The word “injection molding” covers a wide range of processes, including the molding of metals, ceramics, polymers, and several other substances. Plastics and injection molding are frequently used together. Plastics can also be formed using a variety of different methods, such as extrusion and blow molding. But the most used method of forming plastics worldwide is injection molding.
It is predicted that the need for injection molded plastics would be driven by the rising demand for plastic components from a variety of end-use sectors, including consumer goods and electronics, packaging, and automotive and medical devices.
In addition, injection molding developments are also being focused on by businesses to reduce the rate of defective manufacturing, which has had a substantial effect on the demand for injection-molded plastic components globally. Thus, the injection molded plastics market is set to reach USD 409.2 billion by 2030, according to P&S Intelligence.
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Asia-Pacific Is a Major Consumer of Injection Molded Plastics
With a 40% revenue share, APAC now holds the top spot in the market for polymers used in injection molding and will continue to do so until the year 2030. Demand for injection-molded plastics is anticipated to rise in the Asia-Pacific area as a result of rising infrastructure investment and rising vehicle sales in Indonesia, India, China, and Malaysia.
Due to its low cost of producing a variety of goods, China has the greatest revenue in the area, which will increase at a CAGR of over 5%. The important drivers driving the market’s growth are China’s vast population and its quick urbanization.