Injection Molded Plastics Market To Witness Enhanced Demand
by Susan Hill Business ConsultantThe global injection molded
plastics market size is expected to reach USD
372.9 billion by 2027, according to a new report by Grand View Research, Inc.
It is anticipated to register a CAGR of 4.6% over the forecast period.
Increasing demand for key applications including automotive, packaging, and
construction, particularly in Brazil, Russia, India, China, and BRICS, is
likely to drive the market growth. High-growth regions such as Middle East and
Asia Pacific have witnessed a surge in capacity addition over the last few
years.
Increasing presence of
plastic injection molding companies in China on account of low manufacturing
costs and availability of skilled labor is anticipated to benefit the regional
market. Major foreign companies are increasing their production capabilities in
the region owing to growing demand for plastic products. Government support in
the form of tax benefits and financial incentives in China and India to
increase foreign direct investment (FDI) flow has helped develop the market for
plastics in these countries.
In packaging application,
high-density polyethylene (HDPE) is extensively used in thin wall injection
molding. Growing demand for food
packaging, bin liners, and thin gauge bags is anticipated to drive the
product demand over the forecast period. Rising penetration of injection molded
HDPE in shipping containers, industrial pails, and houseware applications is
anticipated to further drive its demand.
Further key findings from the report suggest:
- Demand for packaging is likely to
increase owing to the improving economic conditions of countries such as
India, China, Brazil, and Mexico
- Demand for injection molded plastics from
the packaging industry in Asia Pacific is projected to register a CAGR of
4.3% in terms of volume, from 2020 to 2027. This is attributed to the
growing demand for food packaging
- Growth of the electronics industry,
coupled with cost-effectiveness of electrical appliances, is projected to
remain a key driving factor for the injection molded plastics market over
the forecast period
- Demand from the medical sector in North
America is anticipated to register a CAGR of 2.9% from 2020 to 2027 owing
to the increase in demand for plastic components for medical devices
- Key market players include BASF,
LyondellBasell, Eastman Chemical Company, ExxonMobil, Huntsman
Corporation, Eastman Company, DuPont, Dow Chemicals, and SABIC.
Access full research report on global injection
molded plastics market:
www.grandviewresearch.com/industry-analysis/injection-molded-plastics-market
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Created on May 7th 2020 14:38. Viewed 260 times.