This process is used in manufacturing variety of plastic products such as knobs, power tools, car panels, washers, furniture and computer monitors among others. Plastic injection molding process is quite simple compared to other processes. This manufacturing process is used to produce both thermosetting plastics and thermoplastics. Injections molding processes provides numerous advantages in achieving faster production rate, desired size and shape, and reduce wastage.
Plastics components manufactured using injection molding process is majorly used in packaging, electronics and consumer goods, construction and automobiles applications. These plastics are preferred in packaging applications over other conventional materials such as glass and wood.
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Growth of packaging industry has been the key factor expected to drive injection molded plastics market over the past few years and the trend is expected to continue over the forecast period. Increasing application scope of injection molded plastics in automobiles coupled with rapid growth in automotive sector is anticipated to surge the market growth over the projected period. However, volatile price of crude oil is anticipated to hinder the market growth over the next five years.
Raw materials Insights
Some raw materials used in this molding process include polypropylene, polystyrene, acrylonitrile butadiene styrene (ABS) and high density polyethylene among others. Polypropylene has been the major raw material used for injection molded plastics over the past decade on account of its favorable properties such as lightweight and superior flexibility. Plastics manufactured with ABS as raw material is widely consumed in the production of automobile bumpers owing to its recyclable property. Growth of automobiles demand across the emerging nations such as India, China and Brazil is further expected to complement the market growth over the forecast period.
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High density polyethylene is anticipated to be the third major raw materials used in manufacturing injection molded plastics. These plastics have been replacing the application of conventional packaging materials such as wood and glass. Increasing application demand from packaging industry is anticipated to fuel the market growth over the next five years.
Major end-use applications of injection molded plastics include packaging, automotives & transportation, consumables & electronics, building & construction among others. Packaging applications has been generating major portion of revenues for injection molded plastics market over the past few years. Consumer goods & electronics are the second major market and fastest growing end-use application segment over the past few years, and the trend is expected to continue over the forecast period. Rapid growth of transportation industry in Asia Pacific region especially in China is anticipated to complement the market growth in near future. Moreover, lucrative growth in construction sector in emerging nations such as India, China and Brazil on account of infrastructure development is anticipated to boost injection molded plastics demand over the foreseeable period.
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Asia Pacific was the largest regional market of injection molded plastics in 2013 followed by North America and Europe. Owing to strong growth in end-use industries including automotives, electronics & consumables, and building & construction in emerging countries such as India, China and Malaysia is anticipated to surge the market growth over the next five years. In addition, low labor cost and availability of raw materials at relatively cheaper cost coupled with rapid industrialization in this region is further expected to boost the plastics demand over the forecast period. However, North America and Europe markets are expected witness stagnant growth over the next five years on account of mature end-use industries in these regions.
Global injection molded plastics market is highly fragmented with large number of SMSEs present in the market. Some key players of this market include The Dow Chemical Company, BASF SE, Huntsman Corporation, Exxon Mobil Corp., E. I. du Pont de Nemours and Eastman Chemicals Company among others.
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