Injection molded plastics refers to the technological process of shaping plastics by injecting molten plastic material into a mold. Injection molded plastics products find applications across industries such as packaging, automotive, electronics, construction, and consumer goods. Plastics offer benefits such as durability, flexibility, resistance to corrosion, and low production cost. They are used to manufacture toys, bottle caps, packaging containers, automotive parts, and electrical components.
The global Injection Molded Plastics Market is estimated to be valued at Us$ 314.92 Mn in 2023 and is expected to exhibit a CAGR Of 5.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The packaging industry has been one of the major end-users for injection molded plastics and its increasing demand is projected to be a key trend driving market growth over the forecast period. Packaging manufacturers are increasingly favoring injection molded plastics for their packaging products owing to their custom design flexibility, durability, and reduced production costs. Plastics find widespread usage in caps and closure, jars, bottles, containers, films & bags, and thermoformed packaging products. With the thriving e-commerce industry and increasing consumption of processed and packaged food & beverages globally, the demand for plastic packaging solutions is expected to surge rapidly through 2030, thereby propelling the demand for injection molded plastics.
Segment Analysis
The global injection molded plastics market is dominated by the packaging sub-segment. This is because packaging applications accounts for over 40% of the total demand for injection molded plastics on account of the growing demand for food, beverage and consumer goods packaging. The packaging sub-segment is expected to witness higher growth during the forecast period owing to the rising disposable incomes and changing lifestyles across developing nations which is translating into heightened demand for packaged and processed foods.
Key Takeaways
The Global Injection Molded Plastics Market Demand is expected to witness high growth over the forecast period. Rapid urbanization, rising middle class population and growth in end-use industries like automotive, packaging, consumer goods etc. are driving the demand for injection molded plastics globally. The global injection molded plastics market is estimated to be valued at US$ 314.92 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regional analysis
Asia Pacific currently dominates the global injection molded plastics market and is expected to maintain its lead over the forecast period. This is owing to the rising manufacturing activity and increasing consumption across countries like China and India. China accounts for over 35% of the global demand for injection molded plastics and is projected to remain the fastest growing market through 2030.
Key players
Key players operating in the injection molded plastics market are LyondellBasell Industries Holdings B.V., Exxon Mobil Corporation, Dow Inc., SABIC, INEOS, China Petroleum Corporation, Solvay SA, Eastman Chemical Company, Formosa Plastics Group and Reliance Industries Limited. LyondellBasell Industries Holdings B.V. and Exxon Mobil Corporation are the global leaders in terms of production capacity and market share in the injection molded plastics market.
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