Injection Molded Plastics Market Analysis Highlights the Impact of COVID-19 2020-2024 | Increase in Demand from Developing Countries to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–#GlobalInjectionMoldedPlasticsMarket–The injection molded plastics market is expected to grow by 38.94 million tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Factors such as expanding population and the rising purchasing power of consumers in developing countries such as China, India, Mexico, Indonesia, Brazil, and South Africa are attracting significant investments in packaging and automobile industries. Also, the easy availability of land and raw materials, low transportation costs, inexpensive labor, and favorable regulations in these countries are attracting vendors in the market to shift their manufacturing activities to these countries. Besides, advances in road infrastructure and the increased demand for fuel-efficient vehicles in developing countries is expected to drive the demand for injection molded plastics during the forecast period.
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As per Technavio, the growth in the automobile industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Injection Molded Plastics Market: Growth in the Automobile industry
The growing focus on improving overall vehicle weight to enhance the fuel efficiency of vehicles has increased the use of lightweight materials such as injection molded plastics in the automobile industry. Also, the injection molded plastics offer better flexibility when compared with metal and alloy substrates, which has led to increased usage in the manufacture of armrests, interior bezels, and trim panel splash guards in automobiles. Besides, the automotive industry is witnessing a significant rise in the demand for fuel-efficient vehicles from developing countries such as China, India, and Brazil. These factors are expected to have a positive impact on the growth of the global injection molded plastics market during the forecast period.
“Increase in demand from the packaging industry and the introduction of new technologies for the production of polyethylene will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Injection Molded Plastics Market: Segmentation Analysis
This market research report segments the injection molded plastics market by Application by Volume (Packaging, Consumer goods and electronics, Automobile, and Others), Geography (APAC, North America, Europe, South America, and MEA), and Raw Materials by Volume (Polyethylene, Polypropylene, Polyvinylchloride, and Others).
The APAC region led the injection molded plastics market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increasing demand from the F&B industry in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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