The injection molded plastics market is set to witness robust expansion by 2027 on account of the booming packaging industry across the globe.
Plastic injection molding refers to a manufacturing technique according to which molten plastic materials are injected into a mold to form the final product. It is commonly used for large-scale production of identical products or components that are used by other industries to create the final product. Thermosetting and thermoplastic polymers are the most widely used materials; however, several other materials, including glasses, metals, and elastomers, are also used in the process. The proliferating global packaging industry has augmented industry uptake in recent years.
Moreover, to cater to growing packaging requirements across various industries, companies have been actively implementing profitable strategies, thereby enhancing the overall business landscape of the injection molded plastics market. For instance, in June 2019, International Automotive Components (IAC), a major automotive components manufacturer, announced the expansion of its manufacturing facility in the UK. The novel state-of-the-art manufacturing facility is strategically located close to the Jaguar Land Rover production site, which is intended to strengthen the partnership of both firms.
The injection molded plastics market has been bifurcated on the basis of application, raw material, and region. With respect to raw material, the market has further been segmented into polypropylene, polystyrene, ABS, HDPE, and others.
The others raw material segment is expected to expand at around 4.0% CAGR over the study timeline to reach a sizable valuation by the end of 2027. Other raw materials include LDPE, nylon 66, PVC, and polycarbonate. These materials provide several advantages, such as excellent flexibility, good processability, low melting temperature, good transparency, and high melting strength, which is likely to drive segmental development in the coming time period.
In terms of application, the injection molded plastics market has been categorized into packaging, building & construction, consumables & electronics, automotive, and others. In 2020, the others application segment surpassed a valuation of USD 30.0 billion and is anticipated to progress at a CAGR of approximately 4.5% through the analysis timeline. Other applications of injection molded plastics include end-use industries like bottling, toys, hardware, commercial telecommunication equipment, and wiring.
From the regional point of view, the North America injection molded plastics market registered a significant valuation of more than USD 70.0 billion in 2020 and is speculated to expand at a modest pace over 2021-2027. This growth is attributed to the expanding building & construction industry, along with rapid development of the food packaging industry.