The global Injection molded plastics market is expected to surpass US$ 459.0 million by 2030, exhibiting a CAGR of 5.5% during the forecast period (2023-2030).
Plastic injection molding, or commonly referred to as injection molding, is a manufacturing process used in the mass fabrication of plastic parts. It involves an injection of plastic material into the mold where it cools and solidifies to its final form. It is ideal for manufacturing high volumes of plastic products, which serves many industries and individuals. The mold is customized during tooling which gives the shape of the part. It can create numerous parts that are identical and dimensionally consistent, even on parts with complex designs and parts that only allow low dimensional tolerance.
Global Injection molded plastics Market is estimated to account for around US$ 298.5 Million in terms of value in the year 2022 and it is predicted to grow at a CAGR of 5.5% during the forecast period (2023-2030)
Drivers:
Increasing demand for packaging applications drives market growth. Injection molded plastics are widely used, especially for food packaging applications. It is safe because the packaging does not react with food, most common application include caps, lids, containers, bottles, etc. injection molded parts the plastic container packaging is clear and leak-proof, keeping your food fresh for a long time. These plastics are reusable, washable, and microwaveable, so they have the following properties highest demands of the public.
Moreover, the latest innovations in injection molding technology are expected to have a positive impact on the growth of the injection molded plastics market such as. New packaging launch which is environmentally friendly and 100% recyclable, and government is different Body which supports recyclable packaging to reduce your carbon footprint and is expected to lead the market.
Restraints:
Common alternative technologies for manufacturing plastic products include blow molding, polymer molding, extrusion, and 3D printing. In blow molding, a heated plastic tube is blown into a mold until it has the desired shape. This process can operate at much lower pressures than injection molding, leading to lower production costs. Typical applications of this process are found in the production of bottles, toys, car parts, packaging strips and packaging solutions. A currently prevalent manufacturing process is his 3D printing of plastic parts. 3D printers create three-dimensional parts directly from digital models, depositing plastic layer by layer until the complete physical part is formed. As 3D printing technology continues to improve, the manufacturing cost per part continues to drop, further broadening the range of low to medium volume applications. Therefore, the presence of this technology and many other production technologies have proven to be obstacles to the growth of this market. \
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https://www.coherentmarketinsights.com/market-insight/injection-molded-plastics-market-4022
Market Trends
Bio-degradable polymers for gaining huge demand across various manufacturers and this is anticipated to bolster the market growth of Injection molded plastics market.
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
Injection molded plastics market expected to show mixed growth due to rapid growth Demand from packaging and medical applications will decline, but demand will decline dramatically effective in applications such as automotive, construction and electrical, electronics and others. The auto industry hit hard by the crisis Government regulation changes and subsequent sudden drop in demand of a car in a pandemic situation. In addition, the number of automobiles produced in the world is are severely affected by the novel coronavirus disease (COVID-19).
Competitive Section:
- BASF
- DOW Chemicals
- Huntsman Corporation
- Ineos oxide
- Saudi basic industries corporation
- Exxon Mobil Corporation
- Du Pont de Nemours & Company
- Lyondellbasell industries
