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Plastic Injection Molding Market Growing Demand Benefit the Regional Market

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The global injection molded plastics market size is predicted to hit USD 390.3 billion by 2028 from at USD 265.1 billion in 2020 with a registered CAGR of 4.6% from 2021 to 2028.

What are the injection molded plastics market growth factors?

Growing demand from key applications including automotive, packaging, and construction particularly in Brazil, Russia, India, China, and South Africa (BRICS) nations, is likely to drive the growth. The high-growth regions such as Middle East and Asia Pacific have witnessed a surge in capacity addition over the last few years.

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The increasing presence of plastic injection molding companies in China on account of low manufacturing costs and ample availability of skilled labor is anticipated to benefit the regional market. Major foreign companies are increasing their production capabilities in the region, owing to growing demand for plastic products. Government support in the form of tax benefits and financial incentives in China and India to increase the FDI flow has helped develop the market for plastics in these countries.

In packaging applications, High-Density Polyethylene (HDPE) is extensively used in thin wall injection molding. Growing packaging demand from food, bin liners, and thing gauge bags is anticipated to drive its growth over the forecast period. The rising penetration of injection-molded HDPE in shipping containers, industrial pails, and houseware applications is anticipated to further drive its demand over the forecast period.

The recent outbreak of the COVID-19 pandemic has affected the revenue generation of the companies operating in the market owing to the halt or slowdown in the production facilities. Thus, the companies are focusing on upgrade of their resources and production capabilities to help in the fight against the pandemic. For instance, G&C products, a U.S.-based plastic injection mold making company that produces plastic products for the fishing and medical industry, started the production of personal protective equipment such as face shields and face masks.

  • Base Year – 2021
  • Forecast Period – 2021 to 2030

Raw Material Insights

The polypropylene segment dominated the market for injection molded plastics and accounted for the largest revenue share of 34.2% in 2020 owing to its increasing consumption in automotive components, household goods, and packaging applications. Growing polypropylene finished product penetration in protective caps in electrical contacts, battery housings, and food packaging is anticipated to further drive its demand over the forecast period.

Polypropylene components are being widely used in food packaging and electrical contacts on account of corrosion resistance and electrical insulation properties respectively. On account of the aforementioned factors, the segment is expected to witness the highest growth over the forecast period.

However, slow down or halt in manufacturing activities to contain the spread of coronavirus pandemic has led to a decline in the consumption of polypropylene and negatively impacted its demand in various applications. Manufacturers are experiencing difficulties in running their production units owing to logistic restrictions and limitations on the movement of people, which are further cascading the negative impact on the product demand.

Acrylonitrile Butadiene Styrene (ABS) emerged as the second major raw material for injection molded plastics of the overall revenue in 2020. Rising acrylonitrile butadiene styrene component demand in medical devices, automotive components, electronic housings, and consumer appliances manufacturing is expected to drive its demand over the forecast period.

Application Insights

The packaging segment dominated the market for injection molded plastics and accounted for the largest revenue share of 30.6% in 2020. The finished products used in packaging undergo various development phases to cope up with regulatory guidelines and end-user requirements. Increased shelf life of food products, better performance towards wear and tear, and durability are a few requirements plastics need to meet for packaging applications.

Injection-molded plastics hold immense potential, particularly in the medical and automotive industry. The industry is expected to witness the highest growth in the medical devices and components sector. Optical clarity, biocompatibility, and cost-effective method of production are expected to drive demand for injection molded plastics in the medical industry.

Stringent regulatory scenario regarding medical-grade polymer use in healthcare sectors is anticipated to positively impact growth in the sector over the forecast period. Rising preference towards bio-degradable polymers among medical device manufacturers is also anticipated to create profitable opportunities in the medical industry over the forecast period.

A strong shift in the trend towards replacing steel with plastics in the automotive industry is expected to spur the demand for injection molded plastics over the forecast period. Government regulations in the recent past have forced automotive manufacturers to use plastics instead of other materials such as iron and steel.

Automobile manufacturers have been focusing on reducing the overall weight of vehicles to improve fuel efficiency. Increasing use of plastics to replace metals and alloys in automotive components is expected to drive product demand from the automobile segment, thereby providing an immense opportunity for the market for injection molded plastics to grow in near future.

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Regional Insights

Asia Pacific dominated the injection molded plastics market and accounted for the largest revenue share of 38.6% in 2020. Increasing infrastructure spending coupled with growing automobile demand in countries such as China, India, Indonesia, and Malaysia is expected to drive market penetration in the region.

Major end-use industries such as electronics and automobiles are shifting their manufacturing base to Asia Pacific countries such as India, China, Indonesia, and Thailand owing to low labor costs. Government incentives in the form of tax benefits are offered to manufacturers in these regions. This factor increases the requirement for manufacturing various automotive and electrical parts which in turn is expected to drive product demand over the forecast period.

In Europe, the market for injection molded plastics is expected to reach USD 95.2 billion by 2028. Europe’s non-food and beverages packaging applications include cosmetics and toiletries, pharmaceuticals, and household chemicals. Increasing demand for electronic appliances such as laptops and cellular phones particularly in U.K., Germany, and France is expected to drive demand from consumables and electronics applications. The growth of the automobile industry in Europe is expected to further drive the regional demand over the forecast period.

List of Key Players of Injection Molded Plastics Market

  • BASF SE
  • Lyondellbasell Industries N.V.
  • Dow, Inc.
  • DuPont
  • SABIC
  • Eastman Chemical Company
  • INEOS Group

Injection Molded Plastic Raw Material Outlook

  • Polypropylene
  • ABS
  • HDPE
  • Polystyrene
  • Others

Injection Molded Plastic Application Outlook

  • Packaging
  • Consumables & Electronics
  • Automotive & Transportation
  • Building & Construction
  • Medical
  • Others

Injection Molded Plastic Regional Outlook

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Central & South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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