Fortune Business Insights™ in this new report, titled “Injection Molded Plastics Market Size, Share & Industry Analysis, By Resin Polypropylene (PP), Acrylonitrile butadiene styrene (ABS), High-density polyethylene (HDPE), Polystyrene (PS), and Others), By Application (Automotive, Packaging, Building & Construction, Electrical & Electronics, Medical, and Others), and Regional Forecast, 2019-2026”, states that the market value stood at $346.10 billion in 2018.The Global Injection Molded Plastics Market Size is expected to reach $513.45 billion by 2026, exhibiting a CAGR of 5.1% during the forecast period.
The rising uptake of injection-molded plastics across different industries is foreseen to be a key growth driver for this market in the forthcoming years.
These plastics are being extensively utilized in the food and beverage industry owing to the stringent regulatory norms that govern their manufacturing process and quality.
These materials are primarily used to manufacture caps, containers, conveyor system components, and filters in the food and beverage industry.
Another industry where these plastics are finding rising demand is medical and pharmaceutical.Packaging of medicines and other medical equipment requires high-quality moldable material as any reaction with the medicine could prove disastrous for the patient.
Injection-molded plastics provide the optimum solution for this industry as they have high strength and have good resistance to high temperatures.Cost- and Size-related Limitations to Stem GrowthWhile there is high demand from different industries for injection molded plastics, certain limitations of these plastics related to size and cost may hold back the market from reaching its true potential.