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.
Global Injection-Molded Plastics was valued at US$ 284.70 Million in 2021 in terms of revenue, exhibiting a CAGR of 5.8% during the forecast period (2022 to 2030).
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.
Recent disruptions in 2019-2020 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 2021.
Figure 1. Global Injection Molded Plastics Market Value Share (%), By Region, 2021
Regionally, Asia-pacific dominated the global injection molded plastics market in 2021, reporting 36% market share in terms of revenue due to growth in packaging, semiconductors, automotive and electronics industry, followed by North America and Europe, respectively.
Market Restraints
Due to some popular alternative techniques for manufacturing plastic products like bow molding, polymer casting, extrusion, and 3D printing. The bow molding process operates at a lower pressure as compared to injection molding, leading to lesser production cost. One of the production process which is popular nowadays is 3D printing of plastic parts. As 3D printers require minimal tooling and setup time for designing, the cost of producing a custom part is negligible in comparison with traditional production processes. Presence of such kinds of production technologies, is thus proving to be hindrance to the growth of injection molded plastics market.
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.
Moreover, 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: | 2021 | Market Size in 2021: | US$ 284.70 Mn |
| Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 5.8% | Forecast Period: | 2022-2030 |
| 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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| Growth Drivers: |
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| Restraints & Challenges: |
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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 2. Global Injection Molded Plastics Market Value Share (%), By Application, 2021
On the basis of application, Consumables & Electronics, the global injection molded plastics market in 2021 reported for around 33% of market share in terms of revenue, followed by packaging and others, respectively.
Recent Developments
Competitive Section
Major players operating in the global injection molded plastics market include BASF, DOW Chemicals, Huntsman Corporation, Ineos oxide, Saudi basic industries corporation, Exxon Mobil Corporation, Du Pont de Nemours & Company, and Lyondellbasell industries
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 solutions 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 in automobile and electrical industry 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.
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