Injection Molded Plastics Market to exceed $ 345 bn by 2024
Published Date: August 28, 2019 Authors: Kunal Ahuja, Kritika Mamtani
Injection Molded Plastics Market size is set to surpass USD 345 billion by 2024; according to a new research report by Global Market Insights, Inc.
Growing demand for light weight plastics from construction, packaging & automotive industry owing to its superior capabilities shall accelerate the injection molded plastics market growth. Increasing penetration of molded plastics owing to its durability, toughness and reshaping abilities is likely to have a positive impact on the product demand. Rising consumption of plastics as substitutes pertaining to its easy availability, reduced weight and low cost is likely to stimulate the market growth.
Injection molded plastics offer high strength and durability which makes them ideal for various industries such as packaging, transportation and building & construction. These products significantly reduce the manufacturing cost and can be reshaped multiple times without compromising the quality of plastic. Rising shift in trend to replace steel used in automobile manufacturing with high performance materials to enhance automotive performance should stimulate the injection molded plastics market share.
Get more details on this report - Request Free Sample PDF
Polypropylene market demand may observe significant gains at over 5.5% by 2024. Polypropylene offers high versatility and offers a better alternative to other plastics owing to its low coefficient of friction and chemical resistant to a wide range of acids & bases which makes it useful in various applications such as automobile and construction. Increasing demand for light weight, shock resistant plastics from automotive & electronics industry and growing consumer awareness towards the benefits of polypropylene should further drive the material demand.
Browse key industry insights spread across 245 pages with 290 market data tables and 41 figures & charts from the report, “Injection Molded Plastics Market Size By Raw Material (Polystyrene, HDPE, ABS, Polypropylene), By Application (Building & Construction, Automotive & Transportation, Consumables & Electronics, Packaging), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Building & construction application market demand is expected to surpass USD 35 billion up to 2024. Injection molded plastics are widely used in construction industry for their applications in flooring, windows and roofing owing to its toughness and chemical & abrasion resistance compared to its metal counterparts and offer cost effectiveness. Increasing construction development such as underground constructions is projected to drive market size.
U.S. injection molded plastics market growth may witness significant gains at over 4.5% during the forecasted period. Changing standards of living and rising technological advancements have enhanced the use of electrical appliances in various end-use industries which is the major driving factor of the market. Introduction of innovative mobile technologies and cost effectiveness has expanded the consumer base of the industry. Growing R&D in consumer electronics along with increasing penetration through E-commerce platform is likely to stimulate the market growth.
Germany demand is expected to surpass USD 14.5 billion up to 2024. Increasing automotive sales has boosted the demand for superior auto parts & components to improve the overall performance of the vehicle. Consumer inclination towards low weight & economically feasible materials has boosted the demand for high performance plastics. Increasing investment in advanced processing technologies in automotive sector along with government support to reduce carbon footprint shall drive the market growth.
China injection molded plastics market share is expected to witness growth over 6.0% during the projected timeframe. Increasing population along with rapid urbanization has boosted the demand for sustainable residential buildings which is shall have a major impact on the market growth. Increasing economic growth along with consumer inclination towards efficient and smart buildings has urged manufacturers to develop high performance products for construction industry. Rising disposable income of consumers and increasing government expenditure on infrastructure development shall further induce market growth.
BASF, ExxonMobil, INEOS, BASF, Huntsman, Magna International and IAC group are major industrial participants in injection molded plastics market share. Companies are focusing to enhance their business by strategic partnerships & collaborations with focus on R&D to improve the product portfolio.
Injection molded plastics research report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Billion from 2014 to 2024, for the following segments:
Injection Molded Plastics Market, By Raw Material
Injection Molded Plastics Market, By Application
- Consumables & Electronics
- Automotive & Transportation
- Building & Construction
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Saudi Arabia
- South Africa