The global injection molded plastics market size is anticipated to reach USD 374.8 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.0%, over the forecast period. Growing demand from key applications including automotive, packaging, and construction particularly in countries including Brazil, Russia, India, China, and South Africa (BRICS), is likely to drive the market. The high-growth regions such as the Middle East and the Asia Pacific have witnessed a surge in capacity addition over the last few years.
The increasing presence of plastic injection molding companies in China on account of low manufacturing costs and ample availability of skilled labor is anticipated to benefit the regional market. Major foreign companies are increasing their production capabilities in the region, owing to the growing demand for plastic products. Government support in the form of tax benefits and financial incentives in China and India to increase the 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 packaging demand from food, bin liners, and thing gauge bags is anticipated to drive its growth 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 over the forecast period.
The recent outbreak of the COVID-19 pandemic has affected the revenue generation of the companies operating in the market owing to the halt or slowdown in the production facilities. Thus, the companies are focusing on stepping up of their resources and production capabilities to help in the fight against the pandemic. For instance, G&C products, a U.S. based plastic injection mold making company that produces plastic products for fishing and medical industry, started the production of personal protective equipment such as face shields and face masks.
Request a free sample copy or view report summary: Injection Molded Plastics Market Report
Demand for packaging is likely to rise owing to the improving economic conditions of countries such as India, Brazil, Mexico, and Russia
In terms of revenue, demand for injection molding from the packaging industry in the Asia Pacific will reach USD 49.1 billion by 2027 at a CAGR of 5.6% from 2020 to 2027
Growth of electronics industry coupled with the cost-effectiveness of electrical appliances is projected to remain a key driving factor for the next eight years
Demand from the medical sector in North America is anticipated to expand at an estimated CAGR of 4.1% from 2020 to 2027
Packaging was the prominent application segment in France and is expected to augment at a revenue-based CAGR of 4.8% over the forecast period
Production in the Middle East and Africa is driven by rising product demand from the Asia Pacific and European countries.
Grand View Research has segmented the global injection molded plastics market on the basis of raw material, application, and region:
Injection Molded Plastics Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Injection Molded Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Consumables & Electronics
Automotive & Transportation
Building & Construction
Injection Molded Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
List of Key Players of Injection Molded Plastics Market
LyondellBasell Industries N.V.
Eastman Chemicals Company
Avail customized purchase options to meet your research needs:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."