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Injection Molded Plastic Market Size is Likely to be Valued at USD 296 Billion by 2024 Expanding with a CAGR of 5% Over the Forecast Period | Hexa Research

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Injection Molded Plastic Market Size is Likely to be Valued at USD 296 Billion by 2024 Expanding with a CAGR of 5% Over the Forecast Period | Hexa Research

April 25
13:42 2019
Injection Molded Plastic Market Size is Likely to be Valued at USD 296 Billion by 2024 Expanding with a CAGR of 5% Over the Forecast Period | Hexa Research

Fact-based market research, penetrating industry insights and validated forecasts to help you make better decisions for a stronger future
Research Report on Injection Molded Plastic Market Size By Raw Material, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

25 April 2019, The global injection molded plastic market was valued at around USD 199.9 billion in 2015. It is expected to grow at a CAGR of approximately 5% during the forecast period (2016 – 2024). It will reach USD 296 billion by 2024. The growth of this market can be attributed to its growing demand in medical devices, home appliances, automotive, packaging, and electrical & electronic end-uses.

The molding process involves injecting molten plastic into molded products and solidifying them. The growth of this industry can be accredited to properties like heat resistance, pressure resistance, minimum wastage, and low labor cost.

Prices of volatile crude oil, benzene, ethylene, propylene, and styrene can challenge market growth in the coming eight years. To overcome such challenges, the industry is trying to manufacture molded plastic using biodegradable products. The injection molded plastic market is segmented into applications, raw materials, and geographies.

Applications include automotive, building & construction, consumables & electronics, packaging, medical, and others. Packaging was the leading application with a net demand surpassing 30,000 kilo tons in 2014.

The injection molded plastic holds an immense potential in medical and automotive segments. Biocompatible, cost efficient and optical clarity method of production can drive this segment till 2024.

Raw materials comprise acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), Polypropylene, Polystyrene, and others. Polypropylene accounted to over 35% of the total market demand in 2014. High demand for injection molded polypropylene in packaging, automotive, and household goods is likely to impel market growth in the coming years.

Browse Details of Report @

https://www.hexaresearch.com/research-report/injection-molded-plastics-industry

Geographies encompass North America, Central & South America (CSA), Asia Pacific, Europe, and the Middle East & Africa. Asia Pacific dominated the market holding over 37% of total volume in 2014. Rise in the demand of the plastics in the automobile industry in this region is likely to drive the market growth in this region. Increasing construction in India, China, and Indonesia will augment market growth in the region.

Major global injection molded plastic industry players are BASF, DuPont, Dow Chemical Company, and LyondellBassell. Early 2016, LyondellBassell started a new Polypropylene grade called Purell grade RP315M and Purel HP548N for healthcare applications like syringe plungers, pill strips, and others. These products increase the cycle time and production of cast film.

Browse Related Reports in Plastics, Polymers & Resins Industry:

Carbon Black MarketThe global carbon black market is anticipated to exhibit remarkable growth in the coming years owing to rising demand for high-quality raw materials among manufacturing companies.

Hot Melt Adhesive (HMA) MarketThe global hot melt adhesive (HMA) market is expected to be valued around USD 9.7 billion over the forecast period and it is anticipated to grow at an approximate CAGR of over 6% over the forecast period of 2016 to 2024.

About Us:

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

More Information Visit @ www.hexaresearch.com

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