Injection molded plastics industry is expected to register 3.5% CAGR between 2023 and 2032 propelled by increasing demand from automotive applications in North America and Asia Pacific.
Selbyville, Delaware, Dec. 08, 2022 (GLOBE NEWSWIRE) — As per the report published by Global Market Insights Inc., the global Injection Molded Plastics Market was estimated at USD 305 bn in 2022 and is expected to surpass a valuation of $450 bn by 2032, progressing at a CAGR of 3.5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Increasing demand for molded plastic components across the automotive sector in regions such as the Asia Pacific and North America will significantly contribute to the industy growth from 2023 to 2032.
Automobile manufacturers globally have been undertaking R&D initiatives to introduce lightweight automotive components to improve the fuel economy of modern automobiles while enhancing their safety and performance. Polymer composites and plastic components significantly reduce overall vehicle weight and also result in lower carbon emissions, thus minimizing the overall environmental impact. The increased emphasis on developing energy-efficient vehicles owing to the escalating environmental concerns and stringent regulatory norms pertaining to vehicle emissions will augment the injection molded plastics sales over the forecast timeframe.
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HDPE injection molded plastics to witness increased demand due to their superior characteristics
Based on the raw material, injection molded plastics market from High-Density Polyethylene (HDPE) segment is slated to exceed USD 75 billion by 2032. HDPE injection molded plastics find major applications in household goods, storage vessels, refrigeration units, PET bottle bases, kitchenware, seal caps, etc., due to their superior strength, chemical resistance, excellent electric insulation, and impermeability. Besides, the increasing product usage across the defense sector for manufacturing transport and nuclear storage containers, particle accelerators, and hot cells will drive segmental revenues during the forecast timeframe.
Key reasons for Injection Molded Plastics Market growth:
- Increasing demand from automotive applications in North America and Asia Pacific.
- Construction industry expansion in Asia Pacific.
Cost-effective benefits to propel product demand across consumables & electronics applications
The Injection Molded Plastics Market size from consumables & electronics applications is set to witness over 4% CAGR and amass more than USD 135 billion by 2032. The integration of injection molded plastics in electronic gadgets, such as computers, laptops, and high-rated appliances, increases their affordability by minimizing production costs. It also helps reduce device weight and offers an increased level of flexibility in manufacturing, designing, and customizing products, further elevating its demand for consumables & electronics.
Strict regulatory framework to bolster product sales across North America
North America injection molded plastics market is predicted to be worth over USD 110 billion by 2032. The flourishing building and construction sector, coupled with the burgeoning demand for processed food & beverage products, will positively influence the regional business. In addition, the stringent energy and fuel efficiency norms pertaining to mitigating carbon emissions will create optimistic scenarios for the injection molded plastics industry in North America.
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Technolgical advancements to define the strategic landscape
Notable players in the injection molded plastics market include BASF SE, DuPont, ExxonMobil Corporation, The Dow Chemical Company, Huntsman Corporation, Eastman Chemicals, INEOS Group, LyondellBasell Industries, SABIC, Magna International Inc., Berry Global Inc., Becton Dickinson (BD, IAC Group, and Rubbermaid Commercial Products LLC, among others.
Companies operating in this business vertical have been focusing on leveraging advanced technologies to develop products with superior capabilities and gain access to a broader consumer base.
Partial chapters of report table of contents (TOC):
Chapter 5 Injection Molded Plastics Market, By Raw Material
5.1 Global market share, 2023 & 2032
5.2 Polypropylene (PP)
5.3 Acrylonitrile Butadiene Styrene (ABS)
5.4 High Density Polyethylene (HDPE)
5.5 Polystyrene (PS)
5.6 Others
Chapter 6 By Application
6.1 Global market by application market share, 2023 & 2032
6.2 Packaging
6.3 Consumables & Electronics
6.4 Automotive & transportation
6.5 Building & construction
6.6 Others
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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