PUBLISHER: Grand View Research | PRODUCT CODE: 1268721
PUBLISHER: Grand View Research | PRODUCT CODE: 1268721
The global injection molded plastic market size is anticipated to reach USD 423.7 billion by 2030, expanding at a CAGR of 3.6% during the forecast period, according to a new study by Grand View Research, Inc. Growing demand from key applications including automotive, packaging, and construction in Brazil, Russia, India, China, and South Africa (BRICS) nations, is likely to drive the growth. The high-growth regions such as the Middle East and Asia Pacific have witnessed a surge in capacity addition over the last few years.
The increasing presence of plastic injection molding companies in China on account of low manufacturing costs and ample availability of skilled labor is anticipated to benefit the regional market. Major foreign companies are increasing their production capabilities in the region, owing to the growing demand for plastic products. Government support in the form of tax benefits and financial incentives in China and India to increase the FDI flow has helped develop the market for plastics in these countries.
In packaging application, high-density polyethylene (HDPE) is extensively used in thin-wall injection molding. Growing packaging demand from food, bin liners, and thing gauge bags is anticipated to drive its growth over the forecast period. The rising penetration of injection molded HDPE in shipping containers, industrial pails, and houseware application is anticipated to further drive its demand over the forecast period.
The recent outbreak of the COVID-19 pandemic has affected the revenue generation of the companies operating in the injection molded plastics industry owing to the halt or slowdown in the production facilities. Thus, the companies are focusing on stepping up their resources and production capabilities to help in the fight against the pandemic. For instance, G&C Products, a U.S.-based plastic injection mold-making company that produces plastic products for fishing and the medical industry, started the production of personal protective equipment such as face shields and face masks.