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— The Global Injection Molding Market was valued at US$ 212.81 billion in 2016, according to stats released by Coherent Market Insights. Injection molding is a process for producing parts by injecting a material into a mold. Injection molding is used to produce a wide range of products with various raw materials, including plastics, metals such as iron, aluminum, copper, precious metals, and carbide. Increasing demand for injection moldings is experienced by various end-use industries such as automotive, consumer goods, packaging, healthcare, electrical & electronics, building and construction, and furniture. Injection molding parts are carefully designed to ease the molding process.
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Key Trends and Analysis of the Injection Molding Market:
Plastic accounted for a dominant segment in 2016, according to the stats provided by Coherent Market Insights. According to India Brand Equity Foundation (IBEF), the per capita consumption of plastics in India accounted for around 4 kilograms per year. China and the U.S. recorded an average per captia consumption of 17 kg and 120 kg, respectively. Therefore, significant opportunities for plastic consumption in persist in India. Increasing income levels and demographic shifts lead to increasing consumption of plastic products.
Key Takeaways of the Market:
Asia Pacific held a dominant position in the market in 2016 and is expected to sustain its dominance during the forecast period (2017-2025). The market growth in the region is attributed to the increasing demand for packaging employing injection molding, boosting growth of the packaging industry, in turn boosting demand for injection molding. Furthermore, the need for weight reduction in the automobile sector is increasing, in turn fueling growth of the injection molding market. The Indian automotive industry comprises 7.1% of the country’s GDP (Gross Domestic Product). Several manufacturers are investing extensively in various segments of the industry. The industry has involved FDI (Foreign Direct Investment) worth US$ 15.79 billion during 2000-2016, according to DIPP (Department of Industrial Policy and Promotion). The major investment in the automobile sector in India includes an investment of US$ 1 billion by Kia Motors Corporation, a South Korea- based company that introduced its first factory in India. Growing environmental concerns together with dropping crude oil prices is expected to be a major issue for the participants in the market.
The Europe market for injection molding is expected to exhibit a CAGR of 3.9% over the forecast period. The automotive end-use industry augments growth of the injection molding market. According to International Trade Administration, U.S. auto parts sector is one of the largest contributors to total U.S. exports. The U.S. exported around US$ 81 billion worth auto parts worldwide.
ExxonMobil, BASF, Dow, Huntsman, Eastman, INEOS, SABIC, Magna International, Newell Rubbermaid, Beckton Dickinson, and IAC group among others are some of the key players operating in the global injection molding market. Major players in the market are implementing various organic and inorganic growth strategies. For instance, in 2017, Mitsubishi Heavy Industries Plastic Technology and Ube Machinery Corporation announced the merger of their business in injection molding machine to combine their strengths.
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