Injection Molded Plastics Market Size Worth $372.9 Billion By 2027
The 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.
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Further key findings from the study 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.