The Global Injection Molded Plastics Market Growth Accelerated By Sustainable Material Innovation

 Injection Molded Plastics Market 

 


Injection molded plastics are widely used in consumer goods, automotive, packaging applications owing to their flexibility, durability and cost effectiveness. Injection molded plastics are used to make diverse products such as containers, automobile components, medical devices and electronics enclosures. With the rising demand for eco-friendly packaging solutions and renewable alternatives to petroleum-based plastics, bioplastics that are made from renewable feedstocks such as sugarcane, corn starch or microbiota are gaining popularity in the injection molded plastics market.

The global injection molded plastics Market is estimated to be valued at US$ 314.92 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:


Sustainable material innovation is one of the key trends driving growth in the injection molded plastics market. With rising environmental concerns and stringent regulations regarding use of conventional plastics, bioplastics are emerging as a viable alternative. Bioplastics help reduce dependence on fossil fuels and lower carbon footprint as they are made entirely or partially from renewable biomass. Leading players in the injection molded plastics market are investing heavily in R&D to develop novel bio-based resins that can deliver performance properties comparable to traditional plastics while being more eco-friendly. This is expected to boost adoption of bioplastics in various end use industries thereby accelerating revenue growth of the overall injection molded plastics market during the forecast period.

Segment Analysis

The injection molded plastics market is segmented by material type, application, and geography. Within the material type segment, polypropylene holds the highest market share of 25% owing to its extensive use in automotive interiors, household appliances, and electronics components. Being lightweight and durable, polypropylene provides design flexibility to manufacturers.


Key Takeaways


The Global Injection Molded Plastics Market Demand is expected to witness high growth driven by rising consumption in the automotive and packaging industries. The global injection molded plastics Market is estimated to be valued at US$ 314.92 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.

Regional analysis shows that Asia Pacific currently dominates the market with a share of over 35% led by China, India, and Southeast Asian countries. Rapid urbanization and growth of middle-class population are driving demand for consumer goods manufactured using injection molded plastics.

Key players operating in the injection molded plastics market are Alteryx, Inc., Bentley Systems Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. Increasing R&D efforts towards development of bio-based and recyclable plastics will help reduce dependence on petroleum-derived plastics and make products more sustainable.

 

 Explore more information on this topic, Please visit-

https://www.marketwebjournal.com/injection-molded-plastics-market-growth-and-trnds-analysis-share-size-demand-forecast/ 

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