Global Injection molded plastic market was valued around USD 200 billion in 2014 and is estimated to witness steady growth over the forecast period. The industry is continuously expanding owing to increasing demand from numerous end-user such as automotive, packaging, home appliances, electronic, and medical equipment market.
The process of injection molding involves the production of molded products by inserting molten plastics into a mould using high temperature and then solidifying it. Upgraded technology have minimized the faulty manufacturing of plastics and enhanced the bulk production of even complex shapes. Moreover, minimum waste produced, faster rate of production, simultaneous processing of raw material and cheap labor cost are expected to be the major driver of the market. Though, the market is impeded by the high initial cost of tools and unpredictability of crude oil prices.
China plays a major role in trading and bulk production of petrochemical products and indirectly hampers the plastic industry. For this reason, many companies have implemented various strategies to minimize the impact of crude oil prices and to sustain annual growth rate. Fluctuating prices of raw materials such as ethylene, benzene, styrene and propane associated with various environmental concerns regarding their disposal are anticipated to hamper the market over the forecast period. To counter such challenges, the market has shifted their focus towards manufacturing products using bio-based counterparts.
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Raw Material Insights:
Propylene is the major raw material, be accounted for more than 35% of total demand in 2014 and is estimated to grow rapidly over the forecast period. The major application of molded propylene plastics is in automotive parts, packaging material, and household goods. Furthermore, the demand is expected to increase owing to its new application in the battery housing, food packaging, and protective covering in electrical appliances. This recent application is majorly due to its phenomenal properties of electrical insulation and corrosion resistance.
ABS (Acrylonitrile Butadiene Styrene) is been accounted for more than 25% of total revenue generated in 2014 and emerged as second major raw material for the production of injected molded plastics. The market is expected to grow swiftly in the future owing to increasing demand for ABS in automobile parts, electronic goods, consumer appliances, and medical devices. ABS market is expanding into other application such as DWV (Drain-Waste-Vent) pipe system, musical instruments, and golf club heads on account of better toughness and temperature & impact resistive properties.
The packaging segment had the highest demand for the plastic molded market and accounted over 30,000 kilo-tons in 2014. The industry is anticipated to witness high growth owing to its multiple end users market expansion. Enhanced performance for wear and tear, durability, and increased shell life of food products are few of the packaging application. Expansion of construction industry owing to rapid industrialization also has the major application of molded plastics, especially for insulation, walls, doors, roofing, and flooring. Continuous improvement in specificity, designs, and better customization has directed the market to launch more advance products bringing out new opportunities of multiple applications.
Both medical and automobile industries are driving the market significantly and estimated to grow swiftly and generate revenue of more than USD 25 billion by 2022. The demand in the medical industry will rise owing to optical clarity, cost efficient, and biocompatibility. Also, growing trend and stringent regulations for biodegradable polymers for medical devices are also predicted to build strong demand for the market. In the automobile industry, plastics plays major role owing to improving fuel efficiency and weight reduction. This, in turn, has steered the market as a breakthrough in the automotive sector. CAFE (Corporate Average Fuel Economy) regulation to produce minimal fuel consuming vehicles may boost the market growth.
Also, shift in trend of replacing steel and metal alloys with high-quality plastics to enhance the automotive performance. This helps both automotive and molded plastic industries as reduced weights of vehicles due to plastic helps to control CO2 emission. Few of the automotive applications include radio controls, keyless entry system, electronic control housing, splash guards, and interior armrests & bezels. The molded plastic has numerous applications in the automotive industry owing to its phenomenal properties of scratch resistance, superior strength, vibration & noise control and recyclability.
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APAC dominated the global market accounting for more than 35% in 2014. Growing automobile demand coupled with increasing infrastructure and higher disposable income in developing countries such as India, China, Japan, Indonesia, and Thailand have created huge opportunities for the market. Also, tax benefits by government offered to electronics & automotive manufacturers are anticipated to boost the market in these countries.
Europe is also a major market with total demand estimated to cross USD 75 billion by 2022. Countries such as Germany, France, and U.K. have great demand for packaging applications including pharmaceuticals, household chemicals, cosmetics, and toiletries which is a major factor driving the market in the region. Countries such as Thailand, China, Brazil, U.S., Germany, India, and Brazil are anticipated to drive the future market for Injection Molded Plastics.
The global market is highly fragmented in Asia Pacific and Latin America largely with unorganized sectors. Product differentiation and diversified product portfolio have driven competitiveness in the market regarding distribution channels and prices. Key players operating globally are Dow Chemical Company, BASF, HTI Plastics, and DUPont. Other companies with significant stakes in the market are Huntsman, Eastman Chemical Company, Ineos Group. SABIC, Magna International Inc. and LyondellBasell.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/plastics
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