Injection molded plastics market is expected to witness surging growth in the coming assessment period due to its widespread usage in the packaging industry.

NEW YORK, UNITED STATES, April 21, 2023/EINPresswire.com/ -- Insights from future market research:

Injection Molded Plastics Market Size was estimated in 2021 to be around USD 268.3 billion. According to projections, the market for injection-molded plastics would increase from USD 283.8 billion in 2022 to USD 420.6 billion in 2030, with a compound annual growth rate (CAGR) of 5.78% throughout the forecast period (2022 - 2030).

The key market factor recognised for the industry's growth is the increased usage of injection moulded plastics in the automobile industry, building and construction, and other sectors.

In the automobile industry, where quality, consistency, and safety are of the highest importance, automotive plastic injection moulding has grown into a substantial production process. Several different car parts are made from injection moulded polymers like polypropylene and polystyrene because of their stiffness, flexibility, resistance to corrosion, and resilience to the elements. For example, polypropylene is used to make automobile doors, cable insulation, carpet fibres, bumpers, and bodywork, whereas polystyrene is used to make instrument panels. Due to market realities and the lighter weight and lower cost of automotive injection moulded plastic, auto manufacturers are increasingly replacing their metal automobile parts with plastic.

For instance, Toyota Motor Corp. employed plastic injection moulding in 2020 to create lighter and less costly seats for its 2021 Sienna Minivan. Tesla used polymers that were injected into moulds to create the headliner and HVAC system for the 2020 Model Y, and it intends to utilise more injection-molded plastic in the future in its other vehicles. Injection moulded plastics' market Growth is therefore being driven by this aspect.

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Regional Perspectives

The report breaks down the injection moulded plastics market by region into North America, Europe, Asia-Pacific, and the Rest of the World. Due to the region's rapidly growing electronics and packaging industries, the North American injection moulded plastics market, which is predicted to reach USD 114.3 billion in 2021, is expected to register a 42.60% CAGR over the research period.

For example, state-of-the-art computer chips are still manufactured in the US and utilised in a wide range of goods, such as military gear, medical equipment, communication technology, and others. Furthermore, this region has a significant manufacturer base, thus it is projected that the injection moulded plastics sector would soon see rapid development.

Moreover, the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil are among the important nations examined in the market study for injection moulded plastics.

Due to the rising demand for injection moulded plastics from the packaging and automotive industries, the Asia Pacific injection moulded plastics market is anticipated to expand significantly between 2022 and 2030.

Due to its growing population and rapid urbanisation, China is a significant client, which will have a significant influence on the growth of the regional market for injection moulded plastics. Moreover, the region's fastest-growing market for injection-molded plastics was India, while the China market had the biggest market share.

The second-fastest rising market share for injection moulded plastics is in Europe. As the demand for effective packaging for food and drinks has increased, makers of packaging materials have widened their horizons. A lot of money is being spent by businesses like Berry Global and Mondi Group on developing novel packaging products such bottles with distinctive shapes, robust, simple-to-pour tops and closures, and durable containers.

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Insights on market segments

Polypropylene, ABS, ASA, SAN, HDPE, LDPE, LLDPE, polystyrene, polycarbonate, PEEK, PET, polyurethane thermoplastics, and others are the types of injection moulded plastics that have been divided into market segments. Injection moulded plastics market data was led by the battery electric vehicle category in 2021, and this segment is expected to develop at the fastest rate between 2022 and 2030, according to market forecasts. This is due to its exceptional characteristics, including light weight, stress resistance, reduced friction, chemical corrosion resistance, etc. Polypropylene, which has many industrial uses, including the automobile sector, is the material used to make gears. It is used in the building sector to sterilise medical items like needles and vials as well as to insulate electrical wire networks.

Packaging, Consumables & Electronics, Automotive & Transportation, Building & Construction, Medical, and Others make up the market segmentation for injection moulded plastics. In terms of revenue, the injection moulded plastics market was dominated by the packaging category in 2021, and over the forecast period of 2022–2030, it is expected to rise at a quicker rate. This is brought on by a variety of factors, including the expanding need for durable and safe packaging materials by sectors like the food and beverage industry. Several food-grade materials used in plastic injection moulding, such as low-density polyethylene, polystyrene, and polypropylene, have special properties including high durability, chemical resistance, all-weather tolerance, etc. They are therefore practical packaging materials for the food industry.

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Key Figures:

BASF SE (Germany), Huntsman International LLC (US), SABIC (Saudi Arabia), Exxon Mobil Corporation (US), LyondellBasell Industries Holdings BV (Netherlands) and DowDuPont (US).

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Sagar kadam
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