Injection Molded Plastics Market size is primed to be worth over USD 450 billion by 2032, suggests a recently published report by Global Market Insights Inc.
Increasing demand for molded plastic components across the automotive sector in regions such as the Asia Pacific and North America will significantly contribute to the industy growth from 2023 to 2032.
Automobile manufacturers globally have been undertaking R&D initiatives to introduce lightweight automotive components to improve the fuel economy of modern automobiles while enhancing their safety and performance. Polymer composites and plastic components significantly reduce overall vehicle weight and also result in lower carbon emissions, thus minimizing the overall environmental impact. The increased emphasis on developing energy-efficient vehicles owing to the escalating environmental concerns and stringent regulatory norms pertaining to vehicle emissions will augment the injection molded plastics sales over the forecast timeframe.
HDPE injection molded plastics to witness increased demand due to their superior characteristics
Based on the raw material, injection molded plastics market from High-Density Polyethylene (HDPE) segment is slated to exceed USD 75 billion by 2032. HDPE injection molded plastics find major applications in household goods, storage vessels, refrigeration units, PET bottle bases, kitchenware, seal caps, etc., due to their superior strength, chemical resistance, excellent electric insulation, and impermeability. Besides, the increasing product usage across the defense sector for manufacturing transport and nuclear storage containers, particle accelerators, and hot cells will drive segmental revenues during the forecast timeframe.
Cost-effective benefits to propel product demand across consumables & electronics applications
The Injection Molded Plastics Market size from consumables & electronics applications is set to witness over 4% CAGR and amass more than USD 135 billion by 2032. The integration of injection molded plastics in electronic gadgets, such as computers, laptops, and high-rated appliances, increases their affordability by minimizing production costs. It also helps reduce device weight and offers an increased level of flexibility in manufacturing, designing, and customizing products, further elevating its demand for consumables & electronics.
Browse key industry insights spread across 250 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, Consumables & Electronics, Packaging), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Strict regulatory framework to bolster product sales across North America
North America injection molded plastics market is predicted to be worth over USD 110 billion by 2032. The flourishing building and construction sector, coupled with the burgeoning demand for processed food & beverage products, will positively influence the regional business. In addition, the stringent energy and fuel efficiency norms pertaining to mitigating carbon emissions will create optimistic scenarios for the injection molded plastics industry in North America.
Technolgical advancements to define the strategic landscape
Notable players in the injection molded plastics market include BASF SE, DuPont, ExxonMobil Corporation, The Dow Chemical Company, Huntsman Corporation, Eastman Chemicals, INEOS Group, LyondellBasell Industries, SABIC, Magna International Inc., Berry Global Inc., Becton Dickinson (BD, IAC Group, and Rubbermaid Commercial Products LLC, among others.
Companies operating in this business vertical have been focusing on leveraging advanced technologies to develop products with superior capabilities and gain access to a broader consumer base.