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 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Injection molded plastics are manufactured using plastic injection molding process. The process involves injecting molten plastic into an injection mold cavity to form complex shapes with intricate details and tight tolerances. Injection molded plastics find wide applications across various end-use industries due to advantages such as durability, flexibility in designing, low production cost.
Market key trends:
One of the key trends in the injection molded plastics market is increased demand from the packaging industry. The packaging industry is the largest consumer of injection molded plastics owing to high demand for packaging of various consumer goods. Injection molded plastics provide an excellent barrier against moisture, gas, and light. Moreover, plastic packaging solutions are lightweight and offer considerable design flexibility. Thus, the exponential growth of the e-commerce and food & beverage industries is expected to drive the consumption of injection molded plastics in packaging applications over the forecast period.
SWOT Analysis
Strength: Injection molded plastics can be mass-produced efficiently at low costs. They also provide durability and versatility in shapes.
Weakness: The setup and tooling costs for injection molding machines are high. Injection molded parts also produce wastes such as flash and runners.
Opportunity: The growing automotive and packaging industries provide major opportunities for injection molded plastics due to increased demand for lightweight and durable components. Rising focus on sustainability also opens up opportunities for bio-based and recycled plastics.
Threats: Strict environmental regulations around plastic waste disposal and recycling pose major threats. Volatility in raw material prices can also threaten profits.
Key Takeaways
The Global Injection Molded Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from the automotive and packaging industries.
Regional analysis
The Asia Pacific region dominates the global injection molded plastics market, with China being the largest producer and consumer. This can be attributed to presence of a booming automotive and packaging industries in the region. North America is another major market for injection molded plastics led by the US, owing to the strong automotive sector and technological advancements supporting plastic molding.
Key players
Key players operating in the Injection Molded Plastics market are BASF, DOW Chemicals, Huntsman Corporation, Ineos oxide, Saudi basic industries corporation, Exxon Mobil Corporation, Du Pont de Nemours & Company, and Lyondellbasell industries. The major players are focusing on expanding their production capacities and diversifying their product portfolios to meet the growing demand for high-performance plastics from end-use industries.
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