IMARC Group’s latest report, titled “Injection Molded Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global injection molded plastics market size reached US$ 292.2 Billion in 2022. Injection molded plastics are obtained by injecting plastic materials molten by heat into a mold, followed by cooling and solidifying them. They are generally manufactured from thermoplastics, such as polypropylene (PP), high-density polyethylene (HDPE), low-density polyethylene (LDPE), acrylonitrile butadiene styrene (ABS), polycarbonate (PC), polyamide (nylon), and high impact polystyrene (HIPS). They are used to fabricate complex and intricate parts with precision and less waste. Since they are lightweight and cost-effective, injection molded plastics have gained immense traction across the packaging, electronics, healthcare, automotive, and consumer goods industries.
Global Injection Molded Plastics Market Trends:
The extensive applications of injection molded plastics across numerous industries represents the primary factor driving the market growth. For instance, since it is a food-grade plastic, ABS is widely used in producing mixing bowls, lunch boxes, measuring cups, citrus squeezers or butter dishes, coffeemakers, mixers, blenders, food processors, and refrigerator parts. Besides this, it is also utilized in food packaging, such as in lids and tubs for margarine containers, as they require high tear strength, which is another major growth-inducing factor. Moreover, the escalating demand for packaging for cosmetics and toiletries, pharmaceuticals, household chemicals, and food & beverages has accelerated product adoption rates. Additionally, there has been a rise in the use of injection molded plastics for manufacturing bags, films, bottles, golf club heads, plastic clarinets, medical devices, cellular phones, utensils, athletic apparel, geomembranes, eyewear lenses, area rugs, and car batteries. In line with this, the growing usage of nylon due to its superior electrical properties, toughness, stability, and resistance against wear, abrasion, impact, and chemicals has augmented the demand for injection molded plastics. Furthermore, the development of novel technologies for producing plastic products owing to the shifting focus of market players toward high-volume production using low-cost and high-quality plastics has propelled the market growth. Other factors, including the rapid expansion in the packaging sector, elevating automobile sales, inflating consumer purchasing power, increasing product applications in the construction industry, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$
374.0 Billion by 2028, expanding at a CAGR of 4% during 2023-2028.
- Based on the raw material, the market has been divided into Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS), High-Density Polyethylene (HDPE), Polystyrene (PS), and others.
- On the basis of the application, the market has been classified into packaging, consumables and electronics, automotive and transportation, building and construction, medical, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being BASF SE, Berry Global Inc., Chevron Phillips Chemical Company LLC, Dow Inc., Eastman Chemical Company, ExxonMobil Corporation, Heppner Molds Inc., Huntsman International LLC, Ineos Group Ltd, LyondellBasell Industries N.V., Mitsubishi Chemical Corporation, Rutland Plastics Limited, and Saudi Basic Industries Corporation.
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