According to a report by Grand View Research, Inc., the global injection molded plastics market is anticipated to reach USD 295.89 billion by 2022. The process of injection molding involves injecting molten plastic into a mold through heat and solidifying the product later on. Diminishing production error is likely to enhance the significance of advanced technology in mass production of plastic products.
High demand for plastic components in various end-use industries such as automotive, electronics, medical, and packaging is expected to drive growth. Properties like minimum waste production, faster production, and low labor cost can augment the need for injection molded plastics. Growing adoption of biodegradable polymers in medical devices owing to tough government regulations can impel demand. Moreover, increasing usage of plastics in the automotive sector to enhance performance and reduce weight is expected to contribute well to product demand.
The worldwide polyurethane market can be segmented on the basis of product, application, and region. Based on application, the market can be segregated into automotive, building & construction, medical, consumables & electronics, and packaging. Based on raw material, the market can be divided into polypropylene, acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), and polystyrene. Propylene is a major raw material for injection molded plastics and accounted for 35% of the total demand in 2014. It is commonly used in packaging material, automotive parts, and household goods. On the other hand, growing use of electronic housings and medical devices is likely to propel the demand for ABS during the forecast period (2017 to 2022).
Full Research Report On Injection Molded Plastic Market Analysis:
U.S. injection molded plastic market revenue by raw material, 2012-2022 (USD Million)
Considering the demand, most manufacturing companies are investing in advanced machinery to create better products for consumers. For instance, a leading supplier of machinery, parts, and services named Cincinnati Process Technologies (CPT) recently announced the inclusion of a new line of injection molding machines by Asian Plastic Machinery (AP). The Super Master EV2 Series machines are equipped with high precision servo drive system and proprietary servo controller. They offers precision, speed, repeatability, and temperature control. Rapid clamping moment helps in reducing clamping time and noise levels. The new line is likely to save around 80 per cent water and energy usage.
Growing environmental concerns regarding disposal of major raw materials such as propylene, styrene, and benzene, along with volatility in their prices, are expected to hinder market growth over the forecast period. However, most manufacturing companies are likely to shift their focus to bio-based plastics. Moreover, increasing use of injection molded plastics in automotive components and medical devices is likely to create lucrative opportunities for several manufacturers in the industries.
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Regional segmentation of the global market includes North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America. In the global arena, Asia Pacific dominated the market and accounted for 35% of the total revenue in 2014. Market growth in this region is anticipated to witness high demand from the automobile sector and owing to rising infrastructure investment. Tax benefits offered to manufacturers by the government in countries such as India, China, Indonesia, and Thailand is likely to expand the market. Increasing number of manufacturing bases for the automobile and electronics industries can augment the demand for injection molded plastics.
In Europe, high demand for end-use products such as pharmaceutical, household chemicals, cosmetics, and toiletries is expected to propel the regional market to reach USD 75.10 billion by 2022. North America is facing high demand for injection molded plastics in multiple industries such as automotive and packaging.
Some of the prominent players operating in the market for injection molded plastics are Huntsman Corporation, Dow Chemicals, LyondellBasell, Eastman Company, and BASF.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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