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Press Release: Injection Molded Plastics Market To Surpass US$ 400 Billion By 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Injection-molded plastics is a manufacturing process used to produce various plastic products by using injecting molten material. Mostly thermoplastic and thermosetting plastic is used for the production of plastic products such as automotive parts, electronic appliances, packaging products, construction material, medical disposable syringes, toys, etc.
The global injection molded plastics market is projected to surpass US$ 400 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.3% during the forecast period (2020 to 2027).
Drivers
Expansion of the housewares market around the globe is a prime factor propelling the market growth of the injection molded plastics. Injection-molded plastics are used to produce various housewares products such as beverage ware, cookware, dinnerware, bake ware, flatware, and cutlery. The growth of the housewares market is also attributed to increasing population around the globe. Thus the growth of the housewares market is expected to foster the market growth of injection molded plastics.
Growth in the plastic packaging market is projected to augment the market growth of the injection molded plastics. Plastic packaging is one of the largest user of injection molded plastics. The rise in the demand for food packaging and other industrial packaging is driving demand for plastic packaging, especially across developing countries. Hence, growth in the plastic packaging market is accelerating the market growth of the injection molded plastics.
Regionally, Asia-pacific dominated the global injection molded plastics market in 2019, reporting 36% market share in terms of revenue, followed by North America and Europe, respectively.
Figure 1. Global Injection Molded Plastics Market, Revenue Share (%), By Region, 2019
Market Restraints
An environmental concern associated with the use of plastic products is projected to hinder the market growth of injection molded plastics. Production and disposal of plastic have various environmental impacts as they are non-degradable in nature.
A high initial investment of the equipment used in the injection molded plastics is expected to hamper the market growth over the forecast period.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 260 Bn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 5.3% | 2027 Value Projection: | US$ 400 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
BASF, DOW Chemicals, Huntsman Corporation, Ineos oxide, Saudi basic industries corporation, Exxon Mobil Corporation, Du Pont de Nemours & Company, and Lyondellbasell industries |
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| Restraints & Challenges: |
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Market Opportunities
Expanding rigid packaging market around the globe is projected to offer lucrative market opportunities in the near future. Injection-molded plastics are widely used in the rigid packaging for various industries such as chemical, medical, pharmaceutical, and oil &gas. According to the Coherent Market Insights analysis, plastic rigid packaging accounts for approximately 25% of the overall packaging market. Hence, growth in rigid packaging is projected to augment market growth.
Increasing launch of advanced technology for injection molding plastic is expected to bring new market opportunities. For instance, in April 2018, Yizumi-HPM Corp., a manufacturer of high-quality hybrid injection molding machinery from 60 to 3500-tons clamping force, announced the launch of three new series of injection molding machines at NPE 2018 May 7-11 at the Orange County Convention Center in Orlando, Fla.
Figure 2. Global Injection Molded Plastics Market – Opportunity Analysis
Market Trends
Polypropylene material is gaining traction across automotive components, household goods, and packaging applications. It is mainly used in electrical connector covers and bases in order to provide electrical and mechanical support as it has superior electrical insulation properties. Thus, the growing popularity of polypropylene material is projected to augment the market growth of the injection molded plastics over the forecast period.
Increasing use of metals and alloys in the automotive component in place of injection molded plastics is a key trend in the market. Growing demand for a lightweight vehicle for fuel efficiency is expected to foster the market growth of the injection molded plastics. Thus the growth of the injection molded plastics market is also attributed to the rising adoption of the advanced plastic across the automotive industry.
Figure 3. Global Injection Molded Plastics Market, Revenue Share (%), By Application, in 2019
On the basis of application, consumables & electronics the global injection molded plastics market in 2019 with around 33% of market share in terms of revenue, followed by packaging and others, respectively.
Global Injection Molded Plastics Market - Impact of Coronavirus (Covid-19) Pandemic
Recent disruptions in supply chain and raw material availability owing to Coronavirus (Covid-19) Pandemic have hampered the production rate of various products such as consumer goods, automotive parts, constructions materials and others. However, certain segments of the market such as healthcare and food & beverage industries are witnessing a surge in demand for plastics which in turn is expected to fuel the growth of the global injection molded plastics market till the mid-quarter of 2021.
Competitive Section
Key players are operating in the global Injection molded plastics market are BASF, DOW Chemicals, Huntsman Corporation, Ineos oxide, Saudi basic industries corporation, Exxon Mobil Corporation, Du Pont de Nemours & Company, and Lyondellbasell industries
Few Recent Developments
Injection molding process is the manufacturing process for producing parts by inserting materials into a mold to create varied shapes and sizes of the object. Injection molding can be achieved with a host of materials consisting of metals, elastomers, glasses, confections, and polymers. Injection molding plastics are extensively in variety of components such as automotive parts, bottle caps, packaging, storage containers, mechanical parts, and wire spools.
Market Dynamics
The global injection molded plastics market has witnessed significant growth in recent past years, owing to the rising demand for packaging solutiona in various end-user industries such as pharmaceutical, cosmetics, food & beverages and others. Furthermore, growing investments for research & development in production injection molded plastics is expected to provide lucrative growth to the global glass packaging market over the forecast period
Major players in the global injection molded plastics market are increasing their investment on innovative product launchings, research & development and marketing & promotional activities to capitalize on emerging trends in various end-use industries such as cosmetics & personal care, textile, food & beverage, healthcare and others. This scenario is expected to fuel the market during the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective.
* Browse 45 market data tables* and 30 figures* on "Global Injection Molded Plastics Market” – global forecast to 2027
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