Home > Polymers & Advanced Materials > Injection Molded Plastics Market
Injection Molded Plastics Market size to exceed over USD 385 billion in 2027 and is estimated to grow at a CAGR of over 4.5% from 2021 to 2027. Shift in consumer preference towards high performance materials coupled with the adoption of new manufacturing technologies and increasing government regulations towards energy efficient buildings and smart building technologies will contribute to the market growth in construction sector.
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The construction industry uses injection molded plastics to replace a variety of metals, alloys and other materials to improve weight, insulation, UV protection, cost effectiveness and waterproofness. The main uses of plastics in the building and construction industry are plumbing, floors, walls, windows, roofs, and insulation. The widespread use of injection molded plastics in plumbing, insulation, floors, walls, windows, and roofs is projected drive the demand for injection molded plastics.
Increased construction spending, primarily in China, India and Southeast Asia, should boost market with increased public infrastructure projects and housing construction. Furthermore, rapid industrialization will stimulate industrial growth in the Asia-Pacific region, along with tightening government regulations on energy-efficient buildings and smart building technologies.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 275 Billion (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 4.5% |
2027 Value Projection: | 385 Billion (USD) |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 250 |
Tables, Charts & Figures: | 331 |
Segments covered: | Raw Material, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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Polystyrene market was surpassed USD 25 billion in 2020 and is projected to grow at a CAGR of around 4% during the forecast period. Polystyrene is majorly used in food packaging, industrial packaging and consumer packaging. The injection molded plastics market was positively impacted by COVID-19 in 2020 as the demand for packaging products, including food, pharmaceuticals and consumer electronics has increased during lockdowns along with the escalating trend of consumer spending on e-commerce applications.
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Polystyrene is a versatile plastic and apart from packaging it is widely used in the production of appliances such as refrigerators, air conditioners, electronics such as televisions, computers, instrument panels, insulating material for construction industry, soundproofing structures and utilities for medical industry. Multifunctional properties such as lightweight, high impact resistance, excellent thermal insulation and crack-resistant etc. of polystyrene has raised its demand from various end use industries accelerating the injection molded plastics market growth.
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The global automotive industry segment was valued at USD 45 billion in 2020 and is expected to account USD 65 billion by 2027. Injection molded plastics are used to manufacture various automotive parts such as wheel covers, enclosures, consoles, headlight housings and interior parts. Their high tensile strength, strong resistant to chemical corrosion, lightweight, durability and high resistant to physical impact has encourage the manufacturers to replace metals parts from automotive design. Europe and China are among the largest automotive market across the globe. Introduction of stringent regulations related to vehicle emission and increasing focus towards fuel efficiency has escalate the demand for lightweight vehicles which in turn has propelled the injection molded plastics market in these regions.
Moreover, the manufacturers operating in automotive industry are effectively utilizing injection molded plastics as they provide improved recyclability, durability, abrasion resistance, vibration control and strength. Injection molded plastics also permits the manufacturers to minimize production cost facilitate modular assembly practices and improve vehicle exterior aerodynamics hence improving the performance of the vehicle.
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Latin America injection molded plastics market size is expected to exceed USD 50 billion by 2027. Injection molded plastics are used to manufacture variety of window and door components, wall and ceiling panels, piping, flooring etc. The government initiatives of building renovation along with favorable government schemes such as foreign direct investment and tax cuts is one of the primary reasons attributing to the market growth.
Brazil, Chile, Colombia and Peru are at nascent stage of overall development and thus experiencing significant growth in residential and public infrastructure development and renovation. According to United Nations data, Latin America is home to 624 million people and presents high rates of urbanization, with more than 80%of its population living in cities. Growing number of residential constructions coupled with low financing rates for housing is expected to spur the Injection molded plastics market revenue in the region.
In 2020, the injection molded plastics market for Brazil was valued around USD 15 billion and is anticipated to grow approximately at a CAGR of 6.5% through 2027. Stable economic conditions and availability of easy financial support has supported the development of industrial infrastructural development such as building renovation, pipeline projects etc.
Injection molded plastics imparts abrasion resistance, durability, thermal stability, mold stability and recyclability. These characteristics may favor product market demand in construction industry. Furthermore, availability of raw materials and favorable government schemes to initiate foreign direct investments will boost the injection molded plastics market growth during the forecast period.
The global injection molded plastics industry includes key players such as SABIC, Ineos, BASF, Dupont, Magna International Inc, ExxonMobil Corporation, Eastman Chemicals, Becton Dickinson (BD, Rubbermaid Commercial products LLC, LyondellBasell Industries, The Dow Chemical Company, Berry Global Inc, IAC Group.
Key market players are engaged in several activities such as collaborations/partnerships & business expansion and product development & innovations and others. These strategies help these companies to gain competitive edge in the global injection molded plastics market.
For instance, in March 2017, SABIC started a new pilot plant in the Netherlands to manufacture new generation polypropylenes which will support the automotive, appliances, pipe and advanced packaging industries.
In August 2017, INEOS Styrolution expanded its production capacity by another 34,000 metric tons. This expansion has increased their geographical presence and meet demand.
The injection molded plastics market report includes in-depth coverage of the industry with estimates & forecast in terms of volume (Kilo Tons) and revenue in USD (Billion) from 2016 to 2027 for the following segments:
The above information has been provided for the following regions: