The Global Injection Molded Plastics Market is expected to reach $513.45 billion by 2026, exhibiting a CAGR of 5.1% during the forecast period. The rising uptake of injection-molded plastics across different industries is foreseen to be a key growth driver for this market in the forthcoming years. These plastics are being extensively utilized in the food and beverage industry owing to the stringent regulatory norms that govern their manufacturing process and quality. As a result, the majority of the molded plastics used are engineered to not react with the food or beverage that is being packed. These materials are primarily used to manufacture caps, containers, conveyor system components, and filters in the food and beverage industry. Another industry where these plastics are finding rising demand is medical and pharmaceutical.
Packaging of medicines and other medical equipment requires high-quality moldable material as any reaction with the medicine could prove disastrous for the patient. Injection-molded plastics provide the optimum solution for this industry as they have high strength and have good resistance to high temperatures.
Fortune Business Insights™ in this new report, titled “Injection Molded Plastics Market Size, Share & Industry Analysis, By Resin Polypropylene (PP), Acrylonitrile butadiene styrene (ABS), High-density polyethylene (HDPE), Polystyrene (PS), and Others), By Application (Automotive, Packaging, Building & Construction, Electrical & Electronics, Medical, and Others), and Regional Forecast, 2019-2026”, states that the market value stood at $346.10 billion in 2018.
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Cost- and Size-related Limitations to Stem Growth
While there is high demand from different industries for injection molded plastics, certain limitations of these plastics related to size and cost may hold back the market from reaching its true potential. For instance, before reaching the final production stage, numerous designing and molding operations need to be performed, which can escalate costs for the manufacturer. Furthermore, the tool used for molding process is complex and requires skills to operate, thereby necessitating investment in training employees in handling this equipment. With regard to size, these products require large machines, whose installation and maintenance can prove pocket-heavy for the manufacturer. Moreover, making these plastics is a time-consuming process, taking up to 6 weeks to produce one product, which is a major disadvantage inhibiting the growth of this market.
“However, these drawbacks notwithstanding, the variety of advantages offered by these products will continue to lead the Injection Molded Plastics Market trends”, says a lead analyst at Fortune Business Insights™.
List of Key Players Covered in the Injection Molded Plastics Market Report:
- Magna International Inc.
- Coastal Plastic Molding, Inc.
- HTI Plastics
- Dow Inc.
- Huntsman Corporation
- Toshiba Corporation
- Valder Kunststoffverarbeitungs GmbH
- BASF SE
Key Industry Developments:
- December 2019: BASF launched its polyphenylsulfone (PPSU) Ultrason® P 2010, an upgrade to its renowned Ultrason® P. The new offering features enhanced flow behavior in injection moldings, enabling manufacturing of complex items such as those used in airplanes. The advancement will also ensure low energy consumption as it enables more efficient raw material processing.
- August 2019: Dow Inc. and Fuenix Ecogy Group collaborated to produce and fully-recyclable plastic. The partnership will achieve this by using pyrolysis oil feedstock, which Dow will utilize to manufacture new polymers at its production plants in the Netherlands. Polymers manufactured using this feedstock can be used in various industries, especially food packaging.
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Expansion of Automotive Industry to Propel the Market in Asia-Pacific
Asia-Pacific is projected to dominate the Injection Molded Plastics Market share on account of rapid expansion of the automotive industry fueled by rising incomes in India and China. In addition to this, there is increasing demand for efficient and safe food packaging in India, China, and Japan. Other factors driving the regional market include escalating pace of urbanization, growing adoption of smart buildings, and high population growth in this region.
Robust presence of major manufacturers along with well-established packaging and electronics industries will ensure stable growth of the market in North America, where the market size was at USD 49.93 billion in 2018. In Europe, high demand for injection molded plastics from the food and beverage industry will elevate the potential of the market in the region.
Offering of Eco-friendly Solutions to Make Competition Fierce
The Injection Molded Plastics Market forecast predicts that key players in this market are developing innovative, environmental-friendly products that are energy-efficient and recyclable. With sustainability being the industrial buzzword, such innovative offerings would stand in good stead for the companies in the coming decade.
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