The Global Plastic Injection Molding market size is all set to grow at 4.8% CAGR and touch USD 377.41 billion
Acumen Research and Consulting
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As per research conducted by Acumen research and consulting, the global plastic injection molding market size currently valued at USD 260.30 billion in 2020, is all set to grow at 4.8% CAGR and touch?USD 377.41 billion by 2028.?
What is an injection molding machine??
It is also called as injection press, a machine which creates plastic objects by the injection molding process. There is a high demand for plastic products in many sectors namely the healthcare automotive construction and building.?
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What are the dynamics of the plastic injection molding market??
The automotive sector is worth more than USD 10 trillion and is growing by the day, many parts of a vehicle consist of plastic products, as they are cheaper and can be easily manufactured in bulk, along with them making the vehicle fuel efficient as they are lightweight. There has been a huge surge in demand for automobiles in the developing markets of Asia Pacific region especially in China, India, Indonesia, Vietnam etc. in the past few years. Healthcare sector also has huge demand for plastic products in smart medical device due to ease in availability and affordability.?
There has?always been a focus on cost reduction in the manufacturing sector, and plastic injection molding process has always been cost friendly for making plastic products in bulk and with excellent precision. Due to availability of cheaper labor and cost-effective manufacturing setup in developing countries, many companies have shifted their bases in some of those countries hence accelerating this market further.?
However, there are some factors which have been affecting this market negatively like strict government regulations to control the pollution problems and also the highly volatile raw plastic prices.?
Region based analysis?
Asia Pacific stands as the market holding the highest share in terms of revenue amongst all other regions thanks to the robust manufacturing of products in China and other countries like India, Vietnam Indonesia etc.?
North America and Europe also held big chunk in the revenue share thanks to their developed economies and huge automobile and healthcare sector.?
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The global plastic compounding market size is all up and ready to touch?USD 95.5 billion by 2026 and is estimated to grow?at 6.9%?CAGR?for the forecast timeframe of 2019 to 2026.?
The global plastic waste management market was USD 31.7 Billion in 2018, all set to touch?USD 41.1 billion?in 2026 with a CAGR of 4.2% from 2019-2026?
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