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Injection Molded Plastic Market Detail Analysis focusing on Application, Types and Regional Outlook

Author : Rahul Varpe | Published Date : 2019-05-03 

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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The impact of automation on injection molded plastic market

The onset of automation has created a path-breaking influence on practically all the industries worldwide. Robotics has long since been a disrupting trend in the manufacturing sector, and if surveys are to be believed, its impact across injection molded plastic industry is slated to be immense. Heavily deployed in myriad manufacturing processes, automated tools and robots have transformed the dynamics of manufacturing sector. Automated robots are quick, accurate, agile, and adaptable, which ultimately translates into efficient production.

Injection molded plastic market giants such as BASF, SABIC, Eastman, Dow, ExxonMobil, INEOS, and Huntsman have been deploying these robots to streamline the process of injection molding and develop highly efficient plastic products within a lesser amount of time. Robots apparently provide more leeway and lend flexibility to the manufacturing process, thereby leading to the expansion of injection molded plastic industry. In fact, highly sophisticated robots can also be used to manufacture customized products, especially across the automotive sector.

The impact of renewability on injection molded plastic market

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.

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The impact of on-shoring on injection molded plastic market

On-shoring has begun to gain renewed traction lately, despite the mixed reviews regarding its execution. The trend of shifting the manufacturing facilities back to the home ground will prove to be beneficial for most sectors, injection molded plastic industry being no exception. Some of the statistics supporting the resurgence of on-shoring across the U.S. are outlined below:

  • As per a 2014 survey, manufacturers predicted that the United States will be responsible for more than 455 of their production by 2019.
  • The year 2014 also depicted that 20% of the top executives working companies that are a part of the billion-dollar fraternity intended to come back to the U.S. from China.
  • More than 22% of other such executives have declared that they would do the same in a few years.
  • A humongous figure exceeding 50% have declared interest in on-shoring.

The impact of technology on injection molded plastic market

Connected technologies will have a profound impact on injection molded plastic industry in the coming years, as depicted by surveys. Over the last few years, manufacturers have realized that customer needs need to fulfilled immediately, so that production issues can be resolved sooner and managers are able to troubleshoot issues the moment they arise. On these grounds, the advent of IoT has helped streamline the manufacturing process across major sectors, including injection molded plastic market. Technology will also help factories utilize sensors, digitization, and networked devices, that will help in effective cost-control and enhanced productivity.

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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.

Read more News @ https://www.marketwatch.com/press-release/automotive-plastics-market-2019-by-regional-trend-revenue-growth-forecast-2019-05-03

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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