Injection Molded Plastics Market Size, Share & Trends Analysis Report, By Raw Material (PP, ABS, HDPE, PS), By Application (Packaging, Consumables & Electronics, Medical), By Region And Segment Forecasts, 2022 - 2030

Report Overview

The global injection molded plastics market size was valued at USD 284.7 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 4.2% during the forecast period. The growing demand for plastic components from various end-use industries including automotive, packaging, home appliances, electrical & electronics, and medical devices is anticipated to drive the market. Modern innovations to minimize the rate of faulty production have enhanced the significance of injection-molded technology in the mass production of complicated plastic shapes. Volatile prices of raw materials, such as benzene, ethylene, propylene, and styrene, coupled with the growing concerns regarding their disposal are expected to hinder market growth over the forecast period.

Companies focus on developing injection molded plastics using bio-based counterparts to overcome such challenges. Increasing construction spending, particularly in emerging markets, such as Brazil, China, India, Mexico, Russia, and South Africa, is expected to drive product demand. Versatile properties of finished products including better heat & pressure resistance make them more applicable to various industries. Government support in the form of tax benefits and financial incentives in China and India to increase the Foreign Direct Investments (FDI) flow has helped develop the market for plastics in these countries. In addition, they offer low-cost labor, which further reduces the overall manufacturing cost for producers. However, this shift has resulted in the overcapacity of various plastic products, affecting their prices. However, a slowdown or halt in manufacturing activities to contain the spread of the coronavirus has led to a decline in the consumption of injection molding plastics and negatively impacted its demand in various applications across the globe.

Raw Material Insights

Polypropylene (PP)segment held the largest revenue share of more than 34% in 2021 owing to the increasing consumption of PP in automotive components, household goods, and packaging applications. Growing PP-based product penetration in protective caps in electrical contacts & battery housings and food packaging is anticipated to further drive its demand over the forecast period. Polypropylene components are being widely used in food packaging and electrical contacts on account of corrosion resistance and electrical insulation properties. On account of the aforementioned factors, the segment is expected to witness the fastest growth in the forecast period.

However, a slowdown or halt in manufacturing activities to contain the spread of the coronavirus has led to a decline in the consumption of PP and negatively impacted its demand in various applications. Manufacturers are experiencing difficulties in running their production units owing to logistic restrictions and limitations on the movement of people, which further affected the product demand. Acrylonitrile Butadiene Styrene (ABS) emerged as the second major raw material in 2021. Rising ABS component demand in medical devices, automotive components, electronic housings, and consumer appliances manufacturing is expected to drive its growth over the forecast period.

Application Insights

The packaging segment accounted for more than 30% of the overall revenue share in 2021. The finished products used in packaging undergo various development phases to cope with regulatory guidelines and end-user requirements. Improving the shelf life of food products and better wear & tear resistance& high durability are a few requirements plastics need to meet for packaging applications. Injection-molded plastics hold immense potential, particularly in the medical and automotive industries. The industry is expected to witness the highest growth in the medical devices and components sector. Optical clarity, biocompatibility, and cost-effective method of production are expected to drive product demand in the medical industry.

A stringent regulatory scenario regarding medical-grade polymer usage in healthcare sectors is anticipated to boost the growth. A rising preference for biodegradable polymers among medical device manufacturers is also anticipated to create profitable opportunities in the medical industry over the forecast period. A strong shift in the trend towards replacing steel with plastics in the automotive industry is expected to drive the product demand over the forecast period. Government regulations in the recent past have forced automotive manufacturers to use plastics instead of other materials, such as iron and steel. Automobile manufacturers have been focusing on reducing the overall weight of vehicles to improve fuel efficiency.

Regional Insights

Asia Pacific led the global market in 2021 and accounted for the largest share of more than 39%. Increasing infrastructure spending coupled with the growing automobile demand in countries, such as China, India, Indonesia, and Malaysia, is expected to drive market penetration in the region. Major end-use industries, such as electronics and automobiles, are shifting their manufacturing base to countries, such as India, China, Indonesia, and Thailand, owing to low labor costs. Moreover, government incentives in the form of tax benefits are offered to manufacturers in these regions.

These factors are expected to drive product demand in the region over the forecast period. Europe is also one of the prominent markets. Europe’s non-food and beverages packaging applications include cosmetics and toiletries, pharmaceuticals, and household chemicals. Increasing demand for electronic appliances, such as laptops and cellular phones, particularly in U.K., Germany, and France, is expected to drive demand from the consumables & electronics application sector. The growth of the automobile industry in Europe is also expected to drive the regional demand over the forecast period.

Key Companies & Market Share Insights

The global market is highly fragmented with the presence of a largely unorganized sector, particularly in the Asia Pacific and Latin America. Companies, particularly hailing from the Asia Pacific, have been constantly looking for significant capacity additions over the past few years to take advantage of operational excellence and achieve economies of scale. A diverse product portfolio and differentiation make the market competitive in terms of price and distribution channels.

Some of the prominent players in the global injection molded plastics market include:

• ExxonMobil Corp.

• BASF SE

• DuPont de Nemours, Inc.

• Dow, Inc.

• Huntsman International LLC

• Eastman Chemical Company

• INEOS Group

• LyondellBasell Industries Holdings B.V.

• SABIC

• Magna International, Inc.

• IAC Group

• Berry Global, Inc.

• Master Molded Products Corp.

• HTI Plastics, Inc.

• Rutland Plastics

• AptarGroup, Inc.

• Lacks Enterprises, Inc.

• The Rodon Group

• Heppner Molds

Injection Molded Plastics Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, Grand View Research has segmented the global injection molded plastics market report based on raw material, application, and region:

• Raw Material Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

  • Polypropylene (PP)

  • Acrylonitrile Butadiene Styrene (ABS)

  • High-Density Polyethylene (HDPE)

  • Polystyrene (PS)

  • Others

• Application Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

  • Packaging

  • Consumables & Electronics

  • Automotive & Transportation

  • Building & Construction

  • Medical

  • Others

• Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia