The global Injection Molded Plastics Market is estimated to be valued at US$ 314.92 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Injection molded plastics are used in a variety of industries such as packaging, automobile, electronics, construction and more. Products associated with this market include containers, bottles, caps and closures, medical devices, automotive components, toys and housewares among others. The demand for injection molded plastics is high due to its cost-effectiveness, durability and ability to be molded into complex shapes easily.
Market key trends:
One of the key trends in the injection molded plastics market is the increasing use of recycled plastics. With growing concerns about plastic waste, regulations encouraging use of recycled content are being introduced. Major players are focusing on improving recycling rates and developing technologies for effective sorting and processing of post-consumer plastics for reuse. However, issues still exist around use of certain plastic types or colors for food-grade recycling applications.
Segment Analysis
The global injection molded plastics market is segmented based on product type and application. Based on product type, the market is divided into polypropylene, polystyrene, polyethylene, polyvinyl chloride, polyethylene terephthalate, and others. Polystyrene dominates the market as it has wide temperature resistance and is lightweight. It is used in various consumer goods.
Key Takeaways
The Global Injection Molded Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand for lightweight and durable polymers from automotive and packaging industries.
Regional analysis
Asia Pacific dominated the global market in 2022, accounting for around 40% share. Rapid industrialization and growing population are driving the growth of the injection molded plastics market in the region. China dominates the Asia Pacific market due to large production facilities of key manufacturers.
Key players
Key players operating in the injection molded plastics market are BASF, DOW Chemicals, Huntsman Corporation, Ineos oxide, Saudi basic industries corporation, Exxon Mobil Corporation, Du Pont de Nemours & Company, and Lyondellbasell industries. The global injection molded plastics market is fragmented with large number of players operating in the market. The key players focus on new product launches and expansion strategies to gain higher market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
