Market World Injection Molded Plastic Market | Page 3

Continuous improvement in specificity, designs, and better customization has directed the market to launch
more advance products bringing out new opportunities of multiple application.
Both medical and automobile industries are driving the market significantly and estimated to grow swiftly and
generate revenue of more than USD 25 billion by 2022. The demand in the medical industry will rise owing to
optical clarity, cost efficient, and biocompatibility. Also, growing trend and stringent regulations for
biodegradable polymers for medical devices are also predicted to build strong demand for the market.
In the automobile industry, plastics plays major role owing to improving fuel efficiency and weight reduction.
This, in turn, has steered the market as a breakthrough in the automotive sector. CAFE (Corporate Average Fuel
Economy) regulation to produce minimal fuel consuming vehicles may boost the market growth.
Also, shift in trend of replacing steel and metal alloys with high-quality plastics to enhance the automotive
performance. This helps both automotive and molded plastic industries as reduced weights of vehicles due to
plastic helps to control CO2 emission.
Few of the automotive applications include radio controls, keyless entry system, electronic control housing,
splash guards, and interior armrests & bezels. The molded plastic has numerous applications in the automotive
industry owing to its phenomenal properties of scratch resistance, superior strength, vibration & noise control,
and recyclability.
Regional Insights:
APAC dominated the global market accounting for more than 35% in 2014. Growing automobile demand
coupled with increasing infrastructure and higher disposable income in developing countries such as India,
China, Japan, Indonesia, and Thailand have created huge opportunities for the market. Also, tax benefits by
government offered to electronics & automotive manufacturers are anticipated to boost the market in these
countries.
Europe is also a major market with total demand estimated to cross USD 75 billion by 2022. Countries such as
Germany, France, and U.K. have great demand for packaging applications including pharmaceuticals, household
chemicals, cosmetics, and toiletries which is a major factor driving the market in the region. Countries such as
Thailand, China, Brazil, U.S., Germany, India, and Brazil are anticipated to drive the future market for Injection
Molded Plastics.
Competitive Insights: