The major manufacturers of injection molded plastics are Dow Chemicals, BASF, Huntsman Corporation, ExxonMobil Corporation, INEOS Oxide, DuPont de Nemours & Company, Saudi Basic Industries Corporation, and LyondellBasell Industries. Manufacturing injection molded plastics is a cost-sensitive and resource-intensive process, leading to multinational giants dominating the global market. Thus, the volatility in crude oil prices is likely to affect the demand for injection molded plastics in the coming years.
Growing Houseware Market to Benefit Injection Molded Plastics Industry
One of the prime drivers for the global injection molded plastics market is the increasing demand for houseware. Household items such as cutlery and various types of cookware are receiving high demand across the world due to the increasing urbanization in developing economies and the demand from developed economies for upgraded designs. Many of these products need to be made into specific shapes, which is made much easier by injection molding. The increasing use of microwaveable cookware is also beneficial for the global injection molded plastics market, since metal utensils can’t be used in microwave ovens.
Along with houseware, other household items such as toothbrushes, baskets, and combs are also increasing in demand, driving the demand for injection molded plastics. The dominant share of polypropylene in the injection molded plastics market means that the increasing urbanization and the increasing purchasing power of Asia Pacific consumers are likely to lead to a rising demand for injection molded plastic products.
Increasing Use of Injection Molded Plastics in Packaging, Medicine to Have Influential Role in Market’s Growth
Disposable household products such as toothpaste, sauces and condiments, beverages, and packaged food are also usually sold in plastic packaging. This is another major application area for injection molded plastics, as the global packaging industry, of which plastic packaging is a key component, is likely to witness steady growth over the coming years.
One of the key opportunities for players in the global injection molded plastics market is the increasing demand for plastics from the healthcare sector. Due to their high tensile and mechanical strength, particularly compared to the highly brittle glass, plastics are becoming commonplace in several medical devices. This is likely to be a key driver for the injection molded plastics market in the coming years, though it will take some time for the medical industry to have significant impact on the plastics market.
Asia Pacific the Leading Regional Market, Polypropylene the Key Product Segment
Due to the promising performance of the houseware, consumer goods, and packaging industries, Asia Pacific holds the dominant share in the global injection molded plastics market. The Asia Pacific market for injection molded plastics had a total volume of close to 37,782 kilo tons in 2015 and is likely to remain the leading segment of the global market in the coming years. By product type, polypropylene is the key segment of the global injection molded plastics market due to its widespread usage in homeware and packaging products.
The information presented in this review is based on a Transparency Market Research report, titled ‘Injection Molded Plastics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010-2018.’
The global injection molded plastics market is segmented as follows:
Injection Molded Plastics Market: Application Analysis
- Consumables and Electronics
- Automotive and Transportation
- Building and Construction
Injection Molded Plastics Market: Raw Material/Resin Analysis
- Acrylonitrile Styrene Butadiene (ABS)
- HDPE (High Density Polyethylene)
Injection Molded Plastics Market: Geographical Analysis
- North America
- Latin America
- Asia Pacific
- The Middle East
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