The worldwide injection molded plastic market volume was evaluated at 199870 million US dollars in 2014. The market is predicted to experience substantial growth & expansion in the coming years owing to the growing demand for plastic parts across different end-use sectors like the automobile industry, home equipment, the packaging sector, medical instruments, and electronics & electrical sectors.
The injection molding method involves the production of molded items by injecting molten plastic substances by using heat into a mold and solidifying these substances. Current technological breakthroughs to reduce the rate of defective production have increased the importance of injection molded techniques in the mass manufacturing complex plastic structures.
Growing expenditure on construction, specifically in growing markets of Russia, Brazil, Mexico, China, South Africa, and India, is predicted to stimulate the demand and growth of the global injection molded plastic market. It is further assisted by versatile features of finished items that include good pressure and heat resistance making these items more applicable to different market sectors.
Low crude oil costs combined with the financial condition of China have had a substantial effect on the petrochemicals business. China plays a key role in the bulk manufacture and dealing of petrochemical derivatives. As a result, different firms have accepted business strategies to maintain yearly growth and reduce the effect of lowered oil costs on profit margins.
Volatile costs of key raw materials, including propylene, benzene, styrene, and ethylene, combined with growing ecological concerns related to their disposal, are predicted to impede the growth of the worldwide injection molded plastic market during the estimated period. To surmount these threats, the market has shifted its focus towards producing injection molded plastic using bio-dependent equivalents. As a result, key plastic producers have been partnering with biotechnology firms and forming joint ventures to synergize their operations to produce bio-dependent plastics and finished goods.
Injection Molded Plastic Market By Raw Materials:
The worldwide injection molded plastic market by raw materials includes High-density polyethylene, Polypropylene, Polystyrene, and Acrylonitrile butadiene styrene.
Polypropylene evolved as the biggest raw material section and contributed more than 36% to the total demand of the global injection molded plastic market by raw materials during 2014. Heavy demand for injection molded polypropylene in household products, automobile parts, and packaged applications is a key aspect stimulating its use. In addition, growing penetration of polypropylene finished goods in the food packaging sector & protective caps in battery housings as well as in electrical contacts are a few of the factors predicted to further stimulate the demand and growth of the global injection molded plastic market during the estimated period.
Polypropylene parts are being extended in electrical contacts and the food packaging industry owing to their properties like rust resistance and electric insulation. All these factors are predicted to contribute to the rapid growth of the polypropylene section during the estimated period.
Acrylonitrile butadiene styrene evolved as the second key raw substance for injection molded plastic. It contributed more than 26% to the total revenue share of the global injection molded plastic market. Heavy demand for Acrylonitrile butadiene styrene parts in medical equipment, electronic housings, automobile parts, and customer devices production is predicted to stimulate the demand and growth of the global injection molded plastic market during the estimated period.
Injection Molded Plastic Market By Application:
The global injection molded plastic market includes automobiles, packaging, medical, consumables & electronics, and building & construction.
Packaging was the main injection molded plastic application section, with an overall demand of more than 30,000 kilo tons during 2014. The finished goods utilized in packaging experience different evolving stages to cope with regulations and end-user needs. The rising shelf life span of foods, effective performance against wear & tear, and longevity are some of the needs that plastics are required to fulfill for packaging uses & applications.
Injection molded plastic holds tremendous potential, specifically in the medical sector as well as in the automobile sector. The global injection molded plastic market is predicted to experience the biggest growth & expansion in the medical equipment & parts sector. Cost efficacy, optical clarity, and biocompatibility in the injection molded plastic manufacturing process is predicted to stimulate the demand for it in the medical sector. As a result, the medical sector is predicted to touch a net revenue of 24600 million US dollars by the end of the estimated period.
Strict rules regarding the use of medical-grade polymer in the healthcare industry are predicted to favorably affect this industry during the forecasted period. Furthermore, the rising choice of medical equipment producers toward biodegradable polymers is predicted to generate lucrative avenues in the medical sector during the estimated period.
A big change in the trend towards substituting steel with plastics in the automobile sector is predicted to enhance the growth of the global injection molded plastic market during the estimated period. Government rules in the recent past have compelled automobile producers to make plastic use instead of other substances like steel and iron.
Manufacturers of automobiles have been concentrating on minimizing the total weight of automobile vehicles to enhance fuel efficacy. The growing utilization of plastics as substitutes for alloys & metals in automobile parts is predicted to stimulate the demand for plastic products in the automobile end-use application section. This creates greater avenues for injection molded plastic to penetrate the business sector.
Injection Molded Plastic Market By Region:
The worldwide injection molded plastic market by region is divided into four geographical regions:
- The continent of Europe
- The subcontinent of North America
- The Asia Pacific zone
- The rest of the world
The Asia Pacific zone led the global injection molded plastic market in terms of demand during 2014. It contributed more than 36% to the total revenue share of the industry during that year. In addition, growing expenditure on infrastructure and the rise in demand for automobiles in nations like Malaysia, China, Indonesia, and India, is predicted to stimulate industry penetration in the APAC zone.
Due to their cheap labor charges, key end-use industrial sectors like automobiles and electronics are changing their production bases to APAC countries like Indonesia, India, Thailand, and China. Further, these countries’ governments provide tax benefits and incentives to the producers. All these factors enhance the need for producing different components of automobiles and electrical parts. This, in turn, can increase the demand and growth of the injection molded plastic market in the Asia Pacific Zone during theestimated period.
The continent of Europe was another key injection molded plastic market, with total demand predicted to touch the 75100 million US dollar mark by the end of the estimated period. The beverages & nonfood packaging applications and uses in Europe include household chemicals, cosmetics, pharmaceuticals, and toiletries. In addition, the growing demand for electronic equipment like cellular mobiles and laptops in countries like France, the UK, and Germany is predicted to stimulate the demand and growth of electronics applications and consumables in Europe. All these factors will contribute to the growth and expansion of the injection molded plastic market in Europe.
The growth and expansion of the European automobile sector are anticipated to stimulate the demand for injection molded plastic in the continent during the estimated period. A large portion of the demand for the product in coming years is projected to come from the countries like Brazil, China, Thailand, India, Germany, and the USA.
The worldwide injection molded plastic market is highly divided with the presence of a big unplanned segment, specifically in the Asia Pacific zone and different regions of Latin America. Firms from the APAC zone have been continuously searching for substantial capacity additions during the last few years to benefit from functional excellence and acquire economies of scale. Diversification in the product portfolio, improvement in the functioning of the supply chain, product innovation, market penetration, product benchmarking, and product differentiation are a few of the factors that make the global injection molded plastic market competitive in costs and channels of distribution.
The key industry participants involved in the business and included in this global injection molded plastic market report are as follows:
- The Dow Chemical Company
- HTI Plastics
- Newell Rubbermaid
- BASF SE
- INEOS Group
- Rutland Plastics
- Nypro Incorporation
- Berry Plastics Group
- LyondellBasell Industries
- Huntsman International Corporation
- Eastman Chemical Company
- Magna International Incorporation
- Becton Dickinson
- Lacks Enterprises Incorporation
- AptarGroup Incorporation
- Master Molded Products Corporation
- IAC Group
- Exxon Mobil Corporation