Injection Molded Plastics Market To Hit Value 3.7 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Karmarkar on October 18th, 2022 The global injection molded plastics market size is anticipated to reach USD 423.7 billion by 2030, registering a CAGR of 4.2% in the forecast period, according to a new study by Grand View Research, Inc. Growing demand from key applications including automotive, packaging, and construction, particularly in Brazil, Russia, India, China, and South Africa (BRICS) nations, is likely to drive the growth. The high-growth regions, such as Middle East and Asia Pacific, have witnessed a surge in capacity addition over the last few years. An increasing number 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 applications, High-density Polyethylene (HDPE) is extensively used in thin wall injection molding. Growing demand for food, bin liners, and thing gauge bags is further anticipated to drive the segment 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 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 (PPE), such as face shields and face masks. The growing demand for plastic components from various end-use industries including automotive, packaging, home appliances, electrical & electronics, and medical devices is anticipated to drive the market. Modern innovations to minimize the rate of faulty production have enhanced the significance of injection-molded technology in the mass production of complicated plastic shapes. Volatile prices of raw materials, such as benzene, ethylene, propylene, and styrene, coupled with the growing concerns regarding their disposal are expected to hinder market growth over the forecast period. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/injection-molded-plastics-market/request/rs1 Companies focus on developing injection molded plastics using bio-based counterparts to overcome such challenges. Increasing construction spending, particularly in emerging markets, such as Brazil, China, India, Mexico, Russia, and South Africa, is expected to drive product demand. Versatile properties of finished products including better heat & pressure resistance make them more applicable to various industries. Government support in the form of tax benefits and financial incentives in China and India to increase the Foreign Direct Investments (FDI) flow has helped develop the market for plastics in these countries. Injection Molded Plastics Market Report Highlights
In addition, they offer low-cost labor, which further reduces the overall manufacturing cost for producers. However, this shift has resulted in the overcapacity of various plastic products, affecting their prices. However, a slowdown or halt in manufacturing activities to contain the spread of the coronavirus has led to a decline in the consumption of injection molding plastics and negatively impacted its demand in various applications across the globe. Polypropylene (PP)segment held the largest revenue share of more than 34% in 2021 owing to the increasing consumption of PP in automotive components, household goods, and packaging applications. Growing PP-based product penetration in protective caps in electrical contacts & battery housings and food packaging is anticipated to further drive its demand over the forecast period. Polypropylene components are being widely used in food packaging and electrical contacts on account of corrosion resistance and electrical insulation properties. On account of the aforementioned factors, the segment is expected to witness the fastest growth in the forecast period. The global market is highly fragmented with the presence of a largely unorganized sector, particularly in the Asia Pacific and Latin America. Companies, particularly hailing from the Asia Pacific, have been constantly looking for significant capacity additions over the past few years to take advantage of operational excellence and achieve economies of scale. A diverse product portfolio and differentiation make the market competitive in terms of price and distribution channels. Some of the prominent players in the global injection molded plastics market include:
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