Injection Molding Plastics Market (COVID-19) market impact, analysis, status and leading global companies 2021
Injection molded plastics are used in the manufacture of complex and filigree molded parts for precision with the lowest possible rejects. Because of these advantages
PORTLAND, OREGON, UNITED STATES, Sep 6, 2021 /EINPresswire.com/ – According to a new report from Allied Market Research entitled “World Injection Molded Plastics Market – Opportunities and Forecasts, 2014-2020,” the global market for injection molded plastics would be like by 2020 a value of 162 billion segment and is expected to grow with a CAGR of 4.9% in the forecast period.
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The increasing demand for injection molded plastics in various end-use industries such as automotive, packaging, electronics and consumer goods, building and construction, medical disposal, and technological advances (such as computer aided engineering and injection molding automation) are fueling the growth of the market. In addition, low labor costs, minimal waste production, faster production, and the ability to process multiple raw materials at the same time further promote market growth. However, volatility in crude oil prices and high initial tooling costs for injection molding would hamper overall market growth.
In 2014, the polypropylene segment accounted for around 41% of market sales in the entire injection molding plastics market. Properties such as heat and electrical resistance, fast setting time, chemical and abrasion resistance, and high surface gloss have resulted in its continued dominance in the injection molding market for molded plastics. Acrylonitrile Butadiene Styrene (ABS) is expected to be the fastest growing segment at 6.8% CAGR due to its wider application in the automotive, construction and consumer goods and electronics industries.
Packaging will remain the dominant market application in 2014-2020. This is mainly due to the increasing spread in consumer goods, health and cosmetic products. The healthcare segment is the fastest growing end-use market as it is used in the manufacture of tubing and housings for needles, pregnancy testers, and surgical blades, among other things.
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Main results of the study:
Healthcare is said to be the fastest growing segment of the consumer industry.
Packaging will remain the dominant application segment in the forecast period.
The acrylonitrile-butadiene-styrene segment shows the highest growth in the forecast period.
Increasing demand for packaging for automotive and consumer goods to make polypropylene the most lucrative segment, especially due to its low cost, good formability and heat resistance.
North America and Europe are the dominant regions, which together had a market share of 66% in 2014.
North America and Europe are major consumers of injection molded plastics, largely due to high demand from the packaging and automotive industries. The Asia-Pacific region is home to one of the fastest growing automotive, healthcare, consumer goods and semiconductor industries and therefore offers lucrative growth opportunities for the injection molded plastics market in the region. In addition, China, Japan and India are leading markets in terms of consumption and sales for injection molded plastics in the region.
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The injection molding plastics industry is fast moving and continuous product improvement is urgently needed to stay competitive. Continuous innovation in design, specificity and customization has resulted in the frequent introduction of new and advanced products that have resulted in adoption in newer applications. In addition, key players have examined collaborations and joint ventures as a means of opening up high-growth markets. The main companies featured in the report are BASF, Exxon Mobil, DuPont, Dow Chemical Company, LyondellBasell, Huntsman Corporation, Eastman, SABIC, INEOS and CNPC.
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September 06, 2021 at 16:28 GMT
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