The automotive sector utilizes high volume of injection molded plastics for manufacturing automobile parts to reduce the overall vehicle weight. Automakers are focusing on producing lightweight vehicles to enhance fuel efficiency. Plastics are an imperative component of any vehicle and the incorporation of these plastics provides a substantial weight reduction. Thus, the soaring demand for lightweight and fuel-efficient vehicles will propel the injection molded plastics market at a CAGR of 6.0% during 2017–2025. The market stood at $283.5 billion in 2016 and it is expected to reach $496.2 billion by 2025.
According to P&S Intelligence, the Asia-Pacific region dominated the injection molded plastics market in 2016 and it will retain its dominance in the foreseeable future. This is due to the increasing application of injection molded plastics in the cosmetics and toiletries, pharmaceutical, and food and beverages industries of the region. Moreover, the escalating consumption of soft drink consumption, on account of the rising temperature and booming population, is boosting the usage of these plastics. Besides, the presence of established players also fuels the consumption of injection molded plastics in APAC.
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In recent years, key market players have increased their focus on product launches and geographical expansion to consolidate the competition. For example, DowDuPont Inc. established its new ethylene and plastics plant in Freeport, in September 2017, to produce 1.5 million metric tons of ethylene every year. This plant has a massive cracker that separates a component of natural ethane to provide the feedstock for ethylene, which is a vital ingredient for most plastics. Similarly, in October 2017, ExxonMobil started production at its new petrochemical facility in Texas, the U.S.
Thus, the widening application of injection molded plastics in the medical, packaging, and automotive sectors will fuel the production and consumption of these plastics in the coming years.
Read more: https://www.psmarketresearch.com/market-analysis/injection-molded-plastics-market
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