The global injection molded plastic market is expected to reach USD 295.89 billion by 2022, according to a new report by Grand View Research, Inc. Increasing penetration for automotive applications coupled with increasing infrastructure spending particularly in Asia Pacific and Latin America is expected to remain a key driving factor for global injection molded plastics over the forecast period. Positive outlook on global packaging industry is also projected to have a positive influence on the market growth.
Polypropylene emerged as the leading raw materials with demand share exceeding 35% in 2014. Increasing polypropylene demand for rigid packaging is expected to drive its demand over the forecast period. The product is also expected to witness the highest growth of 4.5% from 2015 to 2022.The high rate of penetration of finished goods in packaging and construction materials may be attributed to high growth.
U.S. injection molded plastic market revenue by raw material, 2012-2022 (USD Million)
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Further key findings from the report suggest:
- The global injection molded plastics demand was95.91 million tons in 2014 and is expected to reach 133.63 million tons by 2022, growing at a CAGR of 4.2% from 2015 to 2022
- Packaging was the leading application segment and accounted for 33.4% of total market volume in 2014. The segment is anticipated to witness moderate growth with significant demand coming from rigid packaging for personal care and food storage industry.
- Injection molded plastics demand in medical applications is anticipated to witness the highest growth over the forecast period. The segment is anticipated to grow at a CAGR of 4.8% in terms of demand from 2015 to 2022.
- Asia Pacific was the leading regional market with demand share estimated at 37.5% in 2014. Increasing construction spending coupled with increasing automobile production in China, Indonesia and India is expected to remain a key driving factor for the regional market.
- Key players operating in the global industry include ExxonMobil, LyondellBasell, Eastman Company, Huntsman Corporation, Dow Chemicals, BASF, DuPont, SABIC, Eastman Chemical Company, Ineos Group, Magna International Inc. and HTI Plastics.
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