Manufacturers’ increasing focus on offering eco-friendly and sustainable packaging solutions is one of the key factors propelling the global market growth
North America Injection Molded Plastics Market Size – USD 265.2 Billion in 2020, Growth - CAGR of 4.6%, Trends – Technological advances in injection-molded packaging technologies
The global North America Injection Molded Plastics Market size is expected to reach USD 390.4 billion in 2028 and register a revenue CAGR of 4.6% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth include increasing applications of injection-molded plastics in food packaging, pharmaceutical packaging, electronics packaging, and manufacture of various automotive components and construction materials. Increasing use of these plastics for their robust flexibility, leak resistance, recyclability and reusability, and microwavable properties is another key factor driving the global market growth.
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Top Companies: DOW, NOVA Chemicals, Sinopec, Sinopec, Honeywell International, Chevron Phillips Chemical, Lanxess, LyondellBasell Industries Holdings B.V., Eastman Chemical Company, Huntsman International LLC, DuPont, Borealis Reliance Industries Limited, Teijin, SABIC, Shin-Etsu Chemical ExxonMobil, Mitsubishi, Ineos, Evonik, and BASF.
Further Key Finding from the Report Suggestion:
- Based on raw material type, the polypropylene segment dominated other segments in 2020, with the highest revenue share of 34.2%. Steady growth of this segment is majorly attributed to factors such as rising demand for automotive components, household appliances, and environmentally sustainable packaging materials. Growing use of polypropylene in packaging of food, pharmaceutical products, and electronic products owing to its viable properties such as high corrosion resistance and electrical insulation is another major expected to boost this segment’s the revenue growth over the forecast period.
- Based on application, the packaging segment held the highest revenue share of 30.8% in 2020 and is projected to register a steady CAGR over the forecast period. Growing need for eco-friendly and sustainable packaging solutions, increasing adoption of the injection molding technology in the packaging industry, and surging need for increased shelf life and durability of consumer products – especially food beverage and pharmaceutical products – are major factors driving the revenue growth of this segment.
- Among regional markets, the Asia Pacific North America Injection Molded Plastics market emerged as the most dominant in 2020 with a robust revenue share of 38.8%. According to the report, the regional market is expected to maintain its dominance throughout the forecast period. Escalating demand for automobiles and rising number of industrial manufacturing facilities, mainly in developing countries including India, China, Malaysia, and Indonesia, are major factors driving market growth in this region. Increasing construction activities, growing demand for consumer electronics, and rapid adoption of sustainable packaging solutions further bolster the Asia Pacific market revenue growth.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global North America Injection Molded Plastics market is segmented into:
Raw Material Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Consumables Electronics
- Automotive Transportation
- Building Construction
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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