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/EIN News/ -- Pune, India, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The global injection molded plastics market size was USD 343.23 billion in 2020. The market is projected to grow from USD 357.34 billion in 2021 to USD 476.46 billion in 2028 at a CAGR of 4.2% during the 2021-2028 period. This information is published by Fortune Business Insights™, in its report titled, “Injection Molded Plastics Market, 2021-2028.”

According to our researchers, a few of the principal uses of the product are in automobile, packing, building & construction, medical, electrical & electronics and other industries. They are majorly used in the packaging industry for making containers, food packaging, bottles for cosmetics and pharmaceutical products, and different types of closures.

List of Key Players Covered in the Report

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Declining Automotive Sales to Obstruct Market Growth

The injection molded plastics market is predicted to demonstrate confusing growth owing to the growing demand for packaging and medical usage, while the demand of the product has diminished considerably for uses such as automobiles, building & construction, and electrical & electronics, among others. The automobile industry is anticipated to suffer immensely owing to the currently fluctuating government guidelines combined with the exponential reduction in demand for automobiles during the COVID-19 pandemic.

On the basis of resin, the global market for injection molded plastics is bifurcated into Polypropylene (PP), Acrylonitrile butadiene styrene (ABS), High-density polyethylene (HDPE), Polystyrene (PS), and Others.

Based on application, the market is further divided into Automotive, Packaging, Building & Construction, Electrical & Electronics, Medical, and Others. The packaging segment held the largest share in this market. This segment is driven by food & beverages, pharmaceutical, and retail applications.

In terms of geography, the market for injection molded plastics is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general injection molded plastics market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.

Innovation in Injection Molding Technologies is a Prominent Trend

There has been incessant improvement in technologies regarding injection molding such as the increasing predisposition towards incorporated method to product design which has accentuated the production operation. This has further tapered down the space between the structuring and production stage, principally in case of complicated products, such as medical apparatuses. This is famously known as micro injection molding in production of medical apparatuses where the procedure is engaged at a microscopic level. This is expected to boost the injection molded plastics market growth during the forecast period.

Escalating Product Demand to Boost Growth in Asia Pacific

Asia Pacific is estimated to hold majority of the injection molded plastics market share and endure as a dominant region in the market during the mentioned period owing to the increasing demand for the product from the packaging and automobile industries. The market size of Asia Pacific was USD 162.98 billion in 2020.

The demand for injection molded plastics in North America is projected to upsurge owing to an abrupt demand from the packaging and electronics industries based in this region.

Europe is expected to hold a substantial share in the market. Growing demand for appropriate packaging for food and beverages have prolonged the visualization of packaging goods producers.

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Key Players to Fortify their Positions by Offering New Product Solutions

Principal producers are situated in Asia Pacific, which is leading to a bifurcated injection molding market. The manufacturers positioned in North America and Europe are concentrating towards reinforcing their market positions in several nations in Asia Pacific set to fuel the growth of their respective establishments. Fundamental players in the market such as BASF SE, HTI Plastics, DuPont, and others have advanced robust regional attendance, distribution channels, and product offerings.

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June 2020: Pacific Plastics Injection Molding, which is a portion of Diversified Plastics Inc., added nearly 5,000 square feet of office and production area to its prevailing unit in California. This extension was initiated to augment the manufacturing and safe procedure.

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