Injection molding involves the manufacturing of plastic products by injecting molten materials into a mold, where it is melted, cooled, and solidified to form the final product. Thermoplastic as well as thermosetting injection molded plastics are used for manufacturing several parts and components for various applications. The prime thermoplastic polymers used in injection molding, include polypropylene, low density polyethylene, high density polyethylene, polycarbonate, polystyrene, polyvinyl chloride, polyurethane, and polysulphone, among others. In addition, epoxy resin, polyester, and melamine formaldehyde are some of the prominent thermosetting polymers used for injection molding.
Injection molded plastics are used in the production of complex and intricate-shaped parts to ensure precision and minimize wastage. Hence, injection molded plastics are used in manufacturing automotive components, interior wrapping, and numerous assembly parts. It is chiefly used in packaging applications to manufacture packaging parts and components to increase the aesthetic value and consumer friendliness of the packaging products. Popularity of injection molded plastics in building and construction applications is increasing, owing to their strength, durability, and texture of the injection molded plastic parts. In building and construction, these plastic parts or components are mainly used for piping systems, insulations, wall boards, and roofing purposes among others. Healthcare industry is anticipated to be the fastest growing application segment for injection molded plastic industry during the forecast period. Moreover, blood sample analysis cuvettes, pregnancy test devices, housings for needles, medical devices components are the other application areas of these plastics, owing to their light weight, cost-effectiveness, and easy sterilizability.
Injection molded plastics are used in automated processes to reduce the manufacturing cost. It also reduces the waste production in production process. Factors such as low production waste and faster production process would augment the growth of the injection molded plastic market. In addition, the process has ability to use different types of raw materials simultaneously to manufacture plastic parts. Furthermore, technological advancements in injection molding process, where robots are deployed for performing different operations, such as finishing and assembling injection molded parts and loading components into the injection molding, would foster the growth of the market. Therefore, the world injection molded plastic market is estimated to garner $162.06 billion by 2020, registering a CAGR of 4.9% during 2014–2020. However, high initial tooling cost and volatile prices of crude oil would hamper the growth of the market.
The world injection molded plastic market is segmented based on the type of raw material, end-user industry and geography. Based on raw materials, the market is segmented into polypropylene, high density polyethylene (HDPE), polystyrene, and acrylonitrile butadiene styrene among others. Among these, polypropylene is the most preferred raw material, which is used in injection molded plastics, owing to its ease of molding, electrical insulating properties, heat resistance, and low cost. In 2014, polypropylene accounted for about 39% share of the world injection molded plastic market. Furthermore, on the basis of end-users, the market is segmented into packaging, automotive, consumer goods & electronics, building & construction, and medical disposal. In 2014, packaging was the leading application segment for injection molding, accounting for around 37% of the overall market share. The growing demand for rigid packaging material in industrial and consumer packaging applications would foster the demand for injection molded plastics in the packaging industry.
The world injection molded plastic market is segmented on the basis of regions, which include North America, Europe, Asia-Pacific, and LAMEA. In 2014, North America was the leading market for injection molded plastic, accounting for around 35% of the global market share. Asia-Pacific and LAMEA have witnessed large-scale demand for injection molded plastic on account of its growing demand in building & construction sector, consumer appliances, and automotive industries. Hence, Asia-Pacific is expected to grow at a CAGR of 6.8% during 2014–2020.
The companies operating in this market have adopted various marketing strategies, such as new product launch, expansion, joint venture, and acquisition, to sustain the stiff competition in the market. This report provides a comprehensive analysis of the leading companies and highlights the lucrative opportunities in the market. Product launch is the key strategy adopted by the leading players in the injection molded plastic market. The key companies profiled in this report are BASF SE, Exxon Mobil, E. I. du Pont de Nemours and Company, Dow Chemical Company, Huntsman Corporation, LyondellBasell Industries N.V., Eastman Chemical Company, SABIC, China National Petroleum Corporation (CNPC), and INEOS Ineos Group Limited.
Key Market Segments
World Injection Molded Plastic market is segmented as follows:
By Raw Materials
By End User