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Injection Molded Plastics Market Overview
The global injection molded plastics market is estimated to account for $283,546 million in 2016 and is projected to witness a CAGR of 6% during the period 2017 to 2025. Growing demand for injection molded polypropylene, HDPE, polystyrene, and others in automotive, construction, medical and electronics industries is driving the growth of the injection molded plastics market.
In terms of raw material, the injection molded plastics market has been segmented into polypropylene, acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), polystyrene and others. Polypropylene is estimated to dominate the injection molded plastics market in 2017, accounting for more than 25%. Polypropylene is preferred by the end users owing to its low cost and compatibility with wide variety of applications. Automotive components manufacturing, consumer goods production, and packaging are some of the major applications of injection molded polypropylene.
On the basis of application, the global injection molded plastics market has been segmented into packaging, consumables and electronics, automotive, construction, medical and others. Packaging is estimated to dominate the market in 2017, accounting for more than 26%. Plastics are widely used for food & beverages packaging applications such as packaged beverages, canned processed foods, packaged pet foods, and others. These myriad mentioned applications are expected to drive packaging application demand of injection molded polypropylene, ABS, HDPE and others during the forecast period.
Globally, Asia-Pacific is expected to hold largest share in the injection molded plastics market throughout the forecast period. Increasing infrastructure spending along with increase in automobile demand in countries, such as China, Indonesia, India, Japan and Malaysia, is driving the growth of the injection molded plastics market in the Asia-Pacific region.
Injection Molded Plastics Market Dynamics
Recent developments in the Corporate Average Fuel Economy (CAFE) have forced automobile makers to seek new ways to reduce fuel consumption. Light weight will be a crucial factor in meeting the regulations due to the inherent correlation between mass and fuel consumption. In addition, reduced weight of injection molded thermoplastics provide buffer for other weight consuming technologies like those used in electrical automobiles, which use heavyweight batteries. The growing importance of injection molded plastics in automotive industry is expected to influence the dynamics of the injection molded plastics market in future.
Automotive industry is one of the fastest growing end-use industries for injection molded plastics and their growth is directly linked with the growth of the industry. Automotive industry, particularly in developed economies of North America, Europe, and Japan, witnessed a slump during the economic recession of 2008-2009. During the same period, the growth of Asian automotive industry, particularly the industry in China and India, managed to stabilize the global automotive industry. With technological innovations in the field of automobile components manufacturing, high performance thermoplastic, along with other injection molded polypropylene and similar materials, are finding breakthrough applications in the automotive industry. This trend is expected to positively impact the injection molded plastics market during the forecast period.
Sectors such as construction, packaging, and automotive are the primary markets for injection molded thermoplastics on account of growing demand for their products, particularly in emerging markets of Asia-Pacific and Latin America. Injection molded polymers are widely used for flooring, roofing, insulation, wall, doors, and window applications in building & construction industry. Use of plastics in construction industry offers cost effectiveness as compared to metallic materials or woods. Cost benefit is one of the factors driving the growth of the injection molded plastics market in the regions including the Asia-Pacific region, Central & South America (CSA), and Middle East and Africa (MEA).
Increasing demand for consumer goods, processed food, and beverages in emerging markets of Asia-Pacific and Latin America is a major factor driving packaging industry growth. High demand for packaging in food and pharmaceutical sectors is expected to further complement the market growth. Plastics are gaining importance in different packaging applications owing to their durability, temperature resistance and low cost. Due to such beneficial attributes, injection molded polypropylene, ABS, HDPE and others are used in different packaging applications, such as caps and closures, totes, industrial shipping pails, and crates. Such wide scale applications of injection molded polypropylene, ABS and other similar materials are driving the growth of the global injection molded plastics market during the forecast period.
Increasing concerns regarding toxic issues pertaining to petrochemicals along with depleting crude oil reserves have been driving the development of bio-based polymers. Government regulations restricting consumption of petrochemical-derived polymers in certain applications such as food packaging and medical devices are expected to further incentivize the production of bio-based polymers. Polymers derived from bio-based sources such as polybutylene succinate (PBS), polylactic acid (PLA), and polyhydroxyalkanoate (PHA) exhibit exceptional biodegradability than the petrochemical derivatives such as polypropylene, ABS, HDPE, polystyrene, and others. Owing to such benefits, demand for bio-based polymers is growing as a replacement of plastics in many industries, which acts as a hindrance to the growth of the injection molded plastics market.
Injection Molded Plastics Market Competitive Landscape
Some of the leading players operating in the injection molded plastics industry are Exxon Mobil Corporation, BASF SE, E.I. du Pont de Nemours & Co., The Dow Chemical Company, Huntsman Corporation, Eastman Chemical Company, INEOS Group Holdings S.A., LyondellBasell Industries Holdings B.V., SABIC, and Magna International Inc.