The global injection molded plastics market size valued at USD 363.60 billion in 2021 and expected to reach USD 495.89 billion, at a CAGR of 4.6% during forecast period 2022-2028. For high precision and minimal waste, injection molded plastics are utilized in the manufacturing of complex and convoluted shaped parts. These benefits are driving the fast adoption of injection molding technology in the manufacturing of automotive materials, interior wrapping coverings, food packaging, pharmaceutical containers, assorted parts, and other products. When compared to parts, materials, and components produced hydraulically, injection molding technology is very energy-efficient, and emissions of carbon dioxide are much lower. Plastics that have been injection molded are commonly utilized in packaging. Because of its clear, leak-resistant, reusable and microwavable features, demand for these products is relatively strong.
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Continuous developments and improvements in injection-molded innovations, as well as the creation and marketing of eco-friendlier and more renewable and recyclable packaging materials and solutions, are driving market revenue growth. The increased need for injection molded plastics in the automotive industry is a major driver of market expansion for injection molded plastics. This is due to the novel uses of these plastics in the manufacture of automotive parts in an effort to reduce total vehicle weight. In order to improve energy performance, there is a growing trend toward reducing vehicle weight. Plastics are an important aspect of the new trend since they may significantly reduce weight. Medical device makers' increasing preference for biodegradable polymers creates enormous potential possibilities in the injection molded plastics market. Even during projected timeframe, strict regulatory circumstances regarding the usage of medical grade polymers in the healthcare industry are expected to positively impact overall growth. Moreover, increased environmental issues about the usage of plastics, as well as variable raw material prices, are projected to stifle industry expansion.
On the basis of raw materials, the injection molded plastic market has been fragmented into Acrylonitrile butadiene styrene (ABS), polypropylene, polyethylene, and polystyrene. On the basis of Application, the market s segregated into Electronics Consumer Goods, Automotive Transportation, Building Construction, Packaging, and Medical Others.
In terms of demand, Asia-Pacific accounted for the largest proportion of the worldwide injection molded plastics market. Injection molded plastics are predicted to develop in this region because to the expanding automobile and electronics industries in nations like China, India, and Indonesia. The accessibility of low-cost labor and different tax breaks granted by governments in this region are projected to boost demand even more. Apart from that, numerous plastic manufacturers are expanding or launching new operations in this region, which is likely to have a beneficial impact on the industry.
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The global injection molded plastics market Segmentation:
- By Application: Automotive Packaging, Transportation, Medical
- By Raw Material: ABS, Polypropylene, HDPE, Polystyrene
some of the major players key players in the global injection molded plastics market, which include Lyondellbasell Industries N.V., Dow, Inc., DuPont, SABIC, Eastman Chemical Company, NEOS Group, BASF SE
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