Plastics have become an important part of automobiles, as they are capable of reducing the overall weight of vehicles by a significant margin. Automakers across the world are focusing on the production of lightweight vehicles, as these automobiles help in enhancing fuel efficiency. According to the U.S. Department of Energy, a 10% reduction in vehicle weight can lead to an improvement of 6–8% fuel economy. Thus, the increasing emphasis of automobile manufacturers on enhancing fuel efficiency will fuel the adoption of injection molded plastics in the automotive sector in the foreseeable future.
Moreover, the rising preference for biodegradable polymers among medical device manufacturing companies will drive the injection molded plastics market at a CAGR of 6.0% during the forecast period (2017–2025). According to P&S Intelligence, the market revenue stood at $283.5 billion in 2016, and it is projected to reach $496.2 billion by 2025. The surging consumption of this form of plastic can be attributed to the implementation of stringent regulations by governments regarding the use of eco-friendly medical grade polymers in the healthcare sector.
Geographically, Asia-Pacific (APAC) accounted for the largest share in the injection molded plastics market in 2016, and it is expected to retain its dominance throughout the forecast period as well. This can be primarily ascribed to the soaring demand for packaging solutions from the cosmetics and toiletries and food and beverage industries in the region. In the APAC market, China is expected to generate the highest revenue during the forecast period, due to the presence of a large number of automobile and electronics manufacturing facilities in the country.
Thus, the booming demand for lightweight vehicles and FMCG products will fuel the consumption of injection molded plastics in the forthcoming years.
injection molded plastics Market report endows with a profound overview of product specification, product type, production analysis, and technology by taking into consideration the major factors such as revenue, cost, and gross margin.
According to this report, key players are taking actions such as developments, product launches, acquisitions, mergers, joint ventures and competitive analysis in the injection molded plastics industry.
What is more, injection molded plastics market report analyses and provides the historic data along with the current performance of the market.
This report is a professional and in-depth analysis on the current state of the market and injection molded plastics industry.Injection molded plastics market will reach an estimated value of USD 529.09 billion by 2027, while registering this growth at a rate of 5.13% for the forecast period of 2020 to 2027.This injection molded plastics market research report also provides an analytical measurement of the main challenges faced by the business currently and in the upcoming years.
Market analysis, market definition, currency and pricing, key developments and market categorization along with detailed research methodology are the key factors of this market report.
The market analysis of injection molded plastics market report provides an examination of various market segments that are supposed to witness the fastest development amid the estimated forecast frame.
