LyondellBasell, ExxonMobil, DuPont, Huntsman Corporation, BASF, Dow Chemicals, Eastman Chemical Company, SABIC, INEOS Group AG, Chevron Phillips Chemical Company LLC, and Reliance Industries Limited are some of the prominent players at the forefront of competition in the Global Injection molded plasticsMarket and are profiled in MRFR Analysis.
Injection Molded Plastics Market – Market Overview
Injection molding is manufacturing process in which molten materials are injected and turn into desired shape and size through usage of mould according to requirements. This process is commonly found in thermoplastic and thermosetting polymer. These materials possess excellent chemical resistance, durability and are lightweight which enables its usage in numerous application such as packaging, consumable & electronic goods and automotive & transportation.
The global injection molded plastic market is growing at considerable CAGR owing to prominent factors such as increasing demand of plastic products in packaging and automotive industry and rising expenditure on infrastructure activities in emerging markets. Key countries such as U.S., China, Germany, India and South Korea are developing new innovative methods to produce injection molded plastics using bio-based counterparts. Moreover, rapid industrialization and supportive government policies such as 100% FDI and tax benefits are likely to boost the market growth. Volatile in raw material prices along with supply demand imbalance in petrochemical products are likely to hamper the market growth. However, changing trend towards green products in building and construction activities along with automotive and transportation industry provide lucrative opportunity to market players.
Among the raw materials, the global injection molded plastic market is segmented as polypropylene, polystyrene, polycarbonate and HDFE among others. Polypropylene is emerging market owing to growing consumption in household goods and packaging application. Due to superior properties of injection molded plastics such as high di-electric properties and corrosion resistance enable its usage in numerous applications such as food packaging and protective caps in electric contact. ABS is fastest growing segment in injection molded plastics owing to rising demand in medical devices, automotive components and consumer appliances. Furthermore, based on applications, packaging is leading the segment in the global injection molded plastic market. High durability and increased shelf life are highly recommended in food packaging industry. Thus, it is expected to drive the market growth in coming years. Optical clarity, bio-compatibility and cost-effective product are some of the requirements in medical industry. Thus, high growth of medical device industry in developed regions are likely to provide opportunity for market players in injection molded plastic market. Moreover, rising preference towards bio-degradable products in medical industry are further anticipated to drive the market growth.
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Asia Pacific region emerged as dominating region due to rapid industrialization and urbanization leading to high consumption of injection molded plastics in end use industries. Major players are expanding production facility in developing region to meet growing demand of the plastic industry. Europe region witnessed significant growth owing to changing lifestyle and rising consumer spending with expansion of multinational companies in Spain, France and Italy. Increasing food & beverage industry along with household chemical segment in European market are likely to boost the demand for injection molded plastics market. Countries like the U.S. and Canada are expending more on construction activities. Increased in purchasing power and shift towards advanced materials are likely to propel the market growth.
Injection Molded Plastics Market – Competitive Analysis
The global injection molded plastics market is competitive market with presence of some tier 1 players as well as small regional players in the market. Notably, some of the key players are BASF, DowDuPont, SABIC, LyondellBasell; Eastman Chemical Company. These companies are operating in injection molded plastics and have integrated value chain for sustainability growth. Other companies are also expanding into new geographic regions to tap the market revenue growth. Few companies are also entering long term agreement with distributors channel.
Industry/ Innovation/ Related News:
June 2017-Dow Chemical completed construction of plastic plant in Houston. The new plant is producing 400,000 metric tons of polyethylene plastic a year. The plant also consists of 1.5 million metric tons of ethylene production which is derived from natural gas liquids. This material is primary products for production of plastics. With rising demand of polyethylene in plastic industry, the company would be able to meet customer requirements.
January 2017-BASF expanded compounding plant at Schwarzheide site, Germany. This expansion includes production capacity upto 70,000 tons of Ultramid polyamide and Ultradur polybutylene terephthalate materials. BASF runs total of PA and PBT capacity of 700,000 tons worldwide. Thus, extended capacity is able to meet rising global demand of engineering plastics.
June 2016 – BASF extended high performance portfolio products with compostable particle foam ecovio® EA. The product is bio based and possess similar properties of EPS with excellent energy absorption and good resilience when subjected to different impact loads. This product is versatile bioplastic used in numerous application such as plastic film such as organic waste bags, dualase bags or agriculture films. Moreover, compostable packaging solutions such as injection molded products would be produced from ecovio.
October 2017- Dow elastomer division launched a new products such as NORDEL™ EPDM (ethylene-propylene-diene terpolymer). This helps the automotive manufacturer to meet customer requirements of light weight and aesthetics market. the elastomer division is further investing in innovation and growth primarily in Saudi Arabia.
January 2016- BASF expanded product portfolio for food contact application. These products offers special Elastollan portfolio which comprises of ether and ester based grades. These grades are used in range of injection molded and extrusion application such as conveyor belts, films and fabrics.
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