The market for Plastics Injection Molding is expected to grow at a CAGR of over 4% during the forecast period. Major factors driving the market studied are accelerating usage in consumer goods & electronics and growing demand in packaging industry. On the flipside, stringent environmental regulations on use of plastics and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
- Growth of healthcare sector in emerging economies and adoption of light weight vehicles and electric vehicles are expected to offer various lucrative opportunities for the growth of market.
- By application, packaging segment is expected to dominate the market owing to increase in the usage of plastics in food & non-food packaging.
- Asia-Pacific region dominated the plastics injection molding market across the globe with the largest consumption from countries such as China, India, and Japan.
Key Market Trends
Increasing Demand from Packaging Segment
- Injection molding is a manufacturing technique for producing plastic products such as components and parts, which are used across various end-user industries. In this process, molted material is injected into a mold, where it is melted, cooled and finally solidified as a finished product of desired shape and size.
- The growing demand for packaging for cosmetics and toiletries, pharmaceuticals, household chemicals, and food & beverages is increasing the demand of injection molded plastics, which is propelling its market.
- Additionally, injection molded plastics have benefits such as increased shelf life of food products, increased durability, optical clarity and reduced wear & tear. Due to these benefits, the demand for injection molded plastic is expected to rise, which would stimulate its market during the forecast period.
- The Global Packaging Industry is projected to grow at a CAGR of over 6% during the forecast period. This is anticipated to provide ample opportunities for the growth of plastics injection molding market during the forecast period.
- Owing to all the above-mentioned factors for plastics injection molding, its market is expected to grow rapidly over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for plastics injection molding during the forecast period. In countries like China, India, Japan and South Korea, owing to increasing demand for plastics from various end-user industries like packaging, automotive & transportation, healthcare, electronics, and building & construction, the demand for plastics injection molding has been increasing in the region.
- The growing usage of injection molded plastics in medical industry owing to properties such as bio-compatibility and optical clarity is expected to propel the market during the forecast period. Also, the rising trend of bio-degradable polymers among medical devices manufacturing companies is expected to create lucrative opportunities for the growth of plastics injection molding market.
- Additionally, the rising trend of using molded plastics materials instead of metals and alloys among automotive manufacturers to reduce the overall weight of vehicles for increasing fuel efficiency of the vehicle and rising electric vehicles industry are expected to positively impact the plastics injection molding market in the region.
- Furthermore, increasing demand of molded plastics in electronic appliances such as laptops, cell phones, washing machines, and others is expected to further propel the plastics injection molding market in the region. The electronics and consumer goods plastics market is expected to grow at a CAGR of over 6% during the forecast period. These factors are expected to stimulate the plastics injection molding market during the forecast period.
- Some of the major companies operating in Asia-Pacific region are - BASF SE, LyondellBasell Industries Holdings B.V., and Eastman Chemical Company.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for plastics injection molding during the forecast period.
The plastics injection molding market is fragmented with top players accounting for a marginal share of the market. Some of the key companies in the market include BASF SE, HTI Plastics, Eastman Chemical Company, LyondellBasell Industries Holdings B.V., and Huntsman International LLC.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support