FELTON, California, September 18, 2017 /PRNewswire/ --
Global Injection molded plastics market was valued around USD 200 billion in 2014 and is estimated to witness steady growth over the forecast period. The industry is continuously expanding owing to increasing demand from numerous end-user such as automotive, packaging, home appliances, electronic, and medical equipment market.
Minimum waste produced, faster rate of production, simultaneous processing of raw material and cheap labor cost are expected to be the major driver of the market. Though, the market is impeded by the high initial cost of tools and unpredictability of crude oil prices.
China plays a major role in trading and bulk production of petrochemical products and indirectly hampers the plastic industry. For this reason, many companies have implemented various strategies to minimize the impact of crude oil prices and to sustain annual growth rate.
To counter challenges like price fluctuation of raw materials, the market participants have shifted their focus towards manufacturing products using bio-based counterparts.
Propylene is the major raw material, be accounted for more than 35% of total demand in 2014 and is estimated to grow rapidly over the forecast period. The major application of molded propylene plastics is in automotive parts, packaging material, and household goods. Furthermore, the demand is expected to increase owing to its new application in the battery housing, food packaging, and protective covering in electrical appliances. This recent application is majorly due to its phenomenal properties of electrical insulation and corrosion resistance.
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The packaging segment had the highest demand for the plastic molded market and accounted over 30,000 kilo-tons in 2014. The industry is anticipated to witness high growth owing to its multiple end users market expansion. Enhanced performance for wear and tear, durability, and increased shell life of food products are few of the packaging application.
Expansion of construction industry owing to rapid industrialization also have the major application of molded plastics, especially for insulation, walls, doors, roofing, and flooring.
Continuous improvement in specificity, designs, and better customization has directed the market to launch more advance products bringing out new opportunities of multiple application.
Both medical and automobile industries are driving the market significantly and estimated to grow swiftly and generate revenue of more than USD 25 billion by 2022. The demand in the medical industry will rise owing to optical clarity, cost efficient, and biocompatibility. Also, growing trend and stringent regulations for biodegradable polymers for medical devices are also predicted to build strong demand for the market.
APAC dominated the global market accounting for more than 35% in 2014. Growing automobile demand coupled with increasing infrastructure and higher disposable income in developing countries such as India, China, Japan, Indonesia, and Thailand have created huge opportunities for the market. Also, tax benefits by government offered to electronics & automotive manufacturers are anticipated to boost the market in these countries.
Key players operating globally are Dow Chemical Company, BASF, HTI Plastics, and DUPont. Other companies with significant stakes in the market are Huntsman, Eastman Chemical Company, Ineos Group. SABIC, Magna International Inc., and LyondellBasell.
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Global Injection Molded Plastic Raw Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Global Injection Molded Plastic Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
• Consumables & Electronics
• Building & Construction
Global Injection Molded Plastic Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
• North America
• Asia Pacific
• Middle East & Africa
• Saudi Arabia
• Central & South America
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