Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Injection Molded Plastics market.
Trusted Business Insights presents an updated and Latest Study on Injection Molded Plastics Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Injection Molded Plastics market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ Injection Molded Plastics Market Size, Share & Industry Analysis, By Resin Polypropylene (PP), Acrylonitrile butadiene styrene (ABS), High-density polyethylene (HDPE), Polystyrene (PS), and Others), By Application (Automotive, Packaging, Building & Construction, Electrical & Electronics, Medical, and Others), and Regional Forecast, 2020-2029-(Includes Business Impact of COVID-19)
The global injection molded plastics market size was USD 346.10 billion in 2018 and it is projected to reach USD 513.45 billion by 2026, exhibiting a CAGR of 5.1% during the forecast period.
We have updated the Injection Molded Plastics Market with business impact analysis and disruption caused by COVID-19.
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Injection molding is the manufacturing process for the fabrication of plastics. A wide variety of plastics products are produced with the help of injection molding, which varies with size, application, and complexity. In the injection molding process, plastic is melted in the injection molding machine and further injected into the mold, where it solidifies into the final part after cooling. The injection molding process is mostly used to produce thin-walled plastic parts for various end-use industries.
Injection-molded plastics parts are made up of various plastic resins such as polypropylene (PP), acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), polystyrene (PS), and others depending upon their applications, physical properties, cost-effectiveness, and environmental impact. Some of the major applications of injection molded plastics are automotive, packaging, building & construction, electrical & electronics, medical, and others.
Injection-molded plastics are majorly used in the packaging industry for making containers, food packaging, bottles for cosmetics and pharmaceutical products, and different types of closures. In 2018, packaging accounted for over 35.41% of the share in the injection molded plastics market. Plastic is also an ideal material for electronics products as it can be conducive as well as non-conductive plastic, UV resistance, rigid and flexible, and also available in various colors. Additionally, injection-molded plastics also have considerable demand in applications such as LEDs and assemblies, inkjet printers, electric tools housing, computer boards and housing, switches, and many others.
Growing Demand from Packaging Applications Likely to Drive the Market
Injection-molded plastics are extensively used in the packaging applications, especially in food packaging, as they do not react with food and keep it safe. The most common applications are caps, closures, containers, bottles, and many more. Injection-molded plastics containers packaging is clear and leak-resistant and thus keeps food fresh for a long time. These plastics are also reusable, washable, and microwavable, and thus have the highest demand amongst people.
Additionally, the latest innovations in injection-molded technologies are expected to have a positive impact on the injection molded plastics market growth, as the new packaging coming in the market is eco-friendly and 100% recyclable. Also, various government bodies are supporting the recyclable packaging as it will reduce carbon footprint and is expected to drive the injection molded plastics market trends.
By Resin Analysis
Polypropylene Segment to Generate the Highest Revenue During the Forecast Period
Polypropylene holds the largest share in this market. Polypropylene is the most preferred resin for automotive, building, and construction industries as they are lightweight and shock-resistant, which are the essential properties in terms of safety. Polypropylene is amongst the lowest density plastics and is safe for food containers as it does not leach chemicals into food products. Polypropylene plastic injection molding is used to produce various parts and products of all the shapes and sizes. Some of the significant reasons for polypropylene to be widely used in injection molding include moisture-resistance, high molding capability, available in food-grade, excellent food grade, chemical resistance, and low cost.
The acrylonitrile butadiene styrene (ABS) segment also holds a significant share in the injection molded plastics market, as it has high strength, good toughness, and easy moldability. ABS has substantial applications in automotive parts, packaging, consumer products, industrial parts, and others. ABS is majorly used for the material as it has high impact resistance, toughness, and high resistance to scratch and provides excellent dimensional stability. The market for ABS is expected to rise in the near future due to its significant applications in the making of automotive parts.
By Application Analysis
Packaging Segment to Exhibit a Significant CAGR During the Forecast Period
The packaging segment held the largest share in this market. This segment is driven by food & beverages, pharmaceutical, and retail applications. Plastic closures and caps demand is driven by the long-term shift in consumer packaging as people moved from glass and metal to plastic because of the excellent properties of plastic packaging. Many injection molding companies work closely with the manufacturers of food & beverages, pharmaceuticals, and other manufacturers as these companies have to deal with government regulations and legal liabilities. The packaging segment is also driven by demand from personal care & beauty, biomedical, and other industries, the injection molded plastics market analysis says.
The demand for electrical & electronics applications is increasing exponentially as these materials are widely used for the manufacturing of electrical and electronic devices. Manufacturing of various electronic devices, such as meters, sensors, and industrial test equipment, requires high accuracy. To meet this demand, components are made by injection molding method, which provides high accuracy.
Injection-molded plastics have applications in the manufacturing of automotive parts. Exterior, interior, decorative interior, and various components such as resonators, fuel tank systems, and electrical covers are the primary examples of parts made from the injection molding method.
Asia-Pacific is anticipated to remain a key region in the market during the forecast period owing to the rising demand for injection molded plastics from the packaging and automotive industries. China is a major consumer of injection-molded plastics due to the increase in the population along with rapid urbanization and will, thus, have a significant impact on the growth of the regional market. Moreover, increasing economic growth in Asia-Pacific and consumer inclination towards efficient and smart buildings have urged manufacturers to develop high-performance products in the building and construction industry. The region is expected to witness the highest growth in this market across the globe. China, Japan, and India are key countries contributing to the injection molded plastics market growth in the region owing to the demand for healthy food with proper packaging and rising building and construction activities in these countries.
The demand in North America for injection molded plastics is expected to rise due to exponential demand from the packaging and electronics industries in this region. There is the presence of a large manufacturer base for injection molded plastics in this region, and thus, the market expected to show healthy growth in the near future.
On the other hand, Europe is projected to hold a significant portion in the injection molded plastics market. Increasing demand for packaged food and beverages would contribute to the growth of the market in the region. Additionally, the use of injection-molded plastics for electronics goods is the other key factor in driving market growth in Europe.
Latin America and the Middle East & Africa would showcase lower growth in this market compared to the other regions due to the lower production capacities in this region and high import cost.
INDUSTRY KEY PLAYERS
Market Players like BASF SE and Dow Inc. to Strengthen the Market Position by Offering Novel Solutions
Major producers of injection molded plastics are located in Asia-Pacific, leading to a fragmented market. The producers located in North America and Europe are aiming to strengthen their market position in various countries in Asia-Pacific to drive the growth of their respective organizations. Key players in the market have, therefore, developed strong regional presence, distribution channels, and product offerings.
List Of Key Companies Profiled:
- BASF SE
- Dow Inc.
- HTI Plastics
- Valder Kunststoffverarbeitungs GmbH
- Toshiba Corporation
- Coastal Plastic Molding, Inc.
- Huntsman Corporation
- Magna International Inc.
A growing trend is observed in the penetration of the injection molded plastics market across industries.
The injection-molded plastics market report provides qualitative and quantitative insights on the market and a detailed analysis of the Injection molded plastics market size & growth rate for all possible segments that exist in the market. This market is segmented by resin, application, and geography. Based on resin, the market is classified into polypropylene (PP), acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), polystyrene (PS), and others. Based on application, the market is classified into automotive, packaging, building & construction, electrical & electronics, medical, and others. Geographically, the market has been analyzed across five major regions, which are North America, Europe, Asia- Pacific, Latin America, and Middle East & Africa. These regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the injection molded plastics market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in this market, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape, and company profiles.
Report Scope & Segmentation
- Polypropylene (PP)
- Acrylonitrile butadiene styrene (ABS)
- High-density polyethylene (HDPE)
- Polystyrene (PS)
- Others (Polycarbonate, Polyamide, etc.)
- Building & Construction
- Electrical & Electronics
- North America (U.S., and Canada)
- Europe (Germany, U.K., France, Italy, Russia and Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa ( Saudi Arabia, South Africa and Rest of the Middle East & Africa)
Key Industry Developments
September 2019: Toshiba Corporation, a diversified products manufacturer and service provider headquartered in Japan, is expanding its assembly capabilities in the U.S. Injection Molding Division of Toshiba Machine. The capacity is increased by 58,000 ft2 in Elk Grove Village, Ill. This expansion was done to meet the increasing customer demand for plastics in this region.
February 2019:Automation Tooling Systems (ATS) Inc., leading designer and producer of turn-key automated manufacturing and test systems, acquired Micro Precision Plastics (MPP), leading micro-precision plastic injection molding company, based in Bowmansville, Ontario, for $8.6 million to serve the various end-users such as automotive, electronics, and consumer products.
Quick Read Table of Contents of this Report @ Injection Molded Plastics Market Size, Share & Industry Analysis, By Resin Polypropylene (PP), Acrylonitrile butadiene styrene (ABS), High-density polyethylene (HDPE), Polystyrene (PS), and Others), By Application (Automotive, Packaging, Building & Construction, Electrical & Electronics, Medical, and Others), and Regional Forecast, 2020-2029-(Includes Business Impact of COVID-19)
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