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Industry Insights, Market Size, CAGR, High-Level Analysis: Injection Molded Plastics MarketThe global injection molded plastics market size was valued at USD 258.2 billion in 2019. It is expected to register a CAGR of 4.6% over the forecast period. Increasing demand for plastic components from various end-use industries including automotive, packaging, home appliances, electrical and electronics, and medical devices is anticipated to drive the market growth. Modern innovations to minimize the rate of faulty production have enhanced the significance of injection molded technology in mass production of complex plastic shapes. Volatile prices of major raw materials such as benzene, ethylene, propylene, and styrene, coupled with growing environmental concerns regarding their disposal, is expected to hinder the market for injection molded plastics over the forecast period. 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, and South Africa is expected to drive the demand for injection molded plastics. 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 drive the demand 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 an overcapacity of various plastic products, thereby affecting their prices. Raw
Material Insights of Injection Molded Plastics MarketPolypropylene held the largest market share of over 36.0% in terms of volume in 2019. This is attributed to its increasing consumption in automotive components, household goods, and packaging applications. Polypropylene is increasingly used for electrical connector bases and covers to provided mechanical and electrical protection on account of its electrical insulation properties. Other applications include battery housings and food packaging. Polypropylene is the preferred packaging material for food packaging as it is durable and reheatable. Owing to these benefits, the segment is projected to register a significant CAGR over the forecast period, thereby driving the overall demand for injection molded plastics. ABS emerged as the second major raw material for injection molded plastics and accounted for a share of over 25.0% of the global market in terms of value in 2019. High ABS component demand for manufacturing medical devices, automotive components, electronic enclosures, and consumer appliances is expected to drive its growth over the forecast period.
Application Insights of Injection Molded Plastics MarketPackaging was the largest application segment of the injection molded plastics market with a net demand of over USD 79.0 billion in 2019. Finished products used in packaging undergo various development phases to cope with regulatory guidelines and end-user requirements. Benefits such as increased shelf life of food products, reduced wear and tear, and durability drive the demand for injection molded plastics 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 is expected to drive the demand for injection molded plastics in the medical industry. The medical segment is hence expected to register a significant CAGR in terms of both value and volume over the forecast period. Stringent regulatory scenario regarding the use of medical grade polymer is anticipated to positively impact the demand for injection molded plastics in the healthcare sector over the forecast period. Rising preference for bio-degradable polymers among medical device manufacturers is also anticipated to create profitable opportunities in the medical industry over the forecast period. Strong shift in trend toward replacing steel with plastics in the automotive industry is expected to drive the demand for injection molded plastics over the forecast period. Government regulations in the recent past require 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 use of injection molded plastics to replace metals and alloys in automotive components is expected to drive the product demand from the automobile sector, thereby providing immense opportunity for the market to grow in the near future.
Regional Insights of Injection Molded Plastics MarketAsia Pacific led the global demand for injection molded plastics with a market share of over 38.0% in terms of volume in 2019. Increasing infrastructure spending and growing automobile demand in countries such as China, India, Japan, and South Korea are expected to drive market penetration in the region. Major end-use industries such as electronics and automobile 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. The increase in the manufacturing of various automotive and electrical parts is further expected to drive the product demand over the forecast period. Europe is another major market for injection molded plastics and is estimated to reach USD 91.9 billion by 2027. This is attributed to the increasing demand for packaging for cosmetics and toiletries, pharmaceuticals, and household chemicals. Moreover, increasing demand for electronic appliances such as laptops and cellular phones, particularly in U.K., Germany, and France, is expected to drive the demand for injection molded plastics for consumables and electronics applications. Growth of the automobile industry in Europe is expected to further drive the regional demand over the forecast period.
Market Share Insights of Injection Molded Plastics MarketThe global market is highly fragmented with the presence of a large unorganized sector, particularly in Asia Pacific and Latin America. Companies, particularly those based in Asia Pacific, have been constantly seeking opportunities for significant capacity additions in 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. Major companies, including BASF, Dow Chemical Company, DuPont, and HTI Plastics, have integrated their operations across the value chain to enhance their market presence. Other players with a noteworthy stake in the market include LyondellBasell; SABIC; Eastman Chemical Company; Huntsman; Ineos Group; and Magna International Inc.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Injection Molded Plastics Market Research ReportThis report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global injection molded plastics market report on the basis of application, raw material, and region:
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Consumables & Electronics
- Automotive & Transportation
- Building & Construction
Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Acrylonitrile Butadiene Styrene (ABS)
- High-density Polyethylene (HDPE)
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 1.3.2 GVR’s 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 Market Formulation and Data Visualization | read more...