Injection Molded Plastics Market Worth USD 498.98 Billion by 2027; Rising Usage in Automotive & Medical Industries to Boost Growth, Says Fortune Business Insights™
24 September 2020
Pune, Sept. 23, 2020 (GLOBE NEWSWIRE) -- The global injection molded plastics market size is expected to gain momentum from their rising applications in a wide variety of industries, such as medical, electrical & electronics, building & construction, packaging, and automotive. Fortune Business Insights™ provided this information in a new report, titled, “Injection Molded Plastics Market Size, Share & COVID-19 Impact Analysis, By Resin (Polypropylene (PP), Acrylonitrile butadiene styrene (ABS), High-density polyethylene (HDPE), Polystyrene (PS), and Others), By Application (Automotive, Packaging, Building & Construction, Electrical & Electronics, Medical, and Others), and Regional Forecast, 2020-2027.” The report further states that the market size stood at USD 360.60 Billion in 2019 and it is projected to reach USD 498.98 Billion by 2027, exhibiting a CAGR of 4.8% during the forecast period. The outbreak of the COVID-19 pandemic is likely to cause a mixed growth for the market. The demand for injection molded plastics would decline from electrical & electronics, building & construction, and automotive industries. But, it would surge from the medical and packaging industries. We are delivering special research reports to help you regain business confidence at such a difficult phase. Get Sample PDF Brochure with Impact of COVID19: List of the Leading Companies Profiled in the Global Injection Molded Plastics Market are: Drivers & Restraints Increasing Usage in Food & Beverages Industry to Drive Growth Injection molded plastics are nowadays being majorly used in packaging applications. It is experiencing high demand from the food and beverage industry as the material is capable of keeping food items safe. They are extensively used to manufacture bottles, containers, closures, and caps. A container made with injection molded plastic is lead-resistant and clear. Therefore, it keeps food and beverages fresh for a longer period of time. At the same time, these plastics are microwavable, washable, and reusable. These factors are set to propel the injection molded plastics market growth in the coming years. This Report Answers the Following Questions: Inquire Before Buying This Research Report: https://www.fortunebusinessinsights.com/enquiry/queries/injection-molded-plastics-market-101970 Segment Packaging Segment to Grow Considerably Stoked by Increasing Demand from People Based on the application, the packaging segment held 35.59% in terms of injection molded plastics market share in 2019. The retail, pharmaceutical, and food & beverages applications are the main contributors to growth. This is because people are rapidly shifting towards plastic packaging from metal and glass ones. Regional Analysis The Asia Pacific to Remain at Forefront Owing to High Population & Urbanization In 2019, North America procured USD 51.11 billion in terms of revenue. The growth in this region is attributable to the presence of several reputed companies, as well as the increasing demand from the electronics and packaging industries. Asia Pacific is expected to dominate throughout the forthcoming years, with China being the major contributor. Rapid urbanization and increasing population would help the market in this region to grow. Competitive Landscape Key Players Aim to Broaden Their Existing Facilities to Intensify Competition Most of the companies present in the market are located in Asia Pacific. Those situated in Europe and North America are striving to strengthen their positions by expanding their existing facilities. Below is one of the latest industry developments: September 2019: Toshiba Corporation broadened its U.S. Injection Molding Division. It has shifted to a 58,000 ft2 facility that includes powering up machines for complete inspections of machines, delivering special options on custom orders, making software updates, and conducting test runs. Browse a Detailed Summary of 135 Pages Research Report With TOC: https://www.fortunebusinessinsights.com/injection-molded-plastics-market-101970 Detailed Table of Content: TOC Continued…! 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