Wilmington, Delaware, United States, Sept. 12, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global injection molded plastics market is set to expand at a stable CAGR of 5.5% during the forecast period of 2019 to 2027. Rising disposable income, particularly in BRICS nations, is creating substantial increment opportunities for various industries, including houseware, personal care and cosmetic products, electronics, and consumer goods. Growing applications of injection molded plastic products in these end-use industries verticals is anticipated to favor the expansion of the industry in next few years.
The packaging industry dominates the landscape of the global injection molded plastics market in terms of demand. Additionally, the rising demands from consumer goods and electronic devices industries are also expected to supplement the expansion of the global injection molded plastics market in the coming years. In addition to this, the steady expansion of the housewares industry is also anticipated to fuel the growth of the global injection molded plastics market in the coming years.
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Injection Molded Plastics Market – Key Findings of the Report
- Rising Demand for Polypropylene Based Products: Due to its enhanced flexibility and lightweight, the plastic compounds made from polypropylene compounds receive highest demand within the global injection molded plastics market. Furthermore, injection molded plastic products are also widely used in the rapidly growing electronics and consumer goods industries, thereby boosting in the global injection molded plastics market.
- Increasing Disposable Income Boosts Industry Growth: Increase in the disposable income amongst the population from various regions is supplementing the adoption of various plastic consumables. Also, the trend is fostering the development of houseware and personal care industries. These trends are anticipated to bolster the growth of the global injection molded plastics market in the coming years.
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Injection Molded Plastics Market – Growth Drivers
- Rising demand for molded plastic compounds from a diverse set of end-use industry verticals, including medical devices, electronics, packaging, automotive, and consumer goods, is propelling the expansion of the global injection molded plastics market
- Increasing use of molded plastic compounds in the personal care industry for manufacture of several products, such as hair combs, laundry baskets, toothbrushes, and waste buckets, is also positively affecting the development of the industry
- The growing focus of leading industry manufacturers on the development of new types of plastic that create minimal burden on the environment is also creating new avenues for expansion in the global injection molded plastics market
Injection Molded Plastics Market – Key Players
The leading companies in the global injection molded plastics market are Dow Chemicals, Lyondell Basell, Huntsman International, INEOS, BASF SE, DuPont, SABIC, and Exxon Mobil Corporation, among others. The participants in the global injection molded plastics market are primarily focusing on integrating automation in their production facilities to reduce the time and cost required for their manufacturing. Furthermore, several companies in the global injection molded plastics market are also focused on the development of novel plastic materials that reduce the burden on the environment.
Injection Molded Plastics Market – Regional Growth Dynamics
Asia Pacific dominated the global injection molded plastics market in 2018. This trend can be attributed to rising utilization of injection molded plastic products for flexible, as well as rigid packaging in the region, and the rising use of plastic consumables in various household applications. In addition to this, the increasing demand from economies such as India and China is also positively influencing the growth of Asia Pacific injection molded plastics market. This trend is further bolstered by the rising disposable income of the consumers from these economies, as well as the rising usage of products in the global injection molded plastics market for storage of petroleum, chemical, and industrial liquid products.
Injection Molded Plastics Market: Segmentation
Injection Molded Plastics Market, by Raw Material
- Acrylonitrile Butadiene Styrene (ABS)
- High Density Polyethylene (HDPE)
Injection Molded Plastics Market, by Application
- Consumables & Electronics
- Automotive & Transportation
- Building & Construction
Injection Molded Plastics Market, by Region
- North America
- Czech Republic
- Asia Pacific
- South Korea
- Latin America
- Middle East
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