The global injection molded plastics market is poised to grow steadily through 2032 owing to the rapid expansion of the packaging industry.
The shift in consumer preference toward lightweight, simple-to-use packaging would propel the expansion of the worldwide injection molded plastics market. Food and beverage producers are placing more emphasis on packaging weight reduction to boost environmental stability and cut costs. Growing environmental concerns and the need for sustainability to maintain high product quality would promote industry expansion in the near future.
Moreover, the injection molded plastics market size is projected to increase as a result of product innovations and technological advancements. For instance, INEOS Styrolution planned to increase its production capacity by 34,000 metric tons. This expansion broadened the company’s geographical reach and helped it cater to the growing product demand.
The injection molded plastics market has been divided in terms of raw material, application, and region.
Based on raw material, the acrylonitrile butadiene styrene (ABS) segment is speculated to attain over $120 billion in revenue in 2032. The growth can be credited to the material’s robust resistance towards low melting temperature, corrosive chemicals or physical impacts, and affordability. Power tool housing, keys on keyboards, components of car covers, plastic face shields of wall sockets, and toys are a few notable uses for ABS injection molded plastics.
With respect to application, the automotive & transportation segment is slated to proliferate robustly over the review timeframe. Automotive manufacturers use plastic molds instead of metal components to reduce weight and produce electronically and electrically stable car parts as the emphasis on improving fuel efficiency for automobiles grows.
Interior bezels, armrests, radio controls, electronic module control housings, splash guards for trim panels, door handle components, and sunroof components and assemblies are a few prominent applications for molded plastics in automobiles. These goods offer great finish, are economical and fuel-efficient, electrically stable, and strong, and reduce the cost of manufacturing cars so that the typical consumer may purchase them.
From the regional outlook, the Latin America injection molded plastics market is set to grow at nearly 5.5% CAGR from 2023 to 2032. The region’s economy will be boosted by the availability of raw commodities and favorable government initiatives to attract international investment to Brazil and Columbia. ABS, a type of acrylic resin, is frequently utilized in the dashboards of high-end automobiles. In Brazil, ABS is also used to give inside and rearview mirrors a matte appearance, which is projected to promote regional growth.
Due to the quick building refurbishment trend and the development of industrial infrastructures, such as pipeline projects and subterranean constructions, the construction sector has seen tremendous growth in LATAM, which will potentially add to the regional market growth trajectory.