Brooklyn, NY, January 7, 2018 – According to a new research published by Polaris Market Research the injection molded plastic market is anticipated to reach over USD 396.1 billion by 2026. In 2017, the packaging segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
The diverse applications of injection molded plastic in industries such as healthcare, construction, packaging, automotive, and consumer goods among others is expected to support the growth of this market. Other driving factors include introduction of lower labor costs, production at faster rates, reduced wastage, and material flexibility. However, increasing concerns regarding environmental pollution, and increasing demand of bio-based polymers are expected to restrict the growth of the market. Increasing demand from developing nations, and technological advancements are expected provide numerous growth opportunities to the market players during the forecast period.
Injection molded plastic is used in a wide range of applications in the automotive sector. Injection molded plastic is used in production of automotive interiors, exteriors, fuelling framework, and under-hood applications. Injection molded plastic offers cost efficiency in large scale manufacturing of automotive parts. Injection molded plastic is increasingly being used as replacement to metals, offering lighter weight, reducing wear and tear, and providing rust resistance.
Asia-Pacific generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The presence of emerging industries such as healthcare, construction, and packaging, substantial initiatives in research and development, and favorable government policies drive the market growth. Rapid industrialization and growth of manufacturing industry further support market growth in the region.
The different end-users of injection molded plastic include automotive, construction, packaging, healthcare, consumer goods, and others. In 2017, the packaging segment accounted for the highest market share. The healthcare segment is expected to grow at the highest CAGR during the forecast period. This is owing to increasing demand of injection molded plastic in surgical blades, pregnancy test devices, and other applications.
The well-known companies profiled in the report include E. I. DuPont De Nemours and Company, Huntsman Corporation, China National Petroleum Corporation, the Dow Chemical Company, Exxon Mobil Corp., BASF SE, Eastman Chemicals, LyondellBasell, Berry Plastics Group, SABIC, and INEOS Group among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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