Market World Injection Molded Plastic Market | Page 2

China plays a major role in trading and bulk production of petrochemical products and indirectly hampers the
plastic industry. For this reason, many companies have implemented various strategies to minimize the impact
of crude oil prices and to sustain annual growth rate.
Fluctuating prices of raw materials such as ethylene, benzene, styrene and propane associated with various
environmental concerns regarding their disposal are anticipated to hamper the market over the forecast period.
To counter such challenges, the market has shifted their focus towards manufacturing products using bio-based
counterparts.
Raw Material Insights:
Propylene is the major raw material, be accounted for more than 35% of total demand in 2014 and is estimated
to grow rapidly over the forecast period. The major application of molded propylene plastics is in automotive
parts, packaging material, and household goods. Furthermore, the demand is expected to increase owing to its
new application in the battery housing, food packaging, and protective covering in electrical appliances. This
recent application is majorly due to its phenomenal properties of electrical insulation and corrosion resistance.
ABS (Acrylonitrile Butadiene Styrene) is been accounted for more than 25% of total revenue generated in 2014
and emerged as second major raw material for the production of injected molded plastics. The market is
expected to grow swiftly in the future owing to increasing demand for ABS in automobile parts, electronic goods,
consumer appliances, and medical devices. ABS market is expanding into other application such as DWV (Drain-
Waste-Vent) pipe system, musical instruments, and golf club heads on account of better toughness and
temperature & impact resistive properties.
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Application Insights:
The packaging segment had the highest demand for the plastic molded market and accounted over 30,000 kilo-
tons in 2014. The industry is anticipated to witness high growth owing to its multiple end users market
expansion. Enhanced performance for wear and tear, durability, and increased shell life of food products are
few of the packaging application.
Expansion of construction industry owing to rapid industrialization also have the major application of molded
plastics, especially for insulation, walls, doors, roofing, and flooring.