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Injection Molded Plastics Market to showcase appreciable growth rate over 2024

Author : Ravi Chawat | Published Date : 2020-09-09 

Increase in the demand for lightweight plastics will drive injection molded plastics market trends, from consumption in the packaging, construction and automotive industries due to excellent properties of the materials. The products provide high versatility and offer an alternative to several other plastics due to better chemical resistant properties against a large range of acids & bases, besides having a low coefficient of friction.

Molded plastics have been experiencing a high demand owing to the capabilities like easily being reshaped, tough and durability. There has been an increase in the consumption of plastics due to low cost, reduced weight and easy availability in the market, which will encourage product penetration. Polypropylene injection molded plastics industry share will record a significant growth of more than 5.5% by 2024.

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Injection molded plastics provide durability and high strength, becoming ideal for multiple industries like transportation as well as building & construction. Rise in the trends to replace steel used in the manufacturing of automobile with materials that are low cost, high performing and enhance automotive performance will foster injection molded plastics market share.

Described below are some factors that will impact the demand of injection molded plastics over the coming years.

1)    Expansion of building & construction sector

Widening application and increasing demand in the building & construction activities is anticipated to boost the consumption of plastic products over the next few years. Molded plastics offer abrasion & chemical resistant properties in comparison with its metal counterparts.

Global injection molded plastics industry size from building and construction applications is projected to exceed USD 25 billion by 2024. 

Injection molded plastics are extensively used in the construction business primarily in windows, roofing, and flooring. Surge in construction projects like the underground constructions and the product’s cost-effectiveness will fuel injection molded plastics market outlook over the projected time period.  

2)    Booming electronics sector in the U.S. 

Increasing advancements in technology with a significant change in the standard of living will amplify the use of electrical appliances, which is a prime factor driving injection molded plastics industry trends. 

The cost-effectiveness of the products and launch of new innovative mobile technologies has helped expand the customer base for electronics goods. U.S injection molded plastics market share is anticipated to witness gains of more than 4.5% over the analysis period.

Growing investments in research and development in consumer electronics coupled with an increase in product penetration through e-commerce will trigger the industry growth.

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3)    Consistent automobile sales worldwide

Rise in the demand for shock-resistant and lightweight plastics from automobiles and the electronics industry as well as increasing awareness pertaining to polypropylene materials will help drive injection molded plastics consumption.

Germany injection molded plastics market size is anticipated to exceed USD 14.5 billion by the year 2024, fueled by rising sales of automobiles that has augmented the demand for better auto parts & components in order to improve the performance of the vehicle. 

Rising preference of automakers towards economically feasible & low weight materials has helped boost the demand for high performing plastics. Surge in the investments in the automotive sector for advanced processing technologies along with the support of the government for the reduction of carbon footprint will drive the product adoption.
 
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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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