The global injection molded plastics market was valued at US$ 316.7 billion in the year 2018 and is expected to reach US$ 415.9 billion by the year 2023, growing at a CAGR of 5.6%. In terms of volume, the market was valued at XX KT in the year 2018 and is expected to reach XX KT by the year 2023, growing at a CAGR of XX%.
Injection molding is one of the most commonly used methods for manufacturing plastic parts. The process involves injecting molten plastic into molds from the injection molding machine. In the mold, the plastic hardens to form the desired product.
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Injection molding offers various advantages such as the use of different plastics at the same time. Also, injection molded plastics products require less finishing and they have high strength, as compared to plastics manufactured by other methods. Apart from this, injection molding is a quick process and has a very high output rate. All these factors will help drive the injection molded plastics market. However, rising environmental concerns regarding the use of plastics are expected to impede market growth. The companies are focusing on launching bio-based plastics in order to overcome this challenge.
The major players operating in the injection molded plastics market include BASF SE (Germany), Chevron Phillips Chemical Company (US), DowDuPont (US), Eastman Chemical Company (US), Exxon Mobil Corporation (US), Huntsman Corporation (US), INEOS Group (UK), LyondellBasell Industries N.V. (the Netherlands), and SABIC (Saudi Arabia), amongst others. The major strategies adopted by the companies in order to gain market share include mergers and acquisitions, new product developments, and capacity expansion.
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