Growing automotive production to fuel the demand for injection molded plastics market
Selbyville, Delaware, United States, September 21 2020 (Wiredrelease) Global Market Insights, Inc –:Growth in the applications of plastic compounds across various industries has had a positive impact over injection molded plastics market trends. Injection molding is essentially used in the manufacturing process to fabricate key plastic parts. There are extensive variety of products that are manufactured using plastic as the material capable of molding into any size and forms according to the application.
Plastic is essentially melted in the injection molding machine, injected in the mold wherein it cools off and solidifies into the final product. Injection molds are also used in making thin-walled plastic parts for a broad range of applications, one of which consists of plastic housings. The thin-walled enclosure is used in a variety of products like consumer electronics, automotive dashboards, household appliances and power tools.
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There has been a significant growth in the electrical and electronics industry across the European Union. In Germany, more than 20% of all the research & development spending as of May 2017 was attributed to the sector. Consistent demand for electronic products will bolster injection molded plastics market growth in the coming years.
Injection molded plastics are usually economically feasible and exhibit excellent abrasive & chemical resistant qualities that makes them highly demanded material across the construction industry. They are used for piping, flooring, windows, and walls for the construction of buildings. With the growing population and urbanization worldwide, the demand for construction activities have proliferated the business.
It has been projected that global injection molded plastics industry size will exceed US$345 billion by 2024, with tremendous consumption of plastic components across the transportation, construction, packaging and electronics applications.
A massive increase in the construction activities across Asia Pacific due to an increase in foreign investments has induced industrialization across the entire region. For instance, the government of Indonesia had allocated about US$22.9 billion for the infrastructure sector in 2016 wherein the ministry ensured the construction of roads and 11,642 affordable apartment units.
ABS plastic molding has an extensive application range across industries such as medical, automotive, marine and manufacturing. The raw material is seemingly inexpensive and is strongly resistant to breakage as the product tends to keep intact even after an impact. It also shows an excellent resistance to rigidity and scratching while also depicting superior dimensional stability.
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Varied range of automotive parts use the ABS plastic raw material in order to make them look aesthetically appealing. As per the China Association of Automobile Manufacturers, China sold more than 27 million vehicles in the year 2018. Evidently, the evolving automotive sector in China and other APAC countries will influence injection molding plastics market outlook as the demand for luxury vehicles and electronic cars, which need to be lighter in weight, grows over the coming years.
With China being one of the largest vehicle industries in the world, the government of the country expected the production of automobiles to reach 30 million units by 2020. This shall induce a massive demand for automotive parts, driving injection molded plastic consumption across the automobile OEM and aftermarket sectors.
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