The plastic injection molding industry is one of the most dynamically evolving businesses according to Global Market Insights Inc. The application can be found in a multitude of industries such as automotive, packaging, medical, aerospace, household appliances, and construction.
Let us have a brief look at the overall process of how plastic injection molding works. Plastic is first melted and then injected into a mold under high pressure. It is then cooled, solidified and released by opening the two halves of the mold. This results in a product that has a predetermined form. Some of the popular resins used for plastic injection molding include:
Polypropylene accounted for over 36% of the total revenue owing to its rising use in automotive, and packaging applications. The increasing demand for polypropylene finished products in protective caps, food packaging, and household goods is also contributing to the growth of the market. ABS accounted for over 25% of the revenue and has emerged as the second major raw material for injection molded plastics. High demand for ABS in automotive and medical devices is also driving the injection molding market.
Let us now address the global injection molded plastics market size. It was valued at $283.54 billion in 2016. Due to the increasing demand for plastics components in various industries such as electrical, automobile, packaging, electrical, medical devices and home appliances is leading to the growth of the plastic injection molding market.
There is immense potential for injection molded plastics in medical sectors. The market is expected to witness growth in the production of medical devices. Optical clarity, cost-effective solutions, and biocompatibility are expected to drive the demand. The segment is expected to grow at a CAGR of 6.0% in terms of revenue.
The automobile sector is anticipated to drive the injection molded plastic market. The automotive and transportation applications are predicted to witness a growth of more than 5.7% CAGR through 2023. The production of lightweight automobiles will also drive the injection molded plastics industry. According to research, a 10% reduction in car weight will lead to saving around 5% to 7% of fuel.
There has been increased spending in the constructions sector in regions like Mexico, Brazil, Russia, and South Africa. The Asia-Pacific market comprises of regions such as India, China, Singapore will also propel the market due to rapid urbanization and rising demand for finished products that have better heat and pressure resistance.