Injection molded plastic market to grow at almost 5% CAGR till 2024
The global Injection Molded Plastic Market was valued at around US$199.9 bln in 2015. It is expected to grow at a CAGR of approximately 5% during the forecast period (2016 – 2024). It will reach US$296 bln by 2024.
The growth of this market can be attributed to its growing demand in medical devices, home appliances, automotive, packaging, and electrical & electronic end-uses, as per Hexa Research. The molding process involves injecting molten plastic into molded products and solidifying them. The growth of this industry can be accredited to properties like heat resistance, pressure resistance, minimum wastage, and low labor cost.
Prices of volatile crude oil, benzene, ethylene, propylene, and styrene can challenge market growth in the coming eight years. To overcome such challenges, the industry is trying to manufacture molded plastic using biodegradable products. The injection molded plastic market is segmented into applications, raw materials, and geographies.
Applications include automotive, building & construction, consumables & electronics, packaging, medical, and others. Packaging was the leading application with a net demand surpassing 30,000 kilo tons in 2014.
The injection molded plastic holds an immense potential in medical and automotive segments. Biocompatible, cost efficient and optical clarity method of production can drive this segment till 2024. Raw materials comprise acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), Polypropylene, Polystyrene, and others. Polypropylene accounted to over 35% of the total market demand in 2014. High demand for injection molded polypropylene in packaging, automotive, and household goods is likely to impel market growth in the coming years.
Geographies encompass North America, Central & South America (CSA), Asia Pacific, Europe, and the Middle East & Africa. Asia Pacific dominated the market holding over 37% of total volume in 2014. Rise in the demand of the plastics in the automobile industry in this region is likely to drive the market growth in this region. Increasing construction in India, China, and Indonesia will augment market growth in the region. Major global injection molded plastic industry players are BASF, DuPont, Dow Chemical Company, and LyondellBassell. Early 2016, LyondellBassell started a new Polypropylene grade called Purell grade RP315M and Purel HP548N for healthcare applications like syringe plungers, pill strips, and others. These products increase the cycle time and production of cast film.