Application of Injection Molded Plastic in Packaging to Boost Growth of Global Market

Pune, India, March, 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Injection Molded Plastic Market.

Market Snapshot

After careful analysis of the current trends, Market Research Future (MRFR) is of the view that the global injection molded plastic market will prove to be a profitable venture with a lucrative growth rate during the forecast period (2022 - 2030).

Growth Drivers and Key Challenges

March 2019 – Plastic Components Inc. recently acquired Cary, which is a North Carolina-based company that manufactures engineered as well as high-precision injection molded components. With this acquisition, the company is striving for expansion through expanded geography and an upper hand among its competitors in the market. This instance showcases the continuous efforts being put in by numerous players for expanding their production capabilities, in addition to indulging in various marketing strategies to cater to the growing demand for injection molded plastic.

The injection molded plastic market is projected to go through a tremendous expansion in the years to come, as a result of the increasing demand for plastic parts across a variety of end use sectors such as home equipments, automobile industry, medical instruments, packaging sector, and electronics & electrical sector. Increasing expenditure on construction, particularly in the emerging markets of India, Brazil, Russia, China, Mexico, and South Africa, will serve to be a stimulating factor in the market growth. The market growth trajectory is expected to be further assisted by the versatile features possessed by the end products, including heat resistance and good pressure, which make these items highly applicable to numerous sectors across the globe. However, the volatile price of key raw materials could prove to be an impeding factor in the growth of the market to some extent.

Nevertheless, the overall size of the market is projected to expand relentlessly in the future, with the shifting focus on the production of injection molded plastic by using bio dependent equivalents. The prominent plastic manufacturers are constantly partnering with the biotechnology firms, giving way to joint ventures that help synergize their operations that help in the production of bio dependent plastics as well as finished products.

Market Segmentation

The market for injection molded plastic is segmented on the basis of application and raw material.

The application-wise segments in the global market are consumable & electronics, packaging, building & construction, automotive & transportation, medical, and others. Here, the packaging will be surging at a significant CAGR during the review period, owing to the various properties of injection molded plastic that offer enhanced resistance from wear and tear, in addition to improving the shelf life of the product, which adds to the overall durability of the product packed. Furthermore, the elevated demand from the medical as well as the electronic sector will serve to be beneficial for the market growth as well.

The injection molded plastic market, depending on the raw material, caters to ABS, polypropylene, polystyrene, HDFE, polycarbonate, PEEK, engineering thermoplastic polyurethane, LLDPE, PET, LDPE, and others. Out of these sub-segments, polypropylene is slated to be the dominating segment in the global market, with the prediction of it witnessing strong growth in the next few years. The polypropylene segment held more than 30% of the market share in the year 2016. The relentless growth of the segment has been possible due to the growing demand for the household, packaging and automotive applications.

Regional Insight

The regional analysis of the global injection molded plastic has been done in the prominent regions of Europe, Latin America, Asia Pacific, North America, as well as the Middle East & Africa.

Demonstrating a lucrative growth pattern amongst all the regions is Asia Pacific, which has taken the lead with the majority stake in the global market. The report states that the regional market share was over 30% in the year 2017, with the expeditious rate of urbanization and the growth of numerous industries responsible for the said growth. Additionally, the increasing government regulations like tax benefits and incentives are luring in various manufacturers that are now striving to expand their market presence in the region, resulting in the market development. Not just this but the expansion of the automobile and construction sector will also amp up the demand for injected molded plastic in the region.  The countries in the region such as India, China and Japan have established themselves as the primary consumers of injection molded plastic.

The North America region, on the other hand, is making similar stride with a highly established market for injection molded plastic at a global level. The highly advanced end-user industries like construction, electronics and transportation, are fueling the market expansion to a large extent. In addition, the growing funds that are used for the renovation as well as construction of residential and commercial infrastructure will strive to uplift the demand for injection molded plastic in these sectors.

The injection molded plastic market in Europe will showcase positive outlook in the near future, motivated by the expansion and growing demand from the construction and automobile sectors. The countries at the forefront of the regional market include France, Germany and Italy. Other factors working in favor of the regional market are the well-developed pharmaceutical and cosmetic industry coupled with the rising demand for processed food, which in turn, pushes the use of injected molding plastics in the nonfood and food packaging application.

Prominent Industry Vendors

The well-renowned contenders in the global injection molded plastic market include INEOS Group AG, Reliance Industries Limited, Huntsman Corporation, Chevron Phillips Chemical Company LLC, DuPont, BASF, Dow Chemicals, ExxonMobil, LyondellBasell, SABIC, Eastman Chemical Company, among others.

Recent News

February 2019 - Westfall Technik Inc. has carried out the acquisition of Precision Injection Molding Company, which will help continue the company’s aggressive expansion strategy. The company is making efforts to establish itself as the plastic industry’s strong contender and make further name for itself in the global injector molded plastic market.

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