The injection molded plastics market size is expected to advance at a CAGR of 4.5% during 2022–2030, to reach $$409.2 billion by 2030. This is ascribed to the increasing construction activities and growing packaging industry. The increasing usage of these materials in consumer goods and electronics is also boosting the market advance. Injection-molded plastics also have applications in the manufacturing of automotive parts, such as interior and exterior parts, resonators, and electrical component covers.
The increasing demand for processed food, consumer goods, and beverages in the emerging economies of Asia-Pacific and Latin America is a major factor driving the packaging industry growth. The high demand for packaging in the food and pharmaceutical sectors is expected to further complement the global injection molded plastics market growth.
High-density polyethylene (HDPE), polypropylene, and polystyrene are among the major raw materials used in producing packaging. The increasing penetration of HDPE in industrial packaging is expected to have a positive impact on the demand for plastics in the overall packaging industry.
The increasing prominence of thin-wall injection molding in packaging applications is expected to further complement the market over the forecast period. Thin-wall injection-molded plastics are being widely used in place of glass and as substitutes for packaging frozen foods, vegetables, bakery items, and ready-to-eat meals, on account of their low weight and suitability for a wide range of packaging designs.
The European industry is expected to grow with a CAGR of about 4% during the forecast period.
The growth in the region is attributed to the low labor costs and growing consumer spending, particularly in Eastern European countries, such as Romania and Croatia. These factors will increase the requirement for plastic packaging in a variety of industries. Further, the increasing consumption of processed and packaged foods, owing to the increasing working population, is driving the injection molded plastics demand in the region, particularly in the U.K. and Germany.
Additionally, Europe is the hub of major automobile players, including Volkswagen Group, Renault Group, BMW Group, Daimler AG, and Mercedes-Benz AG. Considering the fact that the automobile industry is one of the major consumers of injection-molded plastics, the presence of these players in the region is expected to significantly drive its injection molded plastics market during the forecast period.
North America is also expected to witness growth, due to the rising demand for these materials from the electronics and packaging industries. Moreover, the existence of a large number of manufacturers of these polymers is propelling the market.
The most-significant injection molded plastic market players are ExxonMobil Corporation, BASF SE, DuPont de Nemours Inc., Huntsman International LLC, Eastman Chemical Company, INEOS Group Holdings S.A., LyondellBasell Industries N.V., Magna International Inc., Rubbermaid Commercial Products, and Berry Global Inc.