The global plastic injection molding market is projected to grow to USD 300 billion by 2022. This can be attributed to increasing demand for plastic components across industries like home appliances, automotives, packaging, medical devices, electrical & electronics, etc.
Plastic injection molding is an upcoming sector of the plastics industry. In fact, it is the most common process for making plastic parts. It is a fast method and is primarily used to mass manufacture huge quantities of the same product in limited time. High-performance plastics are gradually replacing metals in plastic manufacturing owing to their ability to withstand high temperatures.
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In plastic injection molding process, the plastic is melted in the molding machine and then injected in a mold under a high-pressure environment. The material then gets cooled and solidifies. It is later released by opening the mold’s halves. This leads to the end-product having a predetermined, definite form. The mold is made out of aluminum or steel.
Technological innovations are leading to development of superior products that are versatile and more resistant to heat and pressure. Moreover, higher construction spending in the emergent economies of Mexico, India, China, Brazil, Russia, etc., would trigger market demand. However, fluctuating prices of chief raw materials like styrene, benzene, propylene, and ethylene along with rising environmental concerns could discourage growth.
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This is prompting industry participants to adopt bio-based substitutes. Several companies are partnering with biotechnology vendors for the same. Also, they often associate with tooling partners in order to reduce lead times. The plastic injection molding market is segmented into applications, raw materials, and regions. Raw materials include polystyrene, ABS, polypropylene, HDPE, and others. Polypropylene dominated the raw materials due to their high demand in automotives, packaging, and household products.
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Applications encompass building & construction, automotives, medical, packaging, consumables & electronics, and others. Packaging is one of the leading applications. It could grow owing to strong demand from rigid packaging products from the food storage and personal care sectors. Based on regions, the global plastic injection molding market is segmented into Europe, China, Japan, and the U.S. Leading global players are BASF SE, DuPont, DOW Chemical Company, Ineos Group, SABIC, and HTI Plastics.
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