Generally, the parts which are to be molded must be designed very precisely so as to support the process of injection molding. When the parts are not well-designed, they can easily break or bend during the molding process. It therefore becomes imperative to choose the right plastic for the part that is to be manufactured.
All the bottles which are used daily in our homes or in the offices have to undergo some sort of processing during the manufacturing process. In the case of the bottles, the parts that are molded during the process have to be very carefully chosen in order to make sure that they do not break easily. Apart from the bottles, injection molded plastics are also used for the purpose of thermal insulation in the cases of automobile tires and the like. In the automotive industry, these parts are used for the purpose of cooling system and other automotive related products. In addition to this, the packaging material has to be perfect and appropriate for the specific product.
The global injection molded plastics market is estimated to account for US$ 400 Bn in terms of value by the end of 2027, witnessing a CAGR of 5.3% during the forecast period (2020-2027).
Market Drivers:
Significant growth in the FMCG sector is expected to boost demand for plastic packaging solutions, thereby propelling growth of the global injection molded plastics market over the forecast period. For instance, according to India Brand Equity Foundation, FMCG market in India is expected to grow at a CAGR of 27.86 per cent and is expected to reach US$ 103.70 billion by 2020 from US$ 52.75 billion in FY18.
Moreover, launch of new injection molded PCR plates is also expected to aid in growth of the market. For instance, in May 2021, AlphaGem Bio, a supplier of medical labware for liquid transfer handling, launched a polymerase chain reaction (PCR) plate made of TOPAS cyclic olefin copolymer (COC) from Polyplastics USA.
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Market Opportunities
Development of smart sensing solution for online monitoring of plastic injection molding processes is expected to offer lucrative growth opportunities for players in the global injection molded plastics market. For instance, in March 2020, Fu Chun Shin Machinery Manufacture, in collaboration with Taiwan government-sponsored Industrial Technology Research Institute, developed a smart sensing solution for online monitoring of plastic injection molding processes to assure quality of injection molded plastic products.
Moreover, launch of solutions for simulating injection molding is also expected to aid in growth of the market. For instance, in November 2020, Altair, a global technology company providing solutions in data analytics, simulation, and high-performance computing, launched Altair Inspire Mold, an end-to-end solution for simulating injection molding.
Market Trends:
Decline in the automotive sector is expected to limit demand for injection molding, thereby hindering growth of the global injection molded plastics market. For instance, according to the Society of Motor Manufacturers and Traders, the new car registrations in the U.K. decreased by 44% in March 2020 compared that in March 2019.
The global injection molded plastics market is witnessing launch of bio-degradable plastic that can be used in plastic injection moulding. For instance, in June 2019, JasonMould Industrial Company Limited launched its first bio-degradable plastic that will be used in plastic injection moulding and all their other products.
Several medical device manufacturers are investing in injection moulding machines. For instance, May 2021, Boddingtons, a medical device manufacturer, invested in five new injection moulding machines to meet demand for a new OEM client in the pharmaceutical sector.
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Competitive Landscape:
Key players are operating in the global injection molded plastics market include, BASF, DOW Chemicals, Huntsman Corporation, JasonMould Industrial Company Limited, Ineos oxide, Saudi basic industries corporation, Exxon Mobil Corporation, Du Pont de Nemours & Company, and Lyondellbasell industries
Market Segmentation:
- By Raw Material
- Polypropylene
- Acrylonitrile butadiene styrene (ABS)
- High Density Poly Ethylene (HDPE)
- Polystyrene
- Others
- By Application
- Packaging
- Consumables and Electronics
- Automotive and Transportation
- Building and Construction
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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