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Report Overview: Global Injection Molded Plastics MarketThe global injection molded plastics market size was valued at USD 247.1 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 5.0% from 2021 to 2027. Growing demand for plastic components from various end-use industries including automotive, packaging, home appliances, electrical and electronics, and medical devices is anticipated to drive growth. Modern innovations to minimize the rate of faulty production have enhanced the significance of injection-molded technology in the mass production of complicated plastic shapes. Volatile prices of major raw materials such as benzene, ethylene, propylene, and styrene coupled with growing environmental concerns regarding their disposal are expected to hinder the growth of the market for injection molded plastics over the forecast period 2021-2027. Companies focus on developing injection molded plastics using bio-based counterparts to overcome such challenges. Increasing construction spending, particularly in emerging markets such as Brazil, China, India, Mexico, Russia, and South Africa is expected to drive product demand. Versatile properties of finished products including better heat and pressure resistance make them more applicable to various industries. Government support in the form of tax benefits and financial incentives in China and India to increase the Foreign Direct Investments (FDI) flow has helped develop the market for injection molded plastics in these countries. In addition, they offer low-cost labor, which further reduces the overall manufacturing cost for producers. However, this shift has resulted in overcapacity of various plastics products, affected their prices. However, slow down or halt in manufacturing activities to contain the spread of coronavirus pandemic has led to a decline in the consumption of injection molded plastics and negatively impacted its demand in various applications across the globe. Manufacturers are experiencing difficulties in running their production units owing to logistic restrictions and limitations on the movement of people, which are further cascading the negative impact on the injection molded plastics demand. Raw Material Insights In terms of revenue, polypropylene held the largest market share of more than 30.0% of the overall demand in 2019, owing to its increasing consumption in automotive components, household goods, and packaging applications. Growing polypropylene finished product penetration in protective caps in electrical contacts and battery housings, food packaging is anticipated to further drive its demand over the forecast period. Polypropylene components are being widely used in food packaging and electrical contacts on account of corrosion resistance and electrical insulation properties respectively. On account of the aforementioned, the segment is expected to witness the highest growth over the forecast period. However, slow down or halt in manufacturing activities to contain the spread of coronavirus pandemic has led to a decline in the consumption of polypropylene and negatively impacted its demand in various applications. Manufacturers are experiencing difficulties in running their production units owing to logistic restrictions and limitations on the movement of people, which are further cascading the negative impact on the product demand. ABS emerged as the second major raw material for injection molded plastics of the overall revenue in 2019. Rising ABS component demand in medical devices, automotive components, electronic housings, and consumer appliances manufacturing is expected to drive its growth over the forecast period.
Application Insights: Global Injection Molded Plastics MarketThe packaging segment accounted for more than 30.0% of revenue share in the market for the injection molded plastics in 2019. The finished products used in packaging undergo various development phases to cope up with regulatory guidelines and end-user requirements. The increased shelf life of food products, better performance towards wear and tear, and durability are a few requirements injection molded plastics need to meet for packaging applications. Injection-molded plastics hold immense potential, particularly in the medical and automotive industry. The industry is expected to witness the highest growth in the medical devices and components sector. Optical clarity, biocompatibility, and cost-effective method of production are expected to generate the demand for injection molded plastics in the medical industry. Stringent regulatory scenario regarding medical-grade polymer used in the healthcare sector is anticipated to positively impact growth in the sector over the forecast period. Rising preference for biodegradable polymers among medical device manufacturers is also anticipated to create profitable opportunities in the medical industry over the forecast period. A strong shift in trend towards replacing steel with plastics in the automotive industry is expected to spur the growth of the market for injection molded plastics over the forecast period. Government regulations in the recent past have forced automotive manufacturers to use plastics instead of other materials such as iron and steel. Automobile manufacturers have been focusing on reducing the overall weight of vehicles to improve fuel efficiency. Increasing the use of plastics to replace metals and alloys in automotive components is expected to drive demand for injection molded plastics from the automobile segment, thereby providing immense opportunity in the market for injection molded plastics in the future.
Regional Insights: Global Injection Molded Plastics MarketAsia Pacific accounted for the largest revenue share of more than 35.0% in the market for injection molded plastics in 2019. Increasing infrastructure spending coupled with growing automobile demand in countries such as China, India, Indonesia, and Malaysia are expected to drive the market for injection molded plastics in the region. Major end-use industries such as electronics and automobiles are shifting their manufacturing base to Asia Pacific countries such as India, China, Indonesia, and Thailand owing to low labor costs. Government incentives in the form of tax benefits are offered to manufacturers in these regions. This factor increases the requirement for manufacturing various automotive and electrical parts, which, in turn, is expected to drive product demand over the forecast period. Europe was one of the prominent markets for injection-molded plastics with a total demand estimated to reach USD 92.3 billion by 2027. Europe’s non-food and beverages packaging applications include cosmetics and toiletries, pharmaceuticals, and household chemicals. Increasing demand for electronic appliances such as laptops and cellular phones particularly in the U.K., Germany, and France is expected to drive demand from consumables and electronics applications. The growth of the automobile industry in Europe is expected to further drive the regional demand over the forecast period.
Key Companies & Market Share Insights: Global Injection Molded Plastics MarketThe global market for injection molded plastics is highly fragmented with the presence of a largely unorganized sector particularly in the Asia Pacific and Latin America. Companies, particularly hailing from the Asia Pacific have been constantly looking for significant capacity additions over the past few years to take advantage of operational excellence and achieve economies of scale. Diverse product portfolio and differentiation make the market competitive in terms of price and distribution channels. Some of the prominent players in the injection molded plastics market include:
Key companies Profiled: Global Injection Molded Plastics Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global injection molded plastics market report on the basis of raw material, application, and region:
- BASF SE
- LyondellBasell Industries N.V.
- Dow Inc.
- Eastman Chemical Company
- ExxonMobil Corporation
Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Consumables & Electronics
- Automotive & Transportation
- Building & Construction
Table of Contents Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Research scope and assumptions 1.3 Information Procurement 1.3.1 Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2 IFF Internal Database 1.3.3 Secondary Sources 1.3.4 Third-Party Perspective 1.3.5 Primary Research 1.4 Information Analysis 1.4.1 Data Analysis Models 1.5 M | read more...