ID: MRFR/CnM/4091-CR | October 2021 | Region: Global | 449 pages
Injection Molded Plastics Market Overview
Injection molded plastics market is expected to register a CAGR of 5.4% to reach around USD 420,537.20 million by the end of 2028.
Injection molding is a formative manufacturing technology used to manufacture plastic products of varying shapes and sizes. In this technology, the polymer is first melted and then injected into the cavity of a mold. When the material cools, it solidifies and takes the shape of the mold. It is then ejected from the mold, and the process starts over. Different polymers can be used as raw materials for the injection molding process depending upon the properties required in the final product. Some of the most commonly used plastics are polypropylene (PP), polyethylene (PE), polystyrene (PS), and acrylonitrile butadiene styrene (ABS). Injectionmolded plastics find wide applications in various end-use industries such as packaging, consumables& electronics, automotive & transportation, and building & construction.
The global injection molded plastics market is projected to register a healthy CAGR of 5.4% during 2020–2028. The growth of the global injection-molded plastics market is predominantly driven by the significantly growing demand in the packaging industry.Furthermore, increasing preference for plastic material in numerous end-use industries such as automotive, construction, electrical & electronics, and healthcare due to its superior advantages such as excellent chemical resistance, cost efficiency, and lower density compared to other materials. However, high capital investment and turnaround time of injection molding technology and fluctuatingcrude oil prices are expected to restrict the growth of the market.Furthermore, the projected rise in demand for injection molded plastic in the emerging economies, advancements in technologies, and significant investments in R&D by key players arelikely to fuel the growth of the global injectionmolded plastics market in the coming future.In addition,the use of robotics in injection molding is projected to create lucrative opportunities for the manufacturers of injection molding plastics during the forecast period.
The outbreak of COVID-19 has resulted in the shutting of factories and businesses, canceled air transport routes, and lockdowns, negatively impacting the industry. However, with the lift of lockdown measures and trade restrictions, the demand is expected to drive market growth.
Global Injection molded plastics market, by Type, 2020 (USD Million)
Sources: MRFR Analysis
The global Injection molded plastics market has been segmented by type, application, and region.
Based on type, the global injection molded plastics market has been segmented into polypropylene, ABS, ASA, SAN, HDPE, LDPE, LLDPE, polystyrene, polycarbonate, PEEK, PET, polyurethane thermoplastics, and others.The polypropylene segment holds the largest market share of over 40% and is expected to register the fastest CAGR of around 6.5% between 2021 and 2028. This growth is mainly attributed to the advancement of technology, expansion of production capacities, and growing application areas of injection-molded plastic in diverse end-use applications.
The global injection molded plastics market has a broad range of applications. The global market has segmented into packaging, consumables & electronics, automotive & transportation, building & construction, medical, and others based on application.The packaging segment accounts for the largest share of around40%globally and is expected to register a CAGR of over6% from 2021 to 2028. Furthermore, it is also expected to be the fastest-growing segment during the forecast period owing to growing demand from end-use industries such as food & beverage, medical, and consumer goods sectors.
Global Injection molded plastics market Share, by Region, 2019 (%)
Sources: MRFR Analysis
The global Injection molded plastics market has been divided based on region into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The Asia-Pacific market accounted for the largest share of around 50%in 2020 in the global injection molded plastics market. This growth is mainly attributed to the high availability of raw materials, low-cost labor, rapid industrialization and commercialization, increased foreign investments, and rising demand from South Asian countries such as India, Thailand, and Indonesia. Furthermore, established end-use industries in developed countries such as Japan, China, and South Korea. China is one of the leading producersand consumersof injection molded plastics in Asia-Pacific. It accounted for around 50% of the global plastic production in 2020. The Asia-Pacific market is likely to register thehighest CAGR of around 6.0% between 2021and2028 and is expected to reach a value of USD 2,14,824.45 million by 2028.
North America accounted for the second-largest market share of around 20% of the global market in 2019. The established presence of automotive and packaging products manufacturers in the region is the prime factor propelling the growth of the injection molded plastic market in North America. Furthermore, the presence of advanced technologies, the emergence of shale gas to enhance raw material production, and the presence of large-scale injection molded plastics manufacturers in the region are likely to boost the region's demand for injection molded plastic.The US accounted for a significant share of around 80% in the injection molded plastic market in North America and is expected to register a CAGR of around 5% during the review period.
Europe accounts for around 18% of the global market and is expected to register a CAGR of around4.0% during the review period. The growth in the region is mainly attributed to theestablished presence of major end-use industries and demand for injection molded plastic in packaging and automotive applications.Germany accounted for the largest share in Europe in 2020, followed by Italy. The European market was valued at over USD 20,212.48 million in 2020 and is expected to register amoderate growth throughout the forecast period. The injection molded plastics market in Latin America and the Middle East &Africa have witnessed notable growth over the forecast period. This growth is attributed to the increasing industrialization of global manufacturers and shifting upward trend in the regions' economy coupled with the rising per capita disposable income of the consumers in the region. Furthermore, increased automotive production in Latin America, especially in Brazil and Mexico, is likely to boost the injection molded plastics market in the region.
Some of the key players operating in the global injection-molded plastics 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), and Eastman Chemical Company (US).
The global injection molded plastics market is characterized by the presence of many global, regional, and local vendors. The market comprises tier-1 and tier-2 players with a wide global presence and vast product portfolio, along with local players. Most of the tier-1 industry participants operating in the market have acquired a substantial market share by offering a broad spectrum of products. They are primarily focusing on expanding the production capacities to reach the desired organizational growth.The players operating in the global injection molded plastics market are adopting various strategies such as mergers & acquisitions, product launches, joint ventures, partnerships, and expansionsof production facilities to maintain a strong position and increase the geographic presence. Product launch and partnershipwere the most widely employed growth strategies amongst many market players to capture maximum market share. For instance,
Global Injection molded plastics Market, by Type
Global Injection molded plastics Market, by Application
Global Injection molded plastics Market, by Region
Available Additional Customizations
|Market Size||USD 420,537.20 million|
|CAGR||CAGR of 5.4%|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Raw Material Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), Huntsman International LLC (US), SABIC (Saudi Arabia), Exxon Mobil Corporation (US), LyondellBasell Industries Holdings B.V. (the Netherlands), DowDuPont (US), INEOS Group Holdings SA (UK), Chevron Phillips Chemical Company (US), Reliance Industries Limited (India), Eastman Chemical Company (US)|
|Key Market Opportunities||Growing Adoption from the Healthcare Sector to Create Growth Avenues for the Market|
|Key Market Drivers||Growing Applications in the Packaging Sector to Drive Market Growth|
Frequently Asked Questions (FAQ) :
Injection Molded Plastics Market is predicted to grow at 5.59 % through forecast period of 2021-2027.
The forecast period for Injection Molded Plastics Market research report is 2021-2027.
Global Injection Molded Plastics Market is dominated by APAC region.