According to a market report, published by Sheer Analytics and Insights, the total injection Molded plastics market was valued at $290.4 billion in 2021 and it is expected to reach $521.4 billion at a CAGR of 5.30% through the forecast period. The plastic component is rising in demand for the various end-use industries such as automotive, home appliances, packaging, electrical and electronics, and medical devices, which is estimated to drive the market during the forecast period. Modern innovations have improved at present days and it has reduced the rate of defective products, which has increased the significance of injection-molded technology in the wide production of complicated plastic shapes. In short, injection molding is a type of manufacturing method for the fabrication of plastics. These are widely used in several manufacturing industries to make products such as containers, cosmetics and pharmaceuticals, food packaging, and various types of closures. Moreover, demand for plastic is rising, because this ideal material is hugely used in electronic products as these can be conducive and non-conductive, rigid and flexible, with ultraviolet resistance. Even injection molding plastic can be found in various colors. Additionally, demand for injection molding plastic is increasing in applications such as LEDs, assemblies, household electric tools, computer accessories, inkjet printers, switches, and many more.
The construction industries are also focusing on using injection molded plastics instead of other metals and various materials for improving ultraviolet protection, insulation, waterproofness, and weight among other things. Additionally, these are widely used in building and construction industries to improve windows, roofs, plumbing, floors, and others. Therefore, the rising demand for injection molding plastic is expected to drive the market through the upcoming years. Increasing demand for construction and buildings in Asia-Pacific countries such as India, China, South Korea, and others would be able to boost the market as well. Furthermore, the development of industrialization will help the market to gain significant growth across the Asia-Pacific region.
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Innovation technologies of injection molding plastic are growing inclinations towards the product design which have strengthened the manufacturing ability. Furthermore, this has weakened the gap between the designing and manufacturing phase, mostly in the cases of complex products such as packages, medical devices, and others. Moreover, outgoing technologies such as automation, and IoT, among others are being integrated with the existing technology of injection molding plastics to monitor the operations. For instance, two providers of injection molding machines such as BOY Machines, Arburg Machines released its Status App, which enables remote monitoring of injection processes 24x7 hours by using internet devices. However, injection molding plastics do not react with food and beverages; rather they keep it safe for customers. Therefore, injection molding plastics are highly used in food packaging applications. These major factors are expected to drive market growth during the forecast period from 2022 to 2032.
According to the study, key players dominating the injection molding plastics market are DuPont Chemicals Company (U.S), BASF Chemicals Company (Germany), HTI Plastics (Germany), LyondellBasell Chemical Industry Company (Netherlands), Huntsman Corporation Chemical Industry Company (U.S), Eastman Chemical Company (U.S), SABIC Chemical Manufacturing Company (Saudi Arabia), Magna International Manufacturing Company (Canada), among others.
The Global Injection Molded Market Has Been Segmented Into:
The Global Injection Molded Market – By Raw Material:
The Global Injection Molded Market – By Application Type:
The Global Injection Molded Market – By Regions:
North America
Europe
Asia-Pacific
LAMEA
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