Global Injection Molded Plastics Market Will Reach US$ 415.9 Billion by 2023

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.

Key Findings:

• Based on raw materials, Polypropylene holds the largest share in the injection molded plastics market and is followed by Acrylonitrile butadiene styrene (ABS).
• Based on applications, packaging accounts for around 30% of the share in the market.
• The automotive and medical sector is expected to grow at a high CAGR during the forecast period.
• Asia-Pacific is the largest market in terms of demand, owing to the rising electronic and automotive industry in the region.

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.

Recent News:

• June 2017: Dow chemical announced the completion of the construction of its plastics production plant in Houston, Texas. The plant has a polyethylene production capacity of 400,000 tons per year.
• September 2017: LyondellBasell began production at its new polypropylene compounding plant in China. The new polypropylene compounding plant has an annual capacity of 20 KT annually. It is strategically situated in order to cater to the rising demand from the Chinese automotive sector.
• November 2018: SABIC, a world leader in the chemical industry announced the launch of its new product SABIC® PP PPA20, which provides high-gloss, low stress whitening, and high scratch resistance as compared to other impact polymers, and It is particularly developed for consumer goods applications.

Key Questions Answered:

• What is the value and volume of the overall injection molded plastics market and its segments?
• What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
• Who are the key market players and how are they positioned in the market?
• What is the market value and volume at the segment and the regional level?
• What are the attractive segments and geographies to invest in?