Over the forecast period, the global Injection Molded Plastics Market is expected to grow at a compound annual growth rate (CAGR) of 5.78%. (2021-2028)
Demand from key automotive, packaging, and construction applications is expected to drive growth. Because of the growing demand for plastic products, major foreign companies are expanding their regional production capabilities. Government assistance in the form of tax breaks and financial incentives in China and India to increase FDI flow has aided in developing these countries’ plastics markets. High-density Polyethylene (HDPE) is widely used in thin wall injection moulding in packaging applications. Growing demand for food, bin liners, and thing gauge bags will drive segment growth throughout the forecast period. Rising injection-molded HDPE penetration in shipping containers, industrial pails, and houseware applications is expected to drive demand over the forecast period.
The COVID-19 pandemic has impacted revenue generation for market participants due to a halt or slowdown in production facilities. As a result, businesses are focusing on increasing their resources and production capabilities to aid in the fight against the pandemic. However, the market is now thought to have returned to pre-pandemic levels. The accelerating use of consumer goods and electronics and rising demand from the packaging industry are major factors driving the market studied. The adoption of lightweight and electric vehicles is expected to provide numerous lucrative opportunities for market growth.
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The injection moulded plastic market is expanding due to the rising demand for moulded plastics in various end-user industries. The injection moulding process allows for the mass production of plastic goods with high efficiency and minimal resource waste. As a result, its market share is growing due to its low production costs and high reproducibility. Furthermore, advancements in moulding technology will undoubtedly benefit the injection moulding industry and drive market growth.
Market segmentation:
Raw materials and applications segment the worldwide injection moulded plastic market.
In terms of raw materials:
By way of application:
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Regional analysis:
In 2021, Asia Pacific led the global market, accounting for more than 39% of the total. Increased infrastructure spending and rising automobile demand in China, India, Indonesia, and Malaysia are expected to drive regional market penetration. Due to low labour costs, major end-use industries such as electronics and automobiles are shifting their manufacturing base to countries such as India, China, Indonesia, and Thailand. Furthermore, government incentives in tax breaks are available to manufacturers in these regions.
Over the forecast period, these factors are expected to drive regional product demand. Europe is also a significant market. Increasing demand for electronic appliances, such as laptops and cell phones, is expected to drive demand from the consumables and electronics application sector, particularly in the United Kingdom, Germany, and France. The expansion of the European automobile industry is also expected to drive regional demand over the forecast period.
Recent developments:
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