Worldwide injection molded plastic market is projected to accumulate over US $396.1 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
As per the report, the leading driving factors for the global injection molded plastic market include reduced labor costs, material flexibility, faster production, and decreased wastage. Burgeoning demand from the developing countries, along with technological enhancements, are anticipated to bestow the global market players with innumerable growth prospects throughout the forecast timeline. However, ascending demand for bio-based polymers and rising concerns regarding environmental pollution are presumed to stand as barriers to market development.
The varied applications of injection molded plastic across a slew of industries including packaging, construction, healthcare, consumer goods, and automotive, are likely to drive market growth. The injection molded plastic finds extensive application in the automotive sector for manufacturing interiors & exteriors, fueling framework, and under-hood applications. The injection molded plastic facilitates large-scale manufacture of automotive parts by offering cost efficiency, rust resistance, lighter weight, and reduced wear and tear.
The injection molded plastic is sourced from raw materials such as polystyrene, ABS (acrylonitrile-butadiene-styrene), polypropylene, HDPE (high density polyethylene), and others. Speaking of the end-user landscape, the global injection molded plastic market is fragmented into packaging, automotive, healthcare, construction, consumer goods, and others. Based on the findings of the report, the packaging end-user segment dominated the worldwide market during the year 2017, in terms of revenue. Market researchers speculate that the healthcare segment would grow significantly over the estimated timeframe, demonstrating the highest CAGR. This can be credited to the surging demand for the use of injection molded plastic in pregnancy test devices, surgical blades, etc.
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The latest report encompasses a thorough examination of the global injection molded plastic market drivers, restarints, and opportunities, in addition to the present market scenario as well as future trends. A brief overview of the current industry trends, Porter's five forces, PEST analysis, value chain, regional landscape, competitive ranking analysis, and competitive vistas, has also been included in the report.
Based on the findings of the report, the Asia Pacific market yielded the highest market revenue in the worldwide injection molded plastic market in the year 2017 and is slated to be the leading contributor to the market revenue over the forecast period. The presence of the evolving industries including construction, packaging, and healthcare, favorable government policies, and significant initiatives in research & development propel regional growth. Expansion of the manufacturing industry, coupled with rapid industrialization, further influences market growth, cites the report.
The distinguished market players operating in the worldwide injection molded plastic market are E. I. DuPont De Nemours & Company, China National Petroleum Corporation, BASF SE, Exxon Mobil Corp., Huntsman Corporation, The Dow Chemical Company, Berry Plastics Group, Eastman Chemicals, LyondellBasell, INEOS Group, and SABIC, among others. These companies are focusing on their collaboration with other leading market players, in a bid to introduce new products and cater to the amplifying needs of consumers.