Injection Molded Plastics Market: Growth Trends, Forecast and Competitive Analysis

The global injection molded plastics market is expected to register a CAGR of 5.40% during 2021–2028. Market Research Future (MRFR) recognizes the following companies as the key players in the global injection molded plastics market: BASF SE (Germany), Huntsman International LLC (US), SABIC (Saudi Arabia), Exxon Mobil Corporation (US), LyondellBasell Industries Holdings BV (Netherlands), DowDuPont (US), INEOS Group Holdings SA (UK), Chevron Phillips Chemical Company (US), Reliance Industries Limited (India), and Eastman Chemical Company (US).

Market Highlights

The global injection molded plastics market is estimated to be valued at USD 420,537.20 million by 2028 and register a CAGR of around 5.40% during the forecast period.

The global injection molded plastics market is expected to witness a surging growth in the coming assessment period due to its widespread usage in the packaging industry. The high-performance characteristics of injection molding technology are expected to be the key factor driving the growth of the globa lmarket. The growing demand in other major end-use industries such as automotive & transportation, building & construction, electrical & electronics, and healthcare is also expected to contribute to the growth of the global market. Furthermore, the use of robotics in injection molding is expected to offer lucrative opportunities for the manufacturers of injection-molded plastics during the forecast period. However, high capital investment, expensive mold redesigning, and high turnaround time are some of the factors expected to restrain the market growth during the forecast period. Fluctuating crude oil prices are expected to be a major challenge for the players operating in the global market. In addition, the outbreak of covid-19 has severely impacted the global market owing to the shut-down of factories, reduction in workforce, and decline in production output. However,with the lift of lockdown measures and trade restrictions, the demand is expected to gain pace,drivingthe market growth.

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Segmental Analysis

According to MRFR analysis, the global Injection Molded Plastic Market has been segmented based on type, application, and region.

Based on type, the global injection molded plastic market has been segmented into polypropylene, ABS, ASA, SAN, HDPE, LDPE, LLDPE, polystyrene, polycarbonate, PEEK, PET, polyurethane thermoplastics, and others. The polypropylene segment accounted for the largest share of over 40% in the global market in 2020. This growth is mainly attributed to the advancements in technology, expansion of production capacities, and growing application areas of injectionmolded plastic in diverse end-use applications. Additionally, it is also expected to register the highest CAGR of 6.40% in the coming forecast period.

Based on application, the global market has been segmented into packaging, consumables & electronics, automotive & transportation, building & construction, medical, and others. The packaging segment accounted for the largest market share of around 40% globally in 2020. This growth can be attributed to the growing demand from the food & beverage, medical, and consumer goods sectors. Furthermore, it is also expected to register the highest CAGR of 6.1% throughout the forecast period.

Regional Analysis

Geographically, the global injection molded plastic market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As per MRFR analysis, the Asia-Pacificregiondominated the global market, with the largest share of around 50%in 2020,and is expected to registera CAGR of around 6.0% during the forecast period. The market growth can be attributed to the high availability of raw materials, low-cost labor, rapid industrialization, and commercialization in the region, especially with the growth of the packaging industry. North Americais followed by Asia-Pacific, whichaccounted for the second-largest share of the global injection molded plastic market in2020 and is likely to record asignificantCAGR of around 5.0% during the forecast period. The European region is predicted to register a mode rate CAGR ofaround 4.8% during the forecast period. Latin America and the Middle East & Africa market sare also likely to exhibit a notable CAGR of around 4.5% during the forecast period, 2021-2028.

Key Findings of the Study:

The global injection molded plastic market was assessed to be valued at around USD 2,81,854.49 million in 2020 and is expected to register a CAGR of around 5.4% to reach USD 4,20,537.20 million by the end of 2028.

Based on type, the polypropylene segment held the largest share of over 40% by value in 2020 and is expected to register a CAGR of around 6.4% during the forecast period.

Based on application, the packaging segment held the largest share of over40% by value in 2020 and is expected to register a CAGR of around6.0% during the forecast period.

Asia-Pacificaccounted for the largest shareof around 50% by valuein the global market in 2020.

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