Injection Molded Plastics Market Growth & Trends
The global injection molded plastics market size is anticipated to reach USD 374.8 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.0%, over the forecast period. Growing demand from key applications including automotive, packaging, and construction particularly in countries including Brazil, Russia, India, China, and South Africa (BRICS), is likely to drive the market. The high-growth regions such as the Middle East and the Asia Pacific have witnessed a surge in capacity addition over the last few years.
The increasing presence of plastic injection molding companies in China on account of low manufacturing costs and ample availability of skilled labor is anticipated to benefit the regional market. Major foreign companies are increasing their production capabilities in the region, owing to the growing demand for plastic products. Government support in the form of tax benefits and financial incentives in China and India to increase the FDI flow has helped develop the market for plastics in these countries.
In packaging application, High-Density Polyethylene (HDPE) is extensively used in thin wall injection molding. Growing packaging demand from food, bin liners, and thing gauge bags is anticipated to drive its growth over the forecast period. Rising penetration of injection-molded HDPE in shipping containers, industrial pails, and houseware applications is anticipated to further drive its demand over the forecast period.
The recent outbreak of the COVID-19 pandemic has affected the revenue generation of the companies operating in the market owing to the halt or slowdown in the production facilities. Thus, the companies are focusing on stepping up their resources and production capabilities to help in the fight against the pandemic. For instance, G&C products, a U.S. based plastic injection mold making company that produces plastic products for the fishing and medical industry, started the production of personal protective equipment such as face shields and face masks.
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Injection Molded Plastics Market Report Highlights
- Demand for packaging is likely to rise owing to the improving economic conditions of countries such as India, Brazil, Mexico, and Russia
- In terms of revenue, demand for injection molding from the packaging industry in the Asia Pacific will reach USD 49.1 billion by 2027 at a CAGR of 5.6% from 2020 to 2027
- Growth of the electronics industry coupled with the cost-effectiveness of electrical appliances is projected to remain a key driving factor for the next eight years
- Demand from the medical sector in North America is anticipated to expand at an estimated CAGR of 4.1% from 2020 to 2027
- Packaging was the prominent application segment in France and is expected to augment at a revenue-based CAGR of 4.8% over the forecast period
- Production in the Middle East and Africa is driven by rising product demand from the Asia Pacific and European countries.
Injection Molded Plastics Market Segmentation
Grand View Research has segmented the global injection molded plastics market on the basis of raw material, application, and region:
Injection Molded Plastics Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Injection Molded Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Consumables & Electronics
- Automotive & Transportation
- Building & Construction
Injection Molded Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
List of Key Players of Injection Molded Plastics Market
- BASF SE
- LyondellBasell Industries N.V.
- Dow Inc.
- ExxonMobil Corporation
- Eastman Chemicals Company
About Grand View Research
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.