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Rising Application in Packaging Industry to Boost the Growth of Injection Molded Plastics Market

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Purvaja
Rising Application in Packaging Industry to Boost the Growth of Injection Molded Plastics Market

Market Overview:

Injection molded plastics are shaped by injecting molten plastic material into a mold under high pressure. Common plastics used for injection molding include polypropylene (PP), polystyrene (PS), polyethylene (PE), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), nylon and polycarbonate. Injection molded plastics have advantages like durability, lightweight and resistance to impact, chemicals, moisture and heat. They are widely used in packaging, automobile, electronics, construction and medical industries due to their versatility and cost effectiveness.


Market key trends:

One of the key trends in the injection molded plastics market is rising application in packaging industry. According to Plastics Industry Association, packaging is the largest market for injection molded plastics accounting for over 35% of the market. Injection molded plastics provide durability, moisture resistance, heat resistance and versatility required for various packaging applications. They are widely used for manufacturing containers, closures, houseware items and medical packaging. Growing e-commerce sector and increasing demand for convenience, processed and packaged food is driving the demand for plastic packaging which in turn is fueling the growth of injection molded plastics market.


Porter’s Analysis


Threat of new entrants: Low barrier for new entrants to enter in the market and compete. However, established players have advantages of economies of scale and customer loyalty.


Bargaining power of buyers: Buyers have moderate bargaining power as there are many players in the market offering substitutable products.


Bargaining power of suppliers: Suppliers have moderate bargaining power due to access to raw materials like plastics, polymers etc. However, established players can source from multiple suppliers.


Threat of new substitutes: Threat of substitution is low as injection molded plastics have wide applications and no direct substitute. However, continuous innovation can pose threats.


Competitive rivalry: High competitive rivalry among existing players due to availability of substitutable products. Players differentiate through innovation, quality, and customer service.


Key Takeaways


The Global Injection Molded Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from automotive and packaging industries. The automotive industry accounts for over 30% of overall demand for injection molded plastics products.


Regionally, Asia Pacific dominates the injection molded plastics market and is expected to grow at fastest pace during the forecast period. Abundant availability of raw materials along with presence of huge automotive and packaging industries in China, India, Japan, and South Korea drives the growth. North America and Europe are also significant markets driven by well-established end-use industries.


Key players operating in the injection molded plastics market are BASF, DOW Chemicals, Huntsman Corporation, Ineos oxide, Saudi basic industries corporation, Exxon Mobil Corporation, Du Pont de Nemours & Company, and Lyondellbasell industries. The players are focusing on new product development, capacity expansion and mergers & acquisitions to increase their market share.

Read More:

https://www.dailyprbulletin.com/injection-molded-plastics-market-demand-share-analysis/

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