In 2019, the global injection molded plastics market size was valued at $258.2 billion, and over the forecast period, injection molded plastics market experts predict that it will have register a CAGR of 4.6%.
As the increasing plastics parts demand from packaging, medical utilization, or mechanical components, injection molded plastics market has become popular in parts production. The innovation injection plastic technique solved some problems which may meet in plastic molding and made a more efficient plastic injection molding.
During the forecast period, the APAC is expected to have the fastest growth molded plastic market. Especially in China and India, they have advantages from the government, which provides tax benefits and financial incentives to increase the FDI ( foreign direct investments) flow to help them increase the demand for injection molded plastics. Their low-labor cost for the producer can reduce the overall manufacturing cost-effectively.
According to the raw material type, application, and geography, injection molded plastics market can be divided into three parts.
Molded plastics market as raw materials insight, the commonest injection plastic materials are polypropylene, high-density polyethylene (HDPE), polystyrene, and acrylonitrile butadiene styrene (ABS), etc.
As the application insight, the market is segmented into packaging, automotive, healthcare, consumer goods & electronics, etc. The packaging is leading injection molded plastics market application segment, which has 37% of the world demand in 2014.
World injection molded plastics market can be divided into North America, Europe, and Asia-pacific. The leader area is North America, which has 35% of the molded plastics market share in 2014.
Raw material injection molded plastics market is segmented as polypropylene, ABS, HDPE, and polystyrene, etc. In the segment market, Polypropylene has the largest market share.
In 2019, polypropylene held the market share of over 36% in terms of volume. It is widely used in automotive components, household goods, and packaging applications. With the increasing of these industries, the market of this material has also grown.
ABS is the second major raw material in injection molded plastic market. It has a share of over 25% of the global market in terms of value in2009. ABS can be used in the manufacturing of medical devices, automotive components, and electronic enclosures, etc. The size of the global ABS market is expected to have nearly 5% up to 2024.
HDPE is another plastic material with a wide using range and is expected to have more than $60 billion market size in 2014. It is mainly used in consumer goods and the building & construction industry.
Packaging, medical & automotive industry, and building & construction application occupied the most of application segment of the injection molded plastics market.
The packaging is the largest segment of injection molded plastics market in application. In 2019, it has the net demand of over $ 79 billion. Packaging using in the food industry should have various development phases to meet the regulatory guidelines and end-user requirements. It can increase the shelf life of food.
Application segment of the molded plastic market is expected to witness a growth in the medical devices and components sector. In the field of medical devices, its needed parts are very complex. Injection molded plastic in the medical industry can provide optical clarity, biocompatibility, and cost-effective method of production.
In automotive industry, plastic injection molding is more popular to be used, and the government recently requires automotive manufacturers to use plastics rather than other materials like iron and steel. On the other hand, automotive manufacturers are still trying to find a way to reduce the overall weight of vehicles to improve fuel efficiency. Taking plastics instead of metals is an effective way, and enhances the growth of the molded plastics market.
In 2024, building & construction may occupy the application segment of molded plastics market at over 4.5%. in the construction industry, injection plastics are known as its cost-effectiveness, toughness, and chemical resistance. The building made by construction plastics is more quick and efficient, it can be used in saving energy.
As regional insights, the world injection molded plastics market can be segmented as North America, Europe, and Asia Pacific.
Asia Pacific has the largest market share of injection molded plastics which is over 38% of volume in 2019. The major driven countries such as China, India, Japan, South Korea, Thailand, Malaysia, and Australia. With their support, Asia Pacific will register gains at over 6%, in the future. The requirement of increasing urbanization and quality infrastructure will create the demand for efficient solutions in the building & construction industry. Green building in construction will also create demand of injection molded plastics.
Europe includes Germany, UK, France, Italy and Spain and other countries. Driven by them, Europe record gains over 4% in the future. Europe is the center of automotive manufacturing industry, and there has a huge demand of automotive parts. Innovation of vehicle parts has boosted the demand for polymer & plastic composites. By 2027 it is estimated to reach $ 91.9 billion.
U.S., Canada, and Mexico are the major area segment of injection molded plastics market. The market size of it will reach $85 billion by 2024 with the growth of the electrical & electronics sector. Various advanced techniques of electronics will led the adoption of smart devices which will enhance the growth of the molded plastics market.
Cpetitive Market Share
The global injection molded plastics market exist high-fragmented situation. There is lots of unorganized sector, especially in Asia Pacific. Some companies trying to seek opportunities to increase the ability of economies of scale.
These companies play an important role in injection molded plastics market. BASF, Hunstsman, Dow, Magna International, Eastman, INEOS, and SABIC. Injection molded plastic manufacturers are still seeking for partnership & collaborations, research and develop new products to enhance their product portfolio and find new customers.