According to a new research report by Global Market Insights Inc., the Injection Molded Plastics Market size is anticipated to surpass USD 385 billion by 2027.
Consistently growing demand for injection molded plastics from construction industry for roofing, flooring and insulation applications is projected to stimulate the market growth over the forecast period. Growing residential construction sector and rapid development of public infrastructure in developing economies such as China, India. Brazil and Middle East countries will surge in demand for injection molded plastics.
Injection molded plastics are used to manufacture wide range of window and door components, wall and ceiling panels, piping, flooring etc. High strength, durability, lightweight and improved material recyclability has made injection molded plastics as a preferable choice for construction applications. They are even utilized in hand tools, fasteners, and large and small accessories. Greater cost effectiveness as compared to metal and wood alternatives will enhance the demand of injection molded plastics over the projected timeframe in construction sector.
“Growing demand of light weight vehicles” will spur market growth from Acrylonitrile butadiene styrene (ABS)
The global injection molded plastics market for acrylonitrile butadiene styrene (ABS) segment was valued at over USD 95 billion in 2020 and is projected to account USD 100 billion by 2027 due to the growing demand of light weight vehicles. ABS is a common thermoplastic majorly used in the production of lightweight, rigid automotive parts such as wheel covers, enclosures, consoles, headlight housings, interior trim parts and other auto parts.
Numerous properties such as high tensile strength, heat performance, low cost coupled with strong resistant to chemical corrosion makes them suitable for manufacturing automotive parts. Stringent regulations related to vehicle emission and growing focus on fuel economy has increased the demand for automotive lightweight materials thereby driving the segment growth.
Several governments around the world have strict vehicle emissions and fuel consumption regulations. These regulations are forcing automakers to increase their use of lightweight materials such as light metals, composites and plastics. For example, the implementation of Euro 6 standards followed by European Union member states will stimulate the reduction of pollutants such as nitrogen oxides and carbon monoxide.
OEMs also need to improve fuel economy and reduce CO2 emissions. In addition, lightweight building material manufacturers and suppliers are investing heavily in research and development to develop new and advanced lightweight building materials. As a result, with the increasing demand for lightweight vehicles the demand for ABS is expected to increase in Europe over the coming timeframe.
Browse key industry insights spread across 250 pages with 285 market data tables and 35 figures & charts from the report, Injection Molded Plastics Market By Raw Material (Polystyrene, HDPE, ABS, Polypropylene), By Application (Building & Construction, Automotive, Consumables & Electronics, Packaging), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021– 2027”, in detail along with the table of contents:
Shift in trend towards consumer packaging is likely to boost the demand of injection molded plastics for packaging
The global injection molded plastics market from packaging is anticipated to witness significant growth of around 4% during the forecast period. Injection molded plastics are used for rigid packaging in industrial and consumer packaging industry. They are widely used to make containers, bottles, caps, and closures for food and beverages, pharmaceutical and cosmetic products due to their biocompatibility and cost-effectiveness.
Furthermore, growing environmental concerns has shifted the consumers’ focus towards retail consumer packaging. This will further result in the rising demand for convenient and sustainable packaging solutions over the anticipated period.
Initially, injection molded plastics was extensively used in food and beverages; however, in recent years, polyethylene, polypropylene and polystyrene are widely used in medical packaging such as housings and casings for or medical and laboratory equipment, enclosures for pharmaceutical products etc. owing to their ruggedness, durability, and elasticity, as well as its resistance to chemicals and electricity. Thus, rapid growth of medical devices and components sector will propel the demand for injection molded plastics in packaging.
Asia Pacific accounted for the largest market owing to increasing utilization in automotive and construction applications.
The Asia Pacific injection molded plastics market will account over USD 50 billion by 2027 and is anticipated to gain traction at a CAGR of 4% from 2021 to 2027. Increasing utilization in automotive and construction applications has surged the industry growth in Asia Pacific. China is among the world’s largest automotive producer, according to the China Association of Automobile Manufacturers, over 27 million vehicles were sold in 2018 and the 35 million automobile units is expected to manufacture by the end 2025. Injection molded plastics are utilized in exterior as well as interior auto parts. Excellent tensile strength, high resistant to physical impact and corrosion and low cost of production has increased the use of injection molded plastics in automotive industry.
Moreover, light weight, improved insulation, UV protection, cost efficiency and waterproofing properties have made them suitable for construction applications. Increasing construction spending especially in emerging countries such as China, India and Southeast Asian countries is expected to contribute to the industry growth. Supportive government policies to improve and rebuild public infrastructure will also propel the market growth.
Key manufacturers in the injection molded plastics industry are investing in several activities, such as product development, collaborations and partnerships, acquisitions and research & development, as the products find an array of applications in the various end use industries including building & construction, automotive, consumables & electronics and packaging. Some of the key players operating in the market are ExxonMobil, Dow Chemical, Eastman, DuPont, SABIC, INEOS, BASF and others.
Additionally, manufacturers are adopting new technologies such as sandwich injection molding, gas/water-assisted injection molding and micro-injection molding to develop high quality customize solutions at affordable cost to meet their customer’s need and requirements.