"Innovative Market Solutions to Help Businesses Make Informed Decisions"
The global injection molded plastics market size stood at USD 360.60 billion in 2019 and it is projected to reach USD 498.98 billion by 2027, exhibiting a CAGR of 4.8% during the forecast period.
Injection molding is the manufacturing process for the fabrication of plastics. Some of the major applications of this are automotive, packaging, building & construction, electrical & electronics, medical, and others. They are majorly used in the packaging industry for making containers, food packaging, bottles for cosmetics and pharmaceutical products, and different types of closures. In 2018, packaging accounted for over 35.41% of the share in this market. Plastic is also an ideal material for electronics products as it can be conducive, as well as non-conductive plastic, UV resistance, rigid and flexible, and also available in various colors. Additionally, they also have considerable demand in applications such as LEDs and assemblies, inkjet printers, electric tools housing, computer boards and housing, switches, and many others.
COVID-19: Decreasing Demand for Automobiles to Cause Slight Downfall
The market is expected to show mixed growth due to the rising demand from packaging and medical application, while their demand would decrease drastically for applications such as automotive transportation, building & construction, electrical & electronics, and others. The automotive industry is expected to hit hard due to the already changing government regulations and then the sudden decrease in demand for automobiles in the pandemic situation. The overall market is expected to experience a slight downfall in 2020, due to the interruption in the demand/supply of raw materials and is expected to recover in late 2021. The interruption in demand and supply is due to the announcement of lockdowns by various nations.
Request a Free sample to learn more about this report.
Innovation in Injection Molding Technologies is a Prominent Trend
There has been continuous innovation in the technologies of injection molding such as the growing inclination towards integrated approach to product design which has emphasized manufacturability. This has further narrowed down the gap between the designing and manufacturing phase, mainly in the case of complex products, such as medical devices. This is better known as micro injection molding in the manufacturing of medical devices where the practice is employed at a microscopic scale.
The manufacturing cost is a significant factor that decides the adoption rate of new technologies, but the usability of these technologies in complex applications outnumbers the cost factor. The emerging technologies such as IoT, automation, and others are being integrated with the existing injection molding technology for the monitoring of operations. For example, BOY Machines, a provider of precision injection molding machines, released its Status App which enables remote monitoring of injection processes 24 hours a day and seven days a week, using internet-connected devices.
Growing Demand from Packaging Applications to Drive Growth
Injection-molded plastics are extensively used in packaging applications, especially in food packaging, as they do not react with food and keep it safe. The most common application of these are caps, closures, containers, bottles, and many more. An injection-molded plastic container’s packaging is clear and leak-resistant and thus keeps food fresh for a long time. These plastics are also reusable, washable, and microwavable, and thus have the highest demand amongst people.
Additionally, the latest innovations in injection-molded technologies are expected to have a positive impact on the injection molded plastics market growth, as the new packaging coming into the market is eco-friendly and 100% recyclable. Also, various government bodies are supporting recyclable packaging as it will reduce carbon footprint and this is expected to drive the market.
Presence of Alternative Technologies and High Cost of Injection Molding Process to Confine the Market Growth
There are many alternative cost-effective technologies such as blow molding that restrict the adoption of the injection molding process. Injection molding is cost-intensive technology that further restricts the market growth. Emerging technologies such as 3-D printing are continuously improving and can print miniaturized products similar to injection molded products. Further advancement in such technologies is expected to create a negative impact on the demand for injection-molded plastic products in the upcoming years.
Polypropylene Segment to Generate the Highest Revenue Owing to Its Wide Applications
The polypropylene segment holds the largest share in this market. Polypropylene is the most preferred resin for automotive, building, and construction industries as they are lightweight and shock-resistant, which are essential properties in terms of safety. It is amongst the lowest density plastics and is safe for food containers as it does not leach chemicals into food products. Polypropylene plastic injection molding is used to produce various parts and products of all shapes and sizes. Some of the significant reasons for polypropylene to be widely used in injection molding include moisture-resistance, high molding capability, availability in food-grade, excellent food grade, chemical resistance, and low cost.
The acrylonitrile butadiene styrene (ABS) segment also holds a significant share in the market, as it has high strength, good toughness, and easy moldability. ABS has substantial applications in automotive parts, packaging, consumer products, industrial parts, and others. It is majorly used for those materials as it has high impact resistance, toughness, and high resistance to scratch and provides excellent dimensional stability. The ABS segment is expected to rise in the near future due to its significant applications in the making of automotive parts.
To know how our report can help streamline your business, Speak to Analyst
Packaging Segment to Exhibit a Significant CAGR Backed by High Demand from Food & Beverages Industry
The packaging segment held the largest share in this market. This segment is driven by food & beverages, pharmaceutical, and retail applications. The demand for plastic closures and caps is driven by the long-term shift in consumer packaging as people moved from glass and metal to plastic because of the excellent properties of plastic packaging. Many injection molding companies work closely with the manufacturers of food & beverages, pharmaceuticals, and other manufacturers as these companies have to deal with government regulations and legal liabilities. The packaging segment is also driven by the demand from personal care & beauty, biomedical, and other industries.
The demand for injection molded plastics for electrical & electronics applications is increasing exponentially as these materials are widely used for the manufacturing of electrical and electronic devices. The manufacturing of various electronic devices, such as meters, sensors, and industrial test equipment, requires high accuracy. To meet this demand, components are made by injection molding method, which provides high accuracy.
Injection-molded plastics have applications in the manufacturing of automotive components. Exterior, interior, decorative interior, and various components such as resonators, fuel tank systems, and electrical covers are the primary examples of parts made from the injection molding method.
North America Injection Molded Plastics Market Size, 2019 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
Asia-Pacific is anticipated to remain a key region in the market during the forecast period owing to the rising demand for injection molded plastics from the packaging and automotive industries. China is a major consumer due to the increasing population along with rapid urbanization and thus, will have a significant impact on the growth of the regional market. Moreover, the increasing economic growth in Asia-Pacific and the consumer inclination towards efficient and smart buildings have urged manufacturers to develop high-performance products in the building and construction industry. The region is expected to exhibit the highest growth in this market across the globe. China, Japan, and India are key countries contributing to the market growth in the region owing to the demand for healthy food with proper packaging and the rising building and construction activities in these countries.
The demand in North America is expected to rise due to an exponential demand from the packaging and electronics industries in this region. For instance, advanced computer chips are still made in the USA, which has applications in various areas such as medical devices, military equipment, communication technologies, and others. There is also a presence of a large manufacturing base for these molded plastics in this region, and thus, the market is expected to show healthy growth in the near future.
On the other hand, Europe is projected to hold a significant portion of the market. Increasing demand for packaged food and beverages would contribute to the growth of the market in the region. Additionally, the use of these molded plastics for electronic consumer goods is the other key factor driving the market growth in Europe.
Latin America and the Middle East & Africa would showcase lower growth in this market, as compared to the other regions due to the lower production capacities for injection molded plastics in these regions and high import cost.
Market Players to Strengthen their Positions by Offering Novel Solutions
Major producers of injection molded plastics are located in Asia-Pacific, leading to a fragmented market. The producers located in North America and Europe are aiming to strengthen their market positions in various countries in Asia-Pacific to drive the growth of their respective organizations. Key players in the market have, therefore, developed strong regional presence, distribution channels, and product offerings.
An Infographic Representation of Injection Molded Plastics Market
To get information on various segments, share your queries with us
The injection molded plastics market report provides both qualitative & quantitative insights at the global and regional levels. Quantitative insights include the product demand in terms of value (USD billion) & volume (million tons) across each segment, sub-segment, and region profiled in the custom research scope. Also, the research report covers market share analysis and growth rates of the segment, sub-segments, and key counties across each region. The qualitative insight covers an elaborative analysis of the market drivers, restraints, growth opportunities, and key trends related to the market. The competitive landscape section covers a detailed company profiling of the key players operating in the global market.
To gain extensive insights into the market, Request for Customization
Value (USD Billion) and Volume (Million Tons)
By Resin, By Application, By Geography
Fortune Business Insights market research study says that the global market stood at USD 360.60 billion in 2019 and is projected to reach USD 498.98 billion by 2027.
The market will exhibit steady growth at a CAGR of 4.8% in the forecast period (2020-2027).
The polypropylene segment is expected to be the leading resin in the market during the forecast period.
The increasing demand for the packaging industry is driving the market growth.
Asia-Pacific is expected to hold the highest share in the market.
Packaging product applications would drive the adoption of injection molded plastics.
The rising demand from the packaging industry is expected to drive the market.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry