According to the recent report by Global Market Insights Inc., the Injection Molded Plastics Market was estimated at USD 275 Billion in 2020 and is slated to be valued at around USD 385 billion by 2027, registering with a CAGR of 3.2% from 2021 to 2027. The report offers a detailed analysis of drivers & opportunities, market size & estimations, wavering market trends, competitive scenario, top winning strategies, and major investment pockets.
Injection molded plastics refer to plastic shapes or products that are created through plastic injection molding. High usage of these plastics in varied industry verticals has played a key role in market growth. Rising emphasis on improving vehicle performance by replacing metal with plastics is primed to fuel product adoption in the automotive industry in the coming years. Furthermore, stringent regulations governing the use of bio-based products aim to reduce reliance on crude oil in key regions, which is estimated to create huge growth opportunities in the market over the review timeline.
Polypropylene offers several benefits, such as food grade availability, low cost, excellent water resistance, and superior chemical and impact resistance, which has prompted manufacturers to include it in the production of household products and automobiles. Polypropylene also finds application in making bottles and containers for food & beverages. Driven by the rapid development of automotive, consumer electronics and appliances, and food & beverage sectors, the polypropylene raw material segment is expected to grow at a CAGR of approximately 5% through the forecast period.
Meanwhile, the injection molded plastics market from the HDPE raw material segment was valued at USD 45 billion in 2020 and is anticipated to see considerable growth through 2027. HDPE is a lightweight material and possesses various advantages like good electrical insulation, high strength, chemical resistance, and impermeability, which is set to fuel product uptake in the manufacturing of housewares and consumable goods over the following years.
Read more: The Injection Molded Plastics Market to record $385 billion in revenue by 2027