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Injection Molded Plastic Market growth will be propelled by rising demand from automotive sector

Author : Rahul Varpe | Published Date : 2019-04-17 

The automotive sector will stand as one of strongest growth drivers of injection molded plastic market. As per estimates, automotive & transportation applications are slated to witness gains of more than 5.7% over 2016-2023. The Corporate Average Fuel Economy (CAFE) has implemented regulations to produce low-fuel consumption cars, which will spur the business expansion. The production of lightweight automobiles will also boost injection molded plastics industry – estimates claim that even a mere 10% reduction in car weight will lead to saving around 5% to 7% of fuel.

In the recent years, injection molded plastic market has been influenced by a plethora of trends. It is noteworthy to mention that some of these trends mentioned below will not have a prominent impact on solely injection molded plastic industry, but on the entire plastic manufacturing sector.

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Forming an essential fragment of the global plastics sector, Injection Molded Plastic Market has established itself as one of the most dynamically evolving businesses of recent times. The injection molding process is one of the most commonly-used plastic formation technique across myriad industrial sectors, subject to the absolute ease and convenience provided by this methodology.

With a widespread spectrum of applications across the automotive, packaging, construction, and consumables & electronics sectors, injection molded plastic industry has indeed embarked on a highly profitable growth path since its inception. Statistics bear testimony to the aforementioned fact – global injection molded plastic market size stood at 100 million tons, and has been forecast to record a CAGR of 5% over the forthcoming years.

The process of injection molding has penetrated most of the plastics manufacturing sectors, and is used to develop a range of plastic products, right from wheelie bins and car bumpers to micro parts for packaging. Manufactured from materials such as ABS (acrylonitrile-butadiene-styrene), nylon PA, polycarbonate, HDPE, and polypropylene, injection molded plastic products are liberally used across a plethora of manufacturing sectors. It is therefore, evident that the changing trends of the manufacturing sector will have a profound effect on the growth path of injection molded plastic industry.

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In accordance with the latest trends of eco-friendliness and sustainability, injection molded plastic industry players have been striving to develop bio-based, recyclable products. Creating bio-based plastics that are reclaimable and recyclable is likely to pose a major challenge for manufacturers, nonetheless, the trend has penetrated most sectors, which has made it inevitable for injection molded plastic market players to generate plastics without the usage of fossil fuels.

Many companies have already implemented a prototype of such products, from soybeans, corn, flax, etc., which seem to be garnering acclaim. In response, many other entrants in the industry are also striving to achieve a balance between conventional plastic production and alternative, bio-based plastic production, which will eventually stimulate injection molded plastic industry size.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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