Plastics Injection Molding Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The market for Plastics Injection Molding was valued at around 1,34,240 kilotons in 2021 and the market is expected to register a CAGR of more than 3. 5% during the forecast period 2022-2027.
New York, June 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plastics Injection Molding Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06062865/?utm_source=GNW
The Covid-19 pandemic had a negative impact on the plastics injection molding market, however the market has now been estimated to have reached pre-pandemic levels.
Major factors driving the market studied are accelerating usage in consumer goods and electronics and growing demand from the packaging industry.
On the flip side, increasing emergence of 3D printing is expected to hinder the growth of the market.
Adaption of lightweight vehicles and electric vehicles is expected to offer various lucrative opportunities for the growth of the market.
Asia-Pacific region dominated the plastics injection molding market across the globe with the largest consumption from countries such as China, India, and Japan.
Key Market Trends
Packaging Segment to Dominate the Market
The plastics injection molding offers a wide range of solutions, from high volume packaging to thin wall containers and bottle molds. There is an increased demand for lightweight and with increased strength with using less plastic material. The advances in injection molding have led to low cost and less material use, as well as low-weight plastics in the packaging industry. Plastic injection molding is used for rigid bulk packaging, thin-wall packaging, caps, and closures in various industries, including food and beverage, personal care, cosmetics, and others.
Various plastic products are used for the packaging of food and beverage, which include fruit and vegetables, fresh meats, edible oils and sauces, pots, tubs, and trays, ice creams, bottles for beverages, and sliced cooked meats. Plastic injection molded products, such as trays, boxes, shrink wrap, bags, and protective layers, are used in the food and beverage sector for packaging. They are light, hygienic, and can be hermetically sealed to prevent contamination of the contents. Furthermore, plastics are also excellent for rigid packing because of their versatility.
The growing demand for packaging for cosmetics and toiletries, pharmaceuticals, household chemicals, and food & beverages is increasing the demand of injection molded plastics, which is propelling its market.
The rising population, increased spending power, rapid urbanization, and development of the retail sector in regions, including Asia, Eastern Europe, and the Middle East, are factors augmenting the growth of the packaging industry.?
Flexible packaging is used in food packaging applications in low-income countries in South America, Africa, and Asia-Pacific. The popularity and demand for flexible packaging are rising in emerging economies, and the demand is supported by continued economic expansion and an acceleration in the food and beverage industry.? The market value for flexible packaging in 2020 accounted for USD 42.64 billion and is estimated to reach USD 56.26 billion by 2025.?
Owing to all the above-mentioned factors packaging segment is expected to dominate the market.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region is expected to dominate the market for plastics injection molding during the forecast period.
In countries like China, India, Japan and South Korea, owing to increasing demand for plastics from various end-user industries like packaging, automotive & transportation, healthcare, electronics, and building & construction, the demand for plastics injection molding has been increasing in the region.
China has been majorly driven by the ample developments in the residential and commercial construction sectors and supported by the growing economy. In China, the housing authorities of Hong Kong launched several measures to push-start the construction of low-cost housing. The officials aim to provide 301,000 public housing units by 2030.
The packaging industry in China is expected to register a tremendous growth with a CAGR of nearly 6.8%, reaching CNY 2 trillion by 2025. This positive momentum in the packaging industry is expected to ignite the market demand for plastic injection molding in the country.
According to the recent study, China is expected to have 25% of global healthcare industry share by 2030.
The construction industry is the second-largest industry in India, with a GDP contribution of about 9%. The construction sector recorded notable growth in 2021 owing to a rise in investments by the end-user group and ascending government initiative for construction industry revival post-COVID-19. It is predicted that India’s construction industry is set to emerge as the third-largest market globally, with a size of almost USD 1 trillion by 2030.
Furthermore, according to the Government of India, the Indian pharma industry market size is expected to reach USD 130 billion by 2030. India has provided pharmaceutical products to more than 200 countries and may continue to do so in the future.? According to the India Brand Equity Foundation (IBEF), India’s medical devices market stood at USD 10.36 billion in FY20. The market is expected to increase at a CAGR of 37% in the next five years.
The aforementioned factors, coupled with government support, are contributing to the increasing demand for plastics injection molding during the forecast period.
The plastics injection molding market is fragmented with top players accounting for a marginal share of the market. Some of the key companies in the market (in no particular order) include Berry Global Inc, AptarGroup, Inc., Silgan Holdings Inc., Amcor PLC, ALPLA among others.
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