Injection-molded plastics is an advanced technology used to produce plastic products by using injecting molten material where plastic is melted, cooled, convert into desired shapes and size as the final product. Thermosetting and thermoplastic injection molded plastics are used in injection-molded plastic for manufacturing various components.
The global injection molded plastics market was estimated to be valued more than US$ 260 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 5.3% during the forecast period (2020 to 2027).
Increasing use of injection molded plastics for manufacturing various electronic devices is projected to foster the market growth. Growth in the electrical and electronic industry due to increasing production of consumer electronic goods such as smartphones, wearable devices, etc. is also propelling the market growth. The electrical and electronic industry is witnessing robust growth especially across emerging economies such as China, Japan, and India. Thus, the growing demand for high-performance electronic devices is escalating the market growth of injection molded plastics.
The growing demand for medical plastic due to its excellent flexibility that offers greater fabrication process for devices is expected to offer immense growth opportunities. Polypropylene, polyvinyl chloride, polystyrene, polyethylene, and polyethylene terephthalate (PET) are some of the commonly used plastic in manufacturing of medical devices. Moreover, various manufactures are also shifting their focus from glass to plastic syringes for reducing the chances of breakage.
The volatile price of crude oil which is used to produce petroleum and petrochemical products is expected to hamper the market growth. Any fluctuation in crude oil directly impact the demand and supply which result into fluctuation in the price of crude oil.
On the basis of application, polypropylene dominated the global Injection molded plastics market in 2019 with around 34% of market share in terms of revenue, followed by acrylonitrile butadiene styrene (ABS) and high density poly ethylene (HDPE), respectively.
Bio-degradable polymers for gaining huge demand across various manufacturers and this is anticipated to bolster the market growth of injection molded plastics. For instance, in April 2018, BioLogiQ, Inc., a bioplastic resin manufacturing company specializing in environmentally friendly plastic products made from renewable resources, has announced that it has launched three new grades of its plant-based plastic, NuPlastiQ BioPolymers.
The growing use of injection-molded plastics from the cosmetic industry in order to provide convenient packaging to cosmetic products is a key trend in the market. Various manufacturers are adopting attractive packaging material produced by injection molded plastics in order to increase their consumer bases. This is also expected to augment the market growth. Moreover, growing demand for cosmetic products due to the rising sense of fashion among consumers is also projected to propel the demand for injection-molded plastics from cosmetic industry, thereby fueling the market growth.
Global Injection Molded Plastics Market - Impact of Coronavirus (Covid-19) Pandemic
The demand for plastics and polymers in healthcare industry has been very during Coronavirus (Covid-19) Pandemic. Manufactures across the globe are focusing in rapid production of PPEs for health care industry. In April 2020, DuPont manufactured around 2.25 million Tyvek suits made from HDPE sheets at its Vietnam facility, in order to meet the demand for PPE in the US. This is expected to fuel the demand for injection molded plastics during a timeframe of next 2-3 years.
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
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