The increasing demand for injection molded plastics in the automotive industry is one of the most important factors for global sales. These plastics are widely used in the manufacture of various automobile parts and components in order to reduce the overall weight of the automobile. In addition, the increasing demand for lower vehicle weight due to the increasing demand for higher fuel efficiency is driving the use of injection molded plastics in the automotive industry.
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The introduction of strict regulations for the use of medical grade polymers in healthcare is driving demand for injection molded plastics worldwide. This in turn creates excellent growth opportunities for injection molded plastics manufacturing companies around the world. Because of these factors, the global injection molded plastics market is expanding rapidly. As a result, the market value is projected to increase from $ 283.5 billion in 2016 to $ 496.2 billion by 2025.
In addition, the market is expected to grow at a CAGR of 6.0% between 2017 and 2025. Depending on the raw material, the market is divided into the categories of polypropylene, acrylonitrile butadiene styrene (ABS), polystyrene and high density polyethylene (HDPE). Of these, the polypropylene category has seen the highest growth in the injection molded plastics market in recent years. The reason for this was the enormous demand for the material in the household goods, automotive and packaging sectors.
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Geographically, the injection molded plastics market will show the fastest growth in the Asia-Pacific (APAC) region in the coming years, according to a forecast by P&S Intelligence, a market research company based in India. This is due to the strong increase in demand for packaging in the pharmaceutical, cosmetic and toilet articles industry as well as the food and beverage industry and the increasing consumption of soft drinks in the regional countries due to the increasing average temperatures in these countries.
So it is safe to say that the demand for injection molded plastics will skyrocket worldwide in the next few years, largely due to their increasing use in the packaging and automotive industries.
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P&S Intelligence is a market research and advisory service provider serving the market intelligence needs of emerging industries around the world. As an enterprising research and advisory firm, P&S provides the foundation for market intelligence and believes in thorough landscape analysis of the ever-changing market scenario to enable companies to make informed decisions and strategize their business with ingenuity.
This press release was published on openPR.