Injection Molded Plastics Market Size By Raw Material (Polystyrene, HDPE, ABS, Polypropylene), By Application (Building & Construction, Automotive, Consumables & Electronics, Packaging), Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017- 2024
Published Date: Apr 2016 | Report ID: GMI416 | Authors: Kunal Ahuja, Kritika Mamtani
Injection Molded Plastics Market size was over USD 225 billion in 2016 and industry expects consumption at over 155 million tons by 2024.
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Rapid growth for plastic components from various end use industries such as automotive, construction and electronics along with shift in consumer preference towards high performance materials in automobiles in order to improve fuel efficiency over metal counterparts should foster the market growth. Global plastic production amounted over 330 million metric tons in 2016 which is likely to boost the market size. Plastic is extensively used in the production of flexible packaging, piping, insulation and coatings as it is highly versatile and can be easily molded into different shapes and sizes. Rising environmental concerns in order to reduce carbon footprint and technological innovations should accelerate the injection molded plastics market growth.
Growing demand from construction industry owing to the extensive use of injection molded plastics in flooring, roofing, piping, walls, insulation and windows shall foster the product demand. These products offer high abrasion & chemical resistance and are economically feasible which is the major driving factor of the market. Annual production value of the construction industry in the UK accounted over USD 320 million which shows huge opportunities for market growth. Growing public infrastructure projects & residential buildings and supportive government schemes such as FDI & tax benefits is likely to boost the market size.
Plastics such as ABS, HDPE are widely accepted for use in various end use industries such as packaging, construction and automotive owing to its superior flexibility and properties. However, these products are formed using various petrochemical compounds which are non-biodegradable and harmful for environment which is likely to hamper the market growth. Although, plastics have a negative impact on the environment owing to its non-biodegradable nature, new innovations in technology have enhanced the manufacturing process which offer less harmful plastics which in turn favour product demand.
|Market Size in 2016:||225 Billion (USD)|
|Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||5.5%|
|2024 Value Projection:||345 Billion (USD)|
|Historical Data for:||2013 to 2016|
|No. of Pages:||245|
|Tables, Charts & Figures:||331|
|Segments covered:||Raw Material, Application and Region|
|Pitfalls & Challenges:|
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Injection Molded Plastics Market, By Raw Material
Global ABS market size may witness gains close to 5% up to 2024. These materials are extensively used in the manufacturing of automotive & electronics components owing to its lightweight, superior impact resistance and low cost. ABS is widely used in the manufacturing of plastic sheets and pipes pertaining to its chemical & thermal stability and toughness. Large number of automotive components and household appliances are manufactured using ABS owing to its ability to impart glossy look and maintaining the aesthetic value of end use product. Rising usage of ABS in automobiles to reduce auto component weight should propel the material demand.
Global HDPE market size is likely to exceed USD 60 billion by 2024. These materials possess superior electrical insulation properties, impermeability and high strength which enhances its application in consumer goods and building & construction industry. Increasing use of plastic pipes in residential & commercial buildings and growing packaging industry has created significant opportunities for healthy market growth. Increasing R&D activities to enhance the manufacturing of high-quality packaging materials is likely to drive the material growth.
Injection Molded Plastics Market, By Application
Packaging application is likely to surpass USD 105 billion up to 2024 on account of growing usage of plastic packaging over a wide range of industries such as food & beverage, healthcare, cosmetics and other consumer goods. These products are used as a substitute for metals as they produce less carbon emissions. Packaging preserves food & beverage products from pathogens and extends shelf life. Increasing beverage consumption and rapid growth in urban population has fueled the demand for canned food products which is likely to stimulate the injection molded plastics market growth
Building & construction application may witness gains at over 4.5% up to 2024. Increasing government regulations towards energy efficient buildings and growing urbanization is likely to fuel the construction market growth. Injection molded plastics are used in construction industry owing to its cost-effectiveness, toughness and chemical resistance. The products are recyclable which helps in saving energy. Rise in industrial infrastructural development such as pipeline projects and increasing consumer spending on high performance, durable materials shall boost the market size.
North America, driven by the U.S., Canada and Mexico Injection Molded Plastics market size should surpass USD 85 billion by 2024 pertaining to the huge growth opportunities in electrical & electronics sector. Emergence of various advanced technologies in consumer electronics has boosted the adoption of smart devices which is likely to have an impact on the market growth. Rising government initiatives to support digitalization and increasing consumer willingness to spend more on smart electronic devices is likely to induce regional industry growth.
Europe driven by Germany, UK, France, Italy and Spain may record gains over 4% in the projected timeframe owing to the presence of huge automotive manufacturing hubs in the region. Increasing consumer preference for light-weight auto parts to enhance the overall vehicle efficiency has boosted the demand for polymer & plastic composites which is the key driving factor of the market. Stringent government regulations in the region to reduce VOC emissions along with increasing government initiatives to support road infrastructure is likely to stimulate the market growth.
Asia Pacific driven by China, India, Japan, South Korea, Thailand, Malaysia and Australia will register gains at over 6% during the projected timespan. Increasing urbanization along with consumer spending on quality infrastructure has boosted the demand for sustainable solutions in buildings & construction industry. Expansion of green building in construction sector and increasing government spending on residential and non-residential projects shall further propel the market growth in region.
Competitive Market Share
Global injection molded plastics market share is fragmented owing to the presence of several players such as BASF, Huntsman, Dow, Magna International, Eastman, INEOS and SABIC. Major manufacturers are focusing on strategic partnerships & collaborations and developing new innovations to enhance the product portfolio and attract new customers.
Injection molded plastics imparts shape to the material by heating the molding material. It is cost effective, offers resistance to corrosive chemicals and physical impacts drive its demand.
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