Injection Molded Plastics Market Analysis Sheds Light On The Impact Of COVID-19 2020-2024 | Increase in demand from developing countries to promote market growth Technavio
LONDON–(BUSINESS WIRE) – Injection molded plastics market is projected to grow by 38.94 million tons in 2020-2024. The report also includes the market impact and new opportunities emerging from the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually wear off in subsequent quarters – with limited impact on economic growth for the year as a whole.
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Factors such as population growth and rising consumer purchasing power in developing countries such as China, India, Mexico, Indonesia, Brazil and South Africa are attracting significant investments in the packaging and automotive industries. The easy availability of land and raw materials, low transport costs, inexpensive labor and favorable regulations in these countries also attract suppliers in the market to relocate their production activities to these countries. In addition, advances in road infrastructure and increased demand for fuel efficient vehicles in developing countries are expected to drive demand for injection molded plastics over the forecast period.
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According to Technavio, the growth of the automotive industry will have a positive impact on the market and will contribute significantly to its growth in the forecast period. This research report also analyzes other key trends and market drivers that will influence market growth in 2020-2024 period.
Injection Molded Plastics Market: Automotive Industry Growth
The growing focus on improving the overall weight of the vehicle to improve the fuel efficiency of vehicles has increased the use of lightweight materials such as injection molded plastics in the automotive industry. In addition, the injection molded plastics offer greater flexibility compared to metal and alloy substrates, which has led to increased use in the manufacture of armrests, inner panels and splash guards for automotive trim. In addition, the automotive industry is seeing a significant increase in demand for fuel-efficient vehicles from developing countries such as China, India and Brazil. These factors are expected to have a positive impact on the growth of the global injection molded plastics market during the forecast period.
“The increasing demand from the packaging industry and the introduction of new technologies for the production of polyethylene will further stimulate the market growth in the forecast period,” says a senior analyst at Technavio.
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Injection Molded Plastics Market: Segmentation Analysis
This market research report segments the Injection molded plastics market by volume application (packaging, consumer products and electronics, automotive and others), geography (APAC, North America, Europe, South America and MEA), and raw materials by volume (polyethylene, polypropylene, polyvinyl chloride and others).
The APAC region led the injection molded plastics market in 2019, followed by North America, Europe, South America and MEA. During the forecast period, APAC is expected to experience the highest incremental growth due to increasing F&B industry demand in the region.
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Some of the key issues addressed in the report are:
Market positioning of providers
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