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The global injection molded plastics market size is projected to reach USD 498.98 billion by 2027. The high demand for manufacturing switches, computer boards and housing, electric tools, inkjet printers, assemblies, and LEDs is set to affect growth positively. This information is given by Fortune Business Insights™ in a new report, titled, “Injection Molded Plastics Market Size, Share & COVID-19 Impact 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, 2020-2027.” The report further states that the market stood at USD 360.60 billion in 2019. But, it is set to exhibit a CAGR of 4.8% during the forecast period between 2020 to 2027.
Five Injection Molded Plastics Manufacturers Adopt New Strategies to Surge Sales amid COVID-19
In August 2020, PlastiCert, StackTeck Systems Ltd., Performance Plastics, Cavalier Tool and Manufacturing, and Metro Mold and Design announced that they are increasing innovation in molds and adding new equipment and tools to enable quicker processing and to lower material consumption. They are rapidly adopting unique marketing channels, delivering consumers ways to prevent supply-chain disruptions in China, and are responding to the need for PPEs owing to the COVID-19 pandemic.
As per Jordan Robertson, the Vice President of StackTeck Systems, “It is a major challenge for us with a whole new range of requests from consumers who need molds constructed quicker than usual. Hence, we are aiming to make everything faster. The COVID-19 pandemic has increased the demand for high-volume molds that are to be utilized in face-shield headbands, test-kit components, and test tubes.”
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Rising Demand for Recyclable & Eco-friendly Packaging to Augment Growth
The rising technological innovations in injection molded plastics are likely to propel market growth. Customers nowadays are looking for 100% recyclable and eco-friendly packaging. This will also help in reducing the emission of carbon in the atmosphere. Also, this type of molded plastics are extensively used in the food & beverages industry as they help in keeping food safe and fresh for a longer period. These factors would eventually bolster the injection molded plastics market growth in the near future.
Expansion of Production Facilities — Significant Strategy of Key Companies
The major manufacturers operating in the global market are situated in Asia Pacific. They are expanding product portfolios, distribution channels, and regional presence to strengthen their positions. Some of them are also broadening their production facilities to cater to the growing demand.
Fortune Business Insights™ presents a list of all the prominent injection molded plastics providers operating in the market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Billion) and Volume (Million Tons)
By Resin, By Application, By Geography