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The global injection molded plastics market was valued at $283.5 billion in 2016, which is expected to reach $496.2 billion by 2025, witnessing a CAGR of 6.0% during the forecast period (2017–2025).
Globally, the APAC molded plastics market is expected to witness the fastest growth during the forecast period. This can be majorly ascribed to the increasing packaging demand from the food & beverages, pharmaceutical, and cosmetics & toiletries industries. The region has also witnessed an increase in soft drink consumption, owing to the increasing temperature along with population, which, in turn, is driving plastics demand for packaging application, resulting in the increasing need for injection molded plastics.
Fundamentals Governing Injection Molded Plastics Market
Key driver for the growth of the injection molded plastics market is the growing demand for injection molded plastics in the automotive industry. This is attributed to the new applications of these plastics for manufacturing automobile components in a bid to reduce overall vehicle weight. There is an increasing trend toward the reduction of automobile weight in order to improve fuel efficiency. Plastics are a vital part of the new trend as these are capable of providing substantial weight reduction.
Growing preference for biodegradable polymers among medical device manufacturers leads to huge growth opportunities in the injection molded plastics market. Stringent regulatory scenarios regarding the use of medical grade polymers in the healthcare sector are projected to positively impact the growth of the market during the forecast period.
Injection Molded Plastics Market Segmentation Analysis
The polypropylene category held the largest revenue, of $103.2 billion, in the injection molded plastics market, based on raw material, in 2016. This is attributed to its high demand in household goods, automotive components, and packaging applications.
The medical application category is expected to exhibit the fastest growth in terms of value, with a CAGR of 6.7%, during the forecast period. Owing to stringent regulations in the medical sector, the use of medical grade polymers made from injection molded plastics hold immense potential to positively impact the growth of the injection molded plastics market during the forecast period.
Geographical Analysis of Injection Molded Plastics Market
Globally, the injection molded plastics market in APAC held the largest share in 2016 and is expected to maintain the same trend throughout the forecasted period. This can be mainly ascribed to the increasing packaging demand in the food & beverages and cosmetics & toiletries industries. In APAC, the Chinese market is expected to generate the highest revenue, of $81.1 billion, in 2025.
Competitive Landscape of Injection Molded Plastics Market
Some of the key players operating in the global injection molded plastics market are ExxonMobil Corporation, INEOS Group Holding S.A, Saudi Basic Industries Corporation (SABIC), Eastman Chemical Company, BASF SE, Huntsman Corporation, E.I. du Pont de Nemours and Company, and LyondellBasell Industries N.V.
Recent Strategic Developments of Major Injection Molded Plastics Market Players
In recent years, major players in the injection molded plastics market have taken several strategic measures, such as product launches and geographical expansions, to gain a competitive edge in the industry. For instance, in June 2017, Eastman launched new bioplastic material (Treva) in the Chinese market, as the country has the potential to become the largest market for the bioplastic material. Treva was available initially in grades for injection molding and extrusion for eyeglasses, electronic displays, electronics, and cosmetics cases.
Moreover, in October 2017, ExxonMobil begun production at its new petrochemical facility in Texas, the U.S. The new first of two lines turning out polyethylene will increase the plant’s output by 650,000 tons per year. The next line will bring the total production at the plant to 2.5 million tons per year.
Market Size Breakdown by Segment
The Injection Molded Plastics Market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2025.
Based on Raw Material
Based on Application
Key Questions Addressed