The Injection Molded Plastic Market is expected to grow at a compound annual growth rate of 4.6% for the forecasted period. The rise is primarily due to broad range of applications in ever-expanding industries. Plastic injection molding is the process of melting plastic pellets (thermosetting/thermoplastic polymers) and injecting them at high pressure into a mold cavity, which fills and hardens in order to form a finished product. This report covers all the quantitative aspects of the injection molded plastic market and also talks about its key drivers, the challenges it faces, the growth opportunities present in the market, and its future prospects.

Polypropylene Dominates the Market

The market has been categorized and sub-categorized on the basis of Raw Material, Application and Regional Basis. On the basis of Raw material, polypropylene dominated the market with a share of over 30%, for the year 2020 attributable to its growing demand in the automotive industry, household goods and packaging applications. However, the slowing or halting of production activities to prevent the spread of the corona virus pandemic has resulted in a decrease in polypropylene consumption, affecting its demand in a variety of applications. During the application review of this market, the packaging industry was the market leader for 2020.

Wide Range Application Remains as the Key Booster to the Market

Injection molded plastics are used to create complicated and elaborate shaped items with high precision and minimal waste. High quality injection molded plastics are used in a wide variety of areas. Homes, commercial buildings, transportation, industrial equipment and battlefield protection are just a few applications. High quality injection molded plastics are also used in everyday consumer items such as clothing, footwear, cleaning solutions and personal care items.   The major compelling factors of Injection Molded Plastic Market are wide range of applications in ever-expanding industries. The packaging industry, in particular food packaging, is the driver of this industry as IMP is used to manufacture a vast array of products, including caps, containers, bottles and many more. These are all reusable, leak-resistant, washable, microwavable products, creating great demand amongst people, owing to their advantages. Moreover, the technological developments in the injection molding market are likely to boost the growth of injection molded plastics, as new packaging is eco-friendly and 100% recyclable. Different government bodies also support recyclable packaging, which will reduce carbon footprint.

Volatility of Raw Materials Price to Pose Significant Challenges

In addition, the market is confronted with certain challenges which hinder growth. High capital expenditure, costly mold redevelopment are few of the challenges, expected to curb global demand. Crude oil price volatility is too expected to be a significant challenge for industry participants. Injection molded plastic sector growth is expected to be further hampered by volatile prices of important raw materials such as ethylene, benzene, propylene, and styrene, as well as rising environmental concerns regarding their disposal, over the forecast period. Such key business risks can be mitigated through effective operational and cost efficiency model, prioritizing key investment areas for effective returns and enhancing sales and business strategies. This report suggests various key factors and mitigation strategies that enable effective business decision making based on business and competitive intelligence.

Asia Pacific To Remain As Market Leader

On the basis of regional segmentation, injection molded plastic market is segmented by North America, Latin America, Europe, Asia Pacific, Middle East and Africa, and Rest of the World.  Injection Molded Plastic Market was dominated by Asia-Pacific in the year 2020. In countries like China, India, Indonesia, and Malaysia, increased infrastructure spending combined with expanding automotive demand is expected to boost market penetration. By 2028, the injection molded plastics market in Europe is estimated to reach over USD 90 billion. Cosmetics and toiletries, pharmaceuticals, and home chemicals are among the non-food and beverage packaging applications in Europe. Consumables and electronics applications are predicted to grow in response to rising demand for electronic appliances such as laptops and cell phones, notably in the United Kingdom, Germany, and France. Over the projected period, the European automobile sector is likely to continue to fuel regional demand. 

Major players of Injection Molded Plastic Market are Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V., Huntsman Corporation, Dow Chemical Company, Eastman Chemical Company and China National Petroleum Corporation (CNPC). Some other players in this market are Saudi Basic Industries Corporation (SABIC), INEOS Group Holdings SA , Baoding Swan Fiber Co. Ltd., Berry Global Inc. To stay competitive in the global injection molded plastics market, players have used a variety of marketing methods such as new product launches, growth, joint ventures, and acquisitions. The research includes a complete study of top organizations as well as a discussion of market competition. The major players in the injection molded plastics market use product introduction as a major strategy. 

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Injection Molded Plastic market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Injection Molded Plastic market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Injection Molded Plastic market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Injection Molded Plastic market?
• Which is the largest regional market for Injection Molded Plastic market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Injection Molded Plastic market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Injection Molded Plastic market worldwide?