Injection Molded Plastics Have Huge Potential in Automobile and Medical Industry

Injection Molded Plastic Demands in Medical Devices, Home Appliances, Automotive and Electrical & Electronic

Global Injection Molded Plastic Market was valued at around USD 199.9 billion in 2015. It is expected to grow at a CAGR of approximately 5% during the forecast period (2016 - 2024). It will reach USD 296 billion by 2024. The growth of this market can be attributed to its growing demand in medical devices, home appliances, automotive, packaging, and electrical & electronic end-uses.

 

The molding process involves injecting molten plastic into molded products and solidifying them. The growth of this industry can be accredited to properties like heat resistance, pressure resistance, minimum wastage, and low labor cost.

 

Prices of volatile crude oil, benzene, ethylene, propylene, and styrene can challenge market growth in the coming eight years. To overcome such challenges, the industry is trying to manufacture molded plastic using biodegradable products. The injection molded plastic market is segmented into applications, raw materials, and geographies.

 

Applications include automotive, building & construction, consumables & electronics, packaging, medical, and others. Packaging was the leading application with a net demand surpassing 30,000 kilo tons in 2014.

 

The injection molded plastic holds an immense potential in medical and automotive segments. Biocompatible, cost efficient and optical clarity method of production can drive this segment till 2024.

 

Raw materials comprise acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), Polypropylene, Polystyrene, and others. Polypropylene accounted to over 35% of the total market demand in 2014. High demand for injection molded polypropylene in packaging, automotive, and household goods is likely to impel market growth in the coming years.