According to the recent report by Global Market Insights Inc., the Injection Molded Plastics Market was estimated at USD 275 Billion in 2020 and is slated to be valued at around USD 385 billion by 2027, registering with a CAGR of 3.2% from 2021 to 2027. The report offers a detailed analysis of drivers & opportunities, market size & estimations, wavering market trends, competitive scenario, top winning strategies, and major investment pockets.
Injection molded plastics refer to plastic shapes or products that are created through plastic injection molding. High usage of these plastics in varied industry verticals has played a key role in market growth. Rising emphasis on improving vehicle performance by replacing metal with plastics is primed to fuel product adoption in the automotive industry in the coming years. Furthermore, stringent regulations governing the use of bio-based products aim to reduce reliance on crude oil in key regions, which is estimated to create huge growth opportunities in the market over the review timeline.
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Polypropylene offers several benefits, such as food grade availability, low cost, excellent water resistance, and superior chemical and impact resistance, which has prompted manufacturers to include it in the production of household products and automobiles. Polypropylene also finds application in making bottles and containers for food & beverages. Driven by the rapid development of automotive, consumer electronics and appliances, and food & beverage sectors, the polypropylene raw material segment is expected to grow at a CAGR of approximately 5% through the forecast period.
Meanwhile, the injection molded plastics market from the HDPE raw material segment was valued at USD 45 billion in 2020 and is anticipated to see considerable growth through 2027. HDPE is a lightweight material and possesses various advantages like good electrical insulation, high strength, chemical resistance, and impermeability, which is set to fuel product uptake in the manufacturing of housewares and consumable goods over the following years.
Key reasons for injection molded plastics market growth:
- Growing product uptake in automotive industry.
- Increased product prominence in construction sector.
- Prevalent application in manufacturing of housewares.
- High adoption in consumer appliances and electronics.
- Surging utilization in medical products during COVID-19.
2027 forecasts show ‘consumables & electronics’ segment retaining its dominance:
In terms of application, the consumables & electronics segment accounts for a significant share of the market. Injection molded plastics are utilized in consumer appliances and electronics products on account of their light weight, high durability, and excellent insulation properties. They can be fabricated in any size and shape with inexpensive technology and minimal waste. These plastics are also widely used in laptops, gadgets, clocks, mobile phones, and calculators, among other devices. Surging expenditure on consumer electronics, particularly in emerging nations, such as Asia Pacific, is likely to bolster the Injection molded plastics market share in the coming years.
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Europe to maintain top status in terms of revenue:
The Europe injection molded plastics market is estimated to exceed a valuation of USD 85 billion by the end of 2027, progressing at approximately 4% CAGR over the assessment timeframe. Owing to its useful properties, such as toughness, durability, cost efficiency, and impact strength, plastic is speculated to be widely applied in the European market for injection molded plastics. Moreover, as plastic can be reused, converted, and recycled, it generates low waste in compliance with EU directives, which is slated to foster regional market outlook through the forecast period. Additionally, the advent of green building technology in Europe is foreseen to drive the adoption of bio-based injection molded plastics in the forthcoming years.
Impact of COVID-19 pandemic on injection molded plastics market:
The onset of COVID-19 disrupted the global supply chain, however, the injection molded plastics market progressed at a moderate pace by virtue of widespread applicability of these plastics in varied industries. Notably, soaring demand for antimicrobial and antiviral properties in various products among consumers created massive growth potential for industry players. In addition, companies also shifted their focus on making products like personal protective equipment (PPE) and other medical equipment to accommodate the increasing demand for these products in the healthcare sector, which has been favorable for industry uptake during the pandemic.
Leading market players:
Some key players operating in the global injection molded plastics industry include BASF, ExxonMobil, Dow Chemical, SABIC, INEOS, LyondellBasell Industries, and others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.