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Injection-molding is a crucial technology used for manufacturing the plastic products of a variety of shapes. The technology uses a polymer, which is melted and injected into the cavity of the mold. The technology is witnessing massive acceptance from the manufacturers owing to its efficiency. The global injection-molded plastics market is anticipated to reach a valuation of USD 341,723.7 Million by demonstrating a CAGR of 5.59% during the forecast period.
The technology demonstrates some high-performance characteristics, and this is likely to be a key factor driving growth of the global injection-molded plastics market. Due to this advantage of the injection molding technique, the demand for the technology is widening across several applications including construction, electronics, and packaging. The aforementioned factors are contributing to the growth of the global injection-molded plastics market. Additionally, the advent of advanced technology, which lowers the time required as well as hectic procedures by using robotics, is likely to offer the most lucrative opportunities for growth in the coming years.
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However, high capital investment, coupled with expensive molding designs and ample time, are some of the significant hurdles in the growth of the global injection-molded plastics market. Further, fluctuating crude oil pricing are the other challenges faced by the key players in the market.
Some of the prominent companies in the injection-molded plastics market include BASF SE, SABIC, Huntsman International LLC, Exxon Mobil Corporation, DowDuPont, LyondellBasell Industries Holdings B.V., INEOS Group Holdings SA, Reliance Industries Limited, Chevron Phillips Chemical Company, and Eastman Chemical Company.
The injection-molded plastics market is segmented in terms of raw material type, application, and region.
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Based on the raw material type, the market is segmented into ABS, ASA, PEEK, PET, SAN, HDPE, LDPE, LLDPE, polypropylene, polystyrene, polycarbonate, polyurethane thermoplastics, and others. Of these, the polypropylene segment stood at a leading position by accounting share of about 44% in 2018. This growth is primarily attributable to the superior properties which widened its applications across pipes, food packaging, pallets, and automobile interior parts.
Based on application, the market report is segmented into packaging, medical, automotive & transportation, consumable & electronics, building & construction, and others. Among these, the packaging segment led the pack and is estimated to expand at a most lucrative CAGR of about 6% over the forecast period. This growth is attributable to the massive consumption of injection-molded plastics for manufacturing packaging goods such as thin wall packaging and rigid bulk packaging to be used in several industries.
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Regionally, the injection-molded plastics market is segmented into five segments – North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Of these, Asia Pacific stood at the largest share of around 48% in 2018 and is forecasted to expand at a significant growth rate over the estimated time frame. This growth is attributed to the robust industrialization and investment by the public and privately held companies in the region. Additionally, the regional market stood at a value of USD 130 billion in 2018 and is forecasted to exhibit a CAGR of 6% over the forecast period.
The European market is held second-leading share and is estimated to expand at a CAGR of 5% during the forecast period owing to the presence of favorable regulatory infrastructure in the region. Rising awareness about plastic waste and initiation of dealing with this problem is likely to offer rewarding opportunities in the region in the forthcoming years.
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The key players are increasingly investing in business and production expansion. For instance, recently, in October 2019, the LIM Technics OOD announced to invest USD 2.2 million in the production of injection-molded plastics and improvement of company infrastructure.
Additionally, these players are increasingly introducing newer products which comply with the guidelines specified by the government. For instance, in October 2019, the A.M.A. Horticulture Inc developed containers aiming to satisfy and comply with the organic production standards specified in Canada. These containers are made up of heavy-duty injection-molded plastics.
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