Injection molding is a manufacturing process that involves molding of metals, plastics, ceramics, and other compounds mainly associated with plastics. The techniques prominently used for plastic molding are mainly extrusion and molding. Injection molding process is adopted worldwide. There is an increase in demand for plastic components owing to its application in end-use industries such as automotive, electronics, consumer goods, and medical devices. These factors have contributed towards the growth of injection molded plastics market on the global level during the forecast period of 2019 – 2027.
According to the TMR study, the injection molded plastics market was valued at US$250 Bn in the year 2018 and is expected to expand at a CAGR of 5% during the forecast period.
Injection molded plastics have wide use in packaging applications such as food packaging in form of bottles, containers, caps, closures, and others. The advantages of injection molded plastics such as leak resistance and preserving the freshness of food for a longer time bode well for the growth rate. In addition, these plastics are microwave-safe and reusable. All these factors have contributed toward the growth of injection molded plastics market.
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Injection molded plastics are also used in consumables and electronics, construction, automotive and transportation, and others. The consumables and electronics segment is expected to expand at a CAGR of 6% during 2019 to 2027 according to TMR study.
The personal care and cosmetic industry is also driving the injection molded plastics market due to the increase in demand for personal care and cosmetic products such as toothbrushes, combs, laundry baskets, make up brushes, and others.
These products require specific shapes and design which can be imparted through plastic molding. The houseware market is also exhibiting continuous growth due to the growing demand. All these factors are adding value to the growth trajectory of injection molded plastics market.
Growing Demand for Light Weight Vehicles in Automotive and Transport Sector Expected to Drive the Injection Molded Plastics Market
The raw material used in the process of plastic molding is polypropylene .It is used in the manufacturing process of injection molded plastics due to its characteristics such as light weight and superior flexibility. According to TMR study, polypropylene held a major market share more than 30% in 2018 and is projected to be dominant during the forecast period. The market has witnessed growth in demand for light weight and electric vehicles promoting the growth of automotive and transportation sector. These aspects have propelled the growth of injection molded plastics market.
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Asia Pacific to Dominate Injection Molded Plastics Market Due to Rise in Demand for Plastic Consumables
Geographically, Asia Pacific is expected to bring considerable growth for the injection molded plastics market due to the rising demand for plastic consumables and injection molded plastics from packaging and automotive industries. China is a largely populated country and has shown a significant growth in construction sector .
This aspect has promoted the growth in demand for injection molded plastics. India, China, and Japan are also leading in usage of plastic consumables for food packaging industry. All these aspects have fostered the growth of injection molded plastics market in Asia Pacific region. However, North America and Europe are forecast to witness a moderate growth.
Key Players Offer Novel Solutions to Strengthen their Market Presence
The injection molded plastics market is highly fragmented. Large number of players are investing in partnerships, mergers and acquisitions, and joint ventures to strengthen their market dominance. The players are indulging in extensive research and development to enhance the manufacturing process and invent new technologies to meet the consumer demands. They are also working on product offerings and channelizing their distribution network.
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The key players of injection molded plastics market are Ineous, BASF SE, LyondellBasell, SABIC, Exxon Mobil Corporation, and others.
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