Injection Molded Plastics Market - Forecast(2024 - 2030)
Injection Molded Plastic Market Overview
Injection molding refers to the process which is used to make plastic components which are then used by various industries like automobile, aerospace, packaging, medical, etc. Hence plastics like polystyrene, polypropylene, polyamide, acrylonitrile butadiene styrene are some commonly used injections of molded plastic, that have unique properties such as light-weighted, weather-resistant, corrosion-resistant, and high durability, thus providing high and efficient performance. Thus, high-performance injection-molded plastic has high industrial applications especially in the automotive industry where it is used to make light weighed interior and exterior parts. The drivers that have positively impacted injection-molded market growth are increasing demand by the industrial sector like packaging, automotive, medical, and technological advancements in injection molding. However, the process of injection molding is very expensive, time-consuming, and requires a high degree of designing and modeling and consumers' preference for other sustainable options like natural fibers bamboo, pulp, etc. for packaging has hampered the growth of the injection-molded plastic industry.
COVID-19 Impact
COVID-19 pandemic had negatively impacted the injection-molded plastic market on a global level, as due to restrictions and lockdown imposed by governments all across the globe, the productivity went down of various manufacturing sectors like metalworking, electronics, consumer goods, etc. The automobiles, food sector were majorly hit as there was shutting down of large parts of automotive manufacturing plants, and the food sector being the main user of injection-molded plastic like polystyrene suspended its production and supply of food products. For instance, as per the 2020 report of the U.S Bureau of Labour Statistic, from mid-April 2020 onwards there was a reduction in demand for food items like meat, pork, fish items like shellfish, lobster, and dairy items like cheese in the U.S food market. As per the International Organization of Motor Vehicle Manufacturing, in 2020 there was a 16% global decline in vehicles production with all major producing regions like the U.S, Brazil, Germany having a sharp decline of 11% to 44%. As there was less production and sales of vehicles and food products across the world, hence the demand for injection molded plastic in these sectors declined readily.
Injection Molded Plastic?Report Coverage?
The report: “Injection Molded Plastic Market – Forecast (2022 – 2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the?Injection Molded Plastic Industry.
By Polymer Type – Acrylonitrile Butadiene Styrene, Polypropylene, Polystyrene (High Impact Polystyrene, General Impact Polystyrene), Polyamide (Wool, Silk, Nylon, Aramids), Others (Polycarbonate, Polyethylene)?
By Application – Pharmaceutical & Medical (Test kits, X-rays components, Syringes, Others (Surgical Prep Products, Medical Research Tools), Electronics (Laptop frame, Keyboards, LEDs & assemblies, Sensors, Inkjet Printers, Others, Packaging (Food Packaging, Cosmetics Packaging, Others), Automobile (Exterior Components, Interior Components, Under the-hood Components), Building & Construction
By Geography - North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherland, Spain, Russia, Belgium, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), Rest of the World (Middle East, Africa)
Key Takeaways
Injection Molded Plastic Market Segmentation – By Product
Polypropylene held the largest part in the injection-molded plastic market in 2021, with a share of over 35%. This is owing to its high properties like lightweight, shock resistant, low friction, chemical corrosion resistance, etc. Polypropylene has high industrial applicability like in the automobile sector and is used in gears. In the medical sector, it is used in sterilization of medical equipment like syringes, medical vials, and in construction sector it is used for electric cable insulation & piping system. As sectors like the construction sector are showing rapid development with new infrastructure and construction projects in line, hence this will positively impact the demand for polypropylene in such sectors. For instance, as per the 2020 report of the Association of Professional Builders, over 1000 residential building companies across the U.S, Canada, Australia, New Zealand experienced growth in their residential construction and renovation business with 46.5% of them signing more contracts worldwide than last year. In 2019 National Development and Reform Commission of China approved 26 infrastructure projects estimated to be completed by 2023. Hence with the increase in the number of such residential and infrastructure projects, the demand for polypropylene for electrical cable insulation, piping system, plastic machine parts, etc. will also increase
Injection Molded Plastic Market Segment – By Application
Packaging held the largest part in the injection-molded plastic market in 2021, with a share of over 40%. This is owing to factors like the increase in demand for durable and non-toxic packaging material by sectors like food & beverage for packaging. Various food-grade materials like low-density polyethylene, polystyrene, polypropylene used in plastic injection molding have unique properties like high durability, chemical resistance, tolerance of all-weather type, etc. which makes them efficient packaging materials in the food sector. As per the 2021 size & impact report of the U.S Plastic Industry Association, in 2020 of 22.6% of the final consumption of plastic-containing products was done by food and drinking services, retail and wholesale trade, healthcare, etc. The 2020 report of the Plastic Industry Association states that plastics like polypropylene have become leading materials for bottles and food packaging in the U.S. Hence with the increase in the rate of consumption of plastics for packaging food, drinks, and other retail items, the demand for injection molded plastic like polypyrene will also increase.
Injection Molded Plastic Segment – By Geography
Asia-Pacific held the largest part in the injection-molded plastic market in 2021, with a share of over 45%. This is attributable to factors like growing demand for the automobile in countries like China, India and the growing food industry in Asia. Hence as injection-molded plastic is used in the automobile industry for making interiors as well as exterior parts like dashboards, seat covers, bonnet, bumpers etc. and in the food & beverage sector it is used for making food packaging containers, bottles, bags, etc. As per the October 2021 report of the Thai Ministry of Industry, the food production in the Thai food industry has increased by 2.9% compared to last year, as per the October 2021 report of the Asia Pacific Economic Council (APEC), there has been a rise in demand for healthy beverage drinks in Asian countries like Malaysia, Singapore. As per India Brand Equity Foundation, domestic automobile production stood at 26.36 million produced in FY20, and total passenger production reached 22.6 million in FY21, as per the International Organization of Motor Vehicle Manufacturing, the global production volume of vehicles increased to 57 million in 2021 from 52 million in 2020, with Asia accounting for 50% of production. Hence as the demand and production in automobile and food & beverage sectors is increasing, thereby increasing the demand for injection molded plastic in the Asia-pacific region in such sectors.
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Injection Molded Plastic Market Drivers
Technological Advancement in Injection Molding
As new technologies are being introduced in the market, hence this has provided all the injection-molded plastic companies to utilize such advancements in their injection molding process, which would provide them greater control, flexibility, and precision. For instance, in 2020 Rodon group added six Nissei Hybrid injection molding machines in its manufacturing process, hence the addition of such hybrid injection molding machinery will enable the company to reduce its energy expenditure up to 47% and would increase its product portfolio for customized injection molding plastic. Also in 2021, Kistler has created a process monitoring system that prevents usage of faulty material in the injection molding process. Hence with the introduction of such new technologies, injection-molded plastic-like acrylonitrile butadiene styrene, polypropylene can be easily customized, and also the cost of manufacturing such injection molded plastic can be reduced.?
Increase in demand by the automotive sector
In the automotive industry where safety, consistency, and quality are of high importance, automotive plastic injection molding becomes an important manufacturing process. As injection-molded plastic like polypropylene & polystyrene has rigidity, flexibility, corrosion-resistant, and weather-resistant, so it is used in making various automotive parts. For instance, polypropylene is used for automobile doors, cable insulation, carpet fibers, bumpers, and bodies, etc., and polystyrene is used in the instrument panel. As automotive injection-molded plastic is light weighted and less costly, hence the automotive companies are slowly replacing their metal automotive parts with plastic. For instance, Toyota Motor Corp. in 2020 turned to injection molding plastics to reduce both the weight and cost of seats for its 2021 Sienna Minivan. Tesla used injection molding plastics for its 2020 Model Y in headliner and Heat, ventilation, and Air Conditioning system and is planning to increase the usage of injection-molded plastic in its other cars.
Injection Molded Plastic Market Challenges
Availability of other sustainable options
The injection molding process is very time-consuming as there is a lot of designing & modeling of plastic before its injection begins, and besides that, the injection machines and tools require large investments as they are costly. Hence companies are switching to other sustainable options like recycled cardboard, the highly biodegradable paper, to use in packaging. Such shift of companies to sustainable options has negatively impacted the demand for injection-molded plastic like polypropylene thereby hampering the growth of the injection-molded plastic market. For instance, as per the 2020 report by United Nations Environment Program, various beverage companies have removed unnecessary plastic usage in packaging and have shifted towards recycled cardboard. Hence companies like Diageo have eliminated 540 metric tons of metalized films replacing them with recycled paper, Molson Coors Brewing Company replaced all plastic six-pack rings in its UK business with recycled cardboard.
Injection Molded Plastic Industry Outlook
The companies develop a strong regional presence and strengthen their market position, continuously engage in mergers and acquisitions.?Injection Molded Plastic top 10 companies include.
1.?DuPont 2.?Dow Inc. 3.?BASF SE 4.?Toshiba Corporation 5.?Hunstman Corporation 6.?Magna International Inc 7.?NOVA Chemicals 8.?LANXESS 9.??Chevron Philips Chemical 10.?LyondellBasell
Recent Developments
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